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Here's a marketing conundrum for you: your organization plays a vital role in the housing economy, underwriting tens of millions of mortgages a year, and has a charter from the U.S. government to help borrowers. The most common response when homebuyers hear your name is: "Freddie who?"
Credit: Freddie Mac
Along with pretty much everyone in the housing sector, Freddie Mac was impacted by the Great Recession and was put into financial conservatorship by the Federal Housing Finance Agency. These are the obstacles Freddie Mac (or as it's officially known, the Federal Home Loan Mortgage Corporation) faces it as a mission to bring innovation to housing finance and putting people in homes they can afford to keep.
Still, no one has come up with a better solution to make homeownership possible for the most underwriting mortgages, especially the 30-year mortgage that is the bedrock of our housing landscape. Indeed, between Freddie Mac and his older cousin Fannie Mae, the two own or guarantee more than 60% of American mortgages.
It was this challenge and core mission that attracted Riham El-Lakany to the public, government-sponsored realm from a private sector like Prudential Financial, Zurich Financial Services, and Marsh & McLennan. As Chief Marketing Officer, Single-Family at Freddie Mac, El-Lakany understands that Freddie Mac's vibe is critical to the American dream, particularly for low-and-moderate-income Americans.
El-Lakany and his team at Freddie Mac can play a role in helping Americans establish and build net worth via homeownership. Among them:
- Multiple generations of a family living and buying homes together. Sixty-four million Americans live in households with at least 3 generations
- The rising role of Hispanic buyers, who will make up more than 50% of first-time buyers by 2020
- The gig economy buyers (without W2s), who will make up 43% of Americans by 2020
- Millennial borrowers, who expect a frictionless, digital-first mortgage experience, yet also believe, erroneously, that they must save 20% for a down payment
- Seniors, who would like to age in place and refinance to add convenience to their homes
Armed with insights, Freddie Mac develops products, promotes new technology offerings, and creates thought leadership for education pertaining to all aspects of the housing industry. In her efforts to drive change, El-Lakany is one of the world's most popular and successful speakers. their retirement readiness.
Freddie Mac's first effort in this direction is a website called Borrower of the Future, which launched in May. It contains research insights packaged for easy consumption, but also profiles of the borrowers who are shaping the new reality in home ownership. Like America itself, it's a multiethnic, multigenerational, and multifaceted reality.
As El-Lakany moves to build up the site and extend it into experiences, I asked her to define some best practices for branding that drives changes.
Start with your mission, and return to it often. El-Lakany notes that "we always think about sustainable home ownership. That's our mission and what we were doing on Earth to do. "It's a way of helping people to learn more about it, and it's about indirect (borrowers).
Use data to reach new customers may miss. These days, Freddie Mac's research points to the direction of the economy, many who assume they can not ever qualify for a mortgage. El-Lakany wants to rewrite that script with Borrower of the Future: "You may have three or more sources of income, but it is incumbent to do that. We're thinking about not just numbers, not just how many people are in that code, and in which income brackets, but about macro trends in employment and concepts like joint ownership and the sharing economy. "
In changing markets, use your brand to flip misconceptions. El-Lakany mentions many incorrect assumptions borrowers have; for example, that they have to put 20% down. As she explains, "We actually have a product where you need to be 3% down, and it's great for you. We also have the ability to underwrite borrowers without FICO scores. "How are these misconceptions? El-Lakany mentions that when they were filming video footage for Borrower of the Future, one of the film crews overheard their conversation and said, "You can get a mortgage for 3% down? I've never heard of that."
Build technology that fulfills your brand promise. El-Lakany points to many examples of Freddie Mac technology that makes borrowing more affordable. One is Automated Collateral Evaluation, or ACE, which draws on data and intelligence for the need for some appraisals. "On average, that takes $ 500 out of the mortgage costs for an individual," she says. "Not only does it save money, it saves time, because it is very expensive and it can get you up to date."
If you want to change perceptions of your brand, start by shifting what's important to your audiences. In Freddie Mac's case, El-Lakany wants to see their technology and products. To get there, El-Lakany envisioned her role as a trusted guide, but also an organization that encourages more and more people.
