Marketing movements
FOA inherited the marketing device from American Advisors Group (AAG) When it bought Aag’s assets. These were often seen as an advantage for the wider industry by individual reverse mortgage professionals.
But the company wants to try something new with its campaign “A Better Way With Foa”. The announcement was made shortly after FOA selected a new creative advertising agency.
“This campaign marks a shift from the traditional representation of celebrities to tell stories that reflect the real-life goals and ambitions of today’s homeowners,” Sieffert said during the profit presentation.
“Our goal is to create advertisements that emphasize relatively usage cases that dismantle stereotypes and show reverse mortgages as smart aids for responsible financial planning, whether it is financing or renovation, covering unexpected costs or simply making moods possible.”
The company will try to bed that message in all its customer and marketing points. Sieffert said that leaders expect that the full transition to the new campaign will be completed at the end of June.
She added that despite the fact that the campaign was only online on “a small scale for less than a month”, the company noticed a difference in its direct mail results, with a “16% improvement in our Upper Funnel Inquiry to lead conversion.”
The company expects to gain new insights into the potential new types of customers who are involved in the brand. And it will use this data to further refine its strategies in both growth and product development, Sieffert added.
“Given the various economic uncertainties that influence our customers – including the volatility of the stock market, the risk of recession and further inflation – we are convinced that our current solutions can help many Americans to achieve the stability they are looking for,” she said.
Sales statistics and a C-suite addition
Sieffert continued to say that FOA is “well positioned to introduce new solutions to meet extra needs.” The company continues to concentrate on “on the basic principles throughout the company and has seen remarkable improvements in important operational statistics in Q1.”
For example, the percentage of shop loans that was financed within the first 30 days after the entry doubled quarterly over quarter. The initial turnover conversion rate of 30 days increased by 40% and “costs per chance” was reduced by 12% in the same time frame.
Sieffert terminated her part of the call by issuing congratulations to FOA director Jonathan Scarpati for his promotion to Chief Production -Officer of FOA’s operational subsidiary, Finances of America reversed (FAR).
He ‘has been the head of our leading wholesale division for more than ten years, [and] In this new role, Jon will supervise our sales and production strategy that leads both wholesalers and retail channels, “she said.
“We believe that this leadership will be the key to help us unlock the enormous growth potential that we know it is available in our category.”
The promotion of Scarpati was announced by the company at the beginning of April. It followed his appointment last year with the board of directors of the National Reverse MortGage Lenders Association (NRMLA). He is the first occupant of the new product troll at C-level at FAR and has been in different capacities since 2010 at the company.
“I believe that there is so much opportunity for us to both the shops and the wholesale side, because we continue to innovate and enable homeowners to better use their equity,” Scarpati told RMD in the announcement of his promotion.
“Stimulating greater coordination behind the two channels at Finance of America will play an important role in our next growth phase, and the relationship with our wholesale partners runs deep.”
