New solution launched to help lenders acquire buyers
Mortgage lenders need to do more to find prospective buyers and deepen relationships with them according to Equifax.
To help them do that, the credit information company has launched a new solution to help lenders identify and retain customers using connected and differentiated data to predict the likelihood that a lead will apply for a mortgage within 6 months.
Mortgage Lead Generation Models uses credit, wealth/asset, property, and demographic data, with four different models: new purchase, first-time buyers, refinance, and home equity.
"It's critical for mortgage lenders to get off the sidelines and become more proactive in identifying prospects and building meaningful relationships with them," said Tyler Sawyer, Vice President of Rental and Real Estate, Equifax. "This solution makes the data actionable to help lenders find the right customer at the right time, which is important in a highly competitive market where 55% of buyers are starting their process online."
Mortgage lenders can adjust the solution for their own scenarios and for the number of leads for retention or acquisition.
In an internal test of the solution, Equifax found impactful lift across segments: The top 10 percent of the scores captured between 2.4 to 4 times more mortgage applicants than a randomly selected sample of equal size.
"Now is the time when lenders' marketing dollars have to make 'cents', literally," said Sawyer. "Offering greater consumer segmentation can drive stronger targeted marketing."