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Here's a marketing conundrum for you: your organization plays a vital role in the housing economy, underwriting tens of millions of mortgages a year, and has a charter from the U.S. government to help borrowers. The most common response when homebuyers hear your name is: "Freddie who?"
Along with pretty much everyone in the housing sector, Freddie Mac was impacted by the Great Recession and was put into financial conservatorship by the Federal Housing Finance Agency. These are the obstacles Freddie Mac (or as it's officially known, the Federal Home Loan Mortgage Corporation) faces it as a mission to bring innovation to housing finance and putting people in homes they can afford to keep.
Still, no one has come up with a better solution to make homeownership possible for the most underwriting mortgages, especially the 30-year mortgage that is the bedrock of our housing landscape. Indeed, between Freddie Mac and his older cousin Fannie Mae, the two own or guarantee more than 60% of American mortgages.
It was this challenge and core mission that attracted Riham El-Lakany to the public, government-sponsored realm from a private sector like Prudential Financial, Zurich Financial Services, and Marsh & McLennan. As Chief Marketing Officer, Single-Family at Freddie Mac, El-Lakany understands that Freddie Mac's vibe is critical to the American dream, particularly for low-and-moderate-income Americans.
El-Lakany and his team at Freddie Mac can play a role in helping Americans establish and build net worth via homeownership. Among them:
- Multiple generations of a family living and buying homes together. Sixty-four million Americans live in households with at least 3 generations
- The rising role of Hispanic buyers, who will make up more than 50% of first-time buyers by 2020
- The gig economy buyers (without W2s), who will make up 43% of Americans by 2020
- Millennial borrowers, who expect a frictionless, digital-first mortgage experience, yet also believe, erroneously, that they must save 20% for a down payment
- Seniors, who would like to age in place and refinance to add convenience to their homes
Armed with insights, Freddie Mac develops products, promotes new technology offerings, and creates thought leadership for education pertaining to all aspects of the housing industry. In her efforts to drive change, El-Lakany is one of the world's most popular and successful speakers. their retirement readiness.
Freddie Mac's first effort in this direction is a website called Borrower of the Future, which launched in May. It contains research insights packaged for easy consumption, but also profiles of the borrowers who are shaping the new reality in home ownership. Like America itself, it's a multiethnic, multigenerational, and multifaceted reality.
As El-Lakany moves to build up the site and extend it into experiences, I asked her to define some best practices for branding that drives changes.
Start with your mission, and return to it often. El-Lakany notes that "we always think about sustainable home ownership. That's our mission and what we were doing on Earth to do. "It's a way of helping people to learn more about it, and it's about indirect (borrowers).
Use data to reach new customers may miss. These days, Freddie Mac's research points to the direction of the economy, many who assume they can not ever qualify for a mortgage. El-Lakany wants to rewrite that script with Borrower of the Future: "You may have three or more sources of income, but it is incumbent to do that. We're thinking about not just numbers, not just how many people are in that code, and in which income brackets, but about macro trends in employment and concepts like joint ownership and the sharing economy. "
In changing markets, use your brand to flip misconceptions. El-Lakany mentions many incorrect assumptions borrowers have; for example, that they have to put 20% down. As she explains, "We actually have a product where you need to be 3% down, and it's great for you. We also have the ability to underwrite borrowers without FICO scores. "How are these misconceptions? El-Lakany mentions that when they were filming video footage for Borrower of the Future, one of the film crews overheard their conversation and said, "You can get a mortgage for 3% down? I've never heard of that."
Build technology that fulfills your brand promise. El-Lakany points to many examples of Freddie Mac technology that makes borrowing more affordable. One is Automated Collateral Evaluation, or ACE, which draws on data and intelligence for the need for some appraisals. "On average, that takes $ 500 out of the mortgage costs for an individual," she says. "Not only does it save money, it saves time, because it is very expensive and it can get you up to date."
If you want to change perceptions of your brand, start by shifting what's important to your audiences. In Freddie Mac's case, El-Lakany wants to see their technology and products. To get there, El-Lakany envisioned her role as a trusted guide, but also an organization that encourages more and more people.
