Gabby Jones/Bloomberg
Paige Bowman was initially reluctant to join Threads.
The Houston-based mortgage professional counts over 10,000 followers on her polished Instagram account and posts short-form video content daily. Like many originators, she wasn’t active on Twitter. But after watching the rapid growth of the Twitter look-alike, and considering its easy sign-up, Bowman created an account.
“When you integrate platforms with one another, i.e. when Facebook integrated with Instagram and now Instagram integrated with Threads, it really makes things easier for the user,” said Bowman. “I think that’s why that platform will continue to grow.”
Threads, like other buzzy technologies, has already created a massive stir, recording over 100 million sign-ups in its first week. The platform from Facebook parent Meta allows users to sign-up from Instagram, tapping into its massive audience. Mortgage professionals who were Twitter averse in the past are signing up and said they’re eager for its new audience.
“I would say that content equals contracts,” said Bowman, the team leader of The Mortgage Collective, a Fairway Independent Mortgage Group team. “And so if you’re in any business and not doing content, you’re really missing out on a completely different segment of people.”
Threads
Bowman’s team of six women originates around $75 million in loan volume a year, with much client engagement coming through social media. Video content on Instagram, and TikTok, has proven to be a strong reach for ripe and plentiful Millennial and Gen Z homebuyers. The originator said she didn’t see much value in Twitter, but appreciates the ease of crossposting from Instagram to Threads.
While Twitter users can post videos, scrolling isn’t as quick or easy as the video-oriented TikTok, or Instagram’s Reels feature. Twitter has also endured negative publicity since tech magnate Elon Musk’s takeover last October, who brought a slew of cultural and technical changes.
Twitter last week also changed its logo to “X” as it embarks on a rebrand Musk said would incorporate payment functions. TikTok also upped the ante, announcing it would allow users to upload text posts similar to Twitter.
Loan officer Scott Betley has been watching the social media landscape closely, and also signed onto Threads early on. The executive vice president in charge of NFM Lending’s Influencer Division touts a TikTok page, @ThatMortgageGuy, with over 13.5 million combined views. He also isn’t a fan of Twitter, but is optimistic for Threads and its built-in audience.
“With the demographic coming from Facebook, if that is the core demographic of users that are downloading and using (Threads), I think it will come with a different level of clientele,” he said.
Facebook is the most popular social media for men and women between the ages of 35 and 44, according to social media management firm Hootsuite, adults who are the most popular home buying demographic.
The industry’s biggest lenders frequently post on Twitter, sharing posts for both borrowers and investors. However, smaller origination shops and many individual loan officers have dormant accounts, posting more frequently on Facebook and even LinkedIn. Lenders are notoriously tech-averse, but Betley suggested lenders were simply too late to Twitter’s emergence in the late 2000s.
“Twitter was so far before when people actually realized there was value in social media and building a brand,” said Betley. “They’ve now realized it but I don’t think anyone in our space has figured out how to use that type of platform to monetize.”
Bowman meanwhile said Twitter introduced changes to the platform too quickly, whereas gradual changes may have not been as polarizing. Sarah DeCiantis, chief marketing officer at United Wholesale Mortgage, agreed.
Her employer posts often to its Twitter account, with Tweets geared toward borrowers, investors and mortgage brokers. The wholesale leader was the first lender on Threads, DeCiantis said, and UWM’s account already posts semi-regularly and counts just over 2,000 followers.
“I think that it’s going to be interesting to see how they evolve the platform, how they really cater to the different demographics that I assume are on there right now,” she said. “And how that plays out and how strong of a player they are in a month from now, six months from now, a year from now.”
The executive said she’s waiting on Threads to provide analytics akin to Twitter and Facebook to learn more about the traffic to the firm’s account. Facebook is UWM’s most popular platform, DeCiantis said, while LinkedIn is popular with broker clients.
“But I think it’s really important for an organization of our size and also for the variety of audiences that we engage with, for us not to focus too heavily on one specific social media channel, but to really be present on all of them,” she said.
Threads isn’t a smashing success, yet. Reports have already suggested engagement on the platform has faded since its debut, with traffic falling by almost half a little over a week after its debut. Still, in mid-July, over 23.6 million people were using Threads daily, according to analytics website SimilarWeb.
Bowman questioned whether Threads was created out of spite by Musk’s foil, Meta founder and CEO Mark Zuckerberg, or if it was a legitimate business move. The Twitter owner has accused Meta of using its former employees to create the similar-looking app.
“We’ll see where it stands in the next 6 to 12 months,” she said. “Is it going to be a great thing and Twitter is going to be a thing of the past? Or is it going to completely fizzle out, and no one’s going to be on it.”
