SITUATION

Kansas received $56 million in federal funding from the American Rescue Plan Act to help prevent foreclosures. Homeowners behind on their mortgages could apply for help, and if approved, the funds would go directly to the lender to get loans current. Unlike other pandemic relief efforts, homeowners could not receive the funds directly.

CHALLENGES

Kansas faced the same obstacles to getting financial institutions  onboarded as many other states:
The program seemed complicated and bureaucratic.
The “easy” onboarding and training required many steps for lenders.
Appearance of a program “too good to be true.”
Hesitancy to work with government: fear of “red tape.”
Skepticism about how long it would take to be paid.

SOLUTION

Make the lender the hero. Just as in the days of PPP when financial  institutions came to the rescue of small business, now mortgage lenders  could be a lifeline to homeowners at risk of foreclosure. The lender role  was critical; homeowners could only get relief funds if their lender was  enrolled in the program.

The client wanted to launch a public campaign. Banktastic recommended  a supplemental campaign targeted to lenders. We built and executed a  plan to inform and educate lenders to help borrowers access the program:  good news from a source that homeowners could trust.

We leveraged relationships with associations serving banks  and credit unions, made direct calls to bankers, coordinated webinars and provided information for their members.

The campaign included branding, advertising, PR, video, direct marketing, social media and training components.

RESULTS

275 Mortgage servicers collaborating
130 or 47% Receiving ACH
Nearly $47 million in funding provided for 4,183 applications

BANKTASTIC

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Budget

Quality

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Communication