Given the current state of the real estate market, there are some challenges with marketing for refinance
transactions. The mortgage industry as a whole has received the temporary benefit of historically low interest rates but it is widely reported that qualifying and funding are still particularly tough both on the basis of credit and equity. The goal of any mortgage marketing campaign should be the highest return on the least amount of expenditure. Below you will find a couple of strategies mortgage companies are using with us to find more opportunities.
On a grass roots level, telemarketing and direct mail data remains a good source of new business.
With highly targeted records running between 1 and 4 cents per record, you can fill dialers up with data to keep your sales force busy. Common filters for mortgage include: Loan Amount, Current Lender, Origination Date Range, Loan Type, Property Type, Interest Rate, Current FHA or VA Loans,
Fico Score Range and Loan To Value Ratio.
Practices And Data Tips For Mortgage Refinance Telemarketing Campaigns
The file referenced above is a credit modeled file that comes from a real property file. There are some
tricks for data that we can share with you:
- Because data is imperfect and valuations change quickly, always set your loan to value range 10% lower than your ceiling for qualification.
- For the same reason above set your fico score requirement at least 50 points higher than you need to qualify the homeowner.
- Use historically high interest rate periods to expand your data for refinance. Based on county recording and reporting rules, not all interest rates are reported on mortgage records. This will
expand you into areas where others are not marketing as heavily.
- If you have an ethnic or specific language campaign, know that you can sort by homeowners that self-report ethnicity and language preference. This is most common for Spanish speaking
campaigns but we have seen some campaigns specifically targeting homeowners of various Asian ethnicities as well as East Indian and Arabic Groups.
- Eliminate Manufactured Homes Across the Board unless you have a specialty here.
- Some groups also like to omit homeowners age 62 and up with the belief that many of these homeowners would make better reverse mortgage candidates
Most data companies do not get this detailed. Look for data companies who know how to find you records in sweet spots that allow you to have more success. Anyone can sell data. Some of the nuances of data listed above take many years to learn. With GenStar, we bring this expertise to you. All records for phone campaigns are DNC scrubbed for your protection. We are running a special of 5000 records at 3.5 cents each and an invoice total of $165.00 for the next 7 days.
Direct Mail is one of the best ways to drive hot inbound calls. We have a wholesale price model that allows
us to help you save on mail costs while taking advantage of our expertise on the data side. Right now we are offering a special on direct mail campaigns.
Standard Class Direct Mail 5000 piece minimum…….………………………………………… .42 each
First Class Direct Mail 5000 piece minimum……….……………………………………………… .52 each
Please note data is priced separately.
Our team works innovatively to produce marketing campaigns with highly targeted prospects, more closed deals and the highest Return on Investment.