How to drive qualified leads into your mortgage pipeline with minimal costs.
Increase pull through rates when you target the right prospects.
Looking for a simple, low-cost way to access prescreened list of loan candidates? In building your mortgage pipeline, the first thing is knowing who, when, and where to target qualified leads. Using targeted lead data can make quick work out of an otherwise arduous task. Here are some expert tips on leveraging powerful lead gen tools to gain trusted access to qualified prospects.
No doubt, lead generation is a key pain point for most companies -- 58% of marketers would agree. Although there are many methods that Loan Officers use to gain traction when prospecting leads, Service 1st can help you capture accurate consumer profiles using Experian’s validated source database that get quick, targeted results. Here are two recommended lead generation tools:
In the Market Models℠ (ITMM) uses a predictive propensity model to help identify consumers who will be in the market for a loan within months. This tool is good for prospecting new leads, cross-selling, and retention campaigns.
iScreen℠ is a self-service model using a web-based platform, automating much of the traditional processing. Rather than waiting days to weeks for data to fuel a campaign, lenders typically get results within 24 hours. Additionally, this speedy turnaround time allows lenders to be incredibly agile in responding to economic factors almost immediately. It is a credit-based targeting tool designed for “direct-mail campaigns.”
Challenges and Tips
Successful campaigns limit friction in developing and cultivating leads, improve pull-through rates, and reduce costs-to-close. Identifying qualified borrowers and the creation of substantive benchmarks for your campaigns are critical to success. Here are some typical challenges that lenders face along the way with some tips from our lead gen experts:
Challenge: I’ve determined my leads are not high quality.
Experian’s In The Market Models, puts your offer in front of consumers shopping now. Consumers who score within the top 20% model tier are 80% likely to enter the mortgage market within 1 to 4 months. Based upon influential determinants like home value, interest rates, financial climate, and the current barometer of the housing market, companies receive a prescreened list of consumers with a strong likelihood to be in the market for a mortgage offer now or in the near future. Users can monitor their consumer list and analyze opportunities that align with different mortgage offerings, delivering on high-quality leads depending on your credit criteria and marketing efforts.
Challenge: I need to demonstrate the return on investment.
One of the common causes for fallouts occurs at application due to the borrower’s credit not meeting lender guidelines. So, you want to capture a creditworthy prospect from the get-go. Simply add your credit criteria and demographics to customize your list for qualified leads that align with your mortgage offer using credit-based attributes including homeownership, credit score, mortgage balance, and zip codes.
Service 1st has partnered with Experian to deliver clients pre-approved prospects or opportunities to prescreen their supplied lists: whether existing clients with HELOC opportunities or a new prospect that has improved their credit score. When using ITMM, for example, not only do you accelerate your lead generation effort by targeting key attributes, but you reduce mailing costs by up to 60-80% compared to traditional ‘shotgun’ mailing, which relies mainly on a credit score and limited attributes. Additionally, with the use of iScreen, lenders can 'throttle’ up or down the number of leads at minimal expense.
Fast, direct, and easy.
Lead acquisition can become costly during certain lending cycles. Watered down loan profits from wasted lead acquisition costs are hard to justify -- so make your efforts count. Using consumer data-driven profile tools will not only help you better understand your audience with targeted mortgage offers aligned to your prospects’ current financial status. Demonstrate your understanding of the prospect’s financial position is key to gaining their attention.
Service 1st is prepared to assist you today with data-driven strategies and innovative industry tools. Schedule with one of our friendly experts to learn more about predictive prospecting and our full suite of loan origination solutions.
*Please note, conditions apply to use of the products discussed in this article. A knowledgeable Service 1st representative can discuss these with you at no cost or obligation to purchase.