Delivered February 27, 2020. Contributor: Chris S.
To help price a new product that aids lenders and loan officers market to home buyers by researching how much lenders/loan officers spend to acquire a new client (home buyer) in the U.S.
A 2017 report stated 87.9% of loan officers said referrals are one of their top marketing tools. 47.4% of loan officers don't spend any of their budget on referrals, but 41.9% said if they had the budget they would put it towards referrals. According to this same study, purchased leads are the top item loan officers spend $500+ on every month. This was not specific to U.S. loan officers, but was included because of pertinent information.
According to Statistica, for the years of 2018-2020 the U.S. mortgage spenders/loan officer industry spent $99.81 million, $139.13 million, and $180.8 million (projected) respectively on advertising for those years.
In 2018, banks increased their spending on marketing by 13% to $13 billion in 2018.