Fannie Mae is America’s largest supplier of conventional home mortgage funds, the nation’s largest corporation in terms of assets and the dominant leader in the secondary mortgage market. In addition to purchasing mortgage loans from primary lenders, freeing up funds to make more loans, Fannie Mae also offers a variety of technology systems that help lenders reduce costs and increase efficiency.
In 1994, Freddie Mac, the next largest player in the secondary market, launched an aggressive campaign promoting its new technology product, Loan Prospector. While not as comprehensive as Fannie’s products, Loan Prospector quickly gained momentum in the marketplace. And since loans on Loan Prospector must be sold to Freddie Mac, Fannie Mae’s market share could have been hurt.
Siddall immediately stepped in with research showing that lenders get their information about technology systems from each other. Fortunately, the client had several stories of lenders who had improved their operations with the help of Fannie’s loan decision systems. The agency quickly developed "success story" ads that ran in conjunction with the core advertising program in lender trade publications. This provided third-party validation that Fannie Mae’s systems fulfilled the promise of saving lenders time and money, and supported our overall positioning, "We’ll do everything we can to help you succeed."
In addition, Siddall helped Fannie Mae spread the word even further at the Mortgage Bankers Association National Conference in San Francisco. Attendees were inundated with direct mail, a cover story in Where Magazine waiting for them in their hotel rooms, out-of-home media on cable cars and buses and interactive kiosks at the conference center.
Follow-up research validated that Fannie Mae continues to be considered the leader in the secondary mortgage market. But more importantly, they have the products and services that demonstrate their commitment to being a lender’s long-term partner.