Guaranteed Fannie Mae Data $0.155 per record! 

 

Mortgage has always relied on one list or another for outbound telemarketing campaigns.  For that reason it is no surprise that there has been a ton of interest in HARP Mortgage Data.  Mortgage data has been successfully filtered for Jumbo Loan prospects, Conventional Loan prospects, FHA Streamline Prospects and VA Streamline Prospects so it seemed as simple as 1-2-3 to filter for Fannie Mae and Freddie Mac Loans that fall under the HARP 2.0 guidelines.

Not so fast!  HARP data has been anything but easy and there has been a huge snag with coming up with the right data.  To clarify what we see even when the data is really good is HARP Mortgage Data that is accurate to a degree of 80% or better.  This does fall in line with data accuracy percentages across all data so this should be something that is understood and acceptable.  There are times that the accuracy of the HARP Mortgage Data is much higher than 80% but if it hits this mark it is considered an effectively targeted HARP Mortgage Data Set.

Many providers on the market place are selling HARP Mortgage data under the belief that their data is at 80% or better when it is not.  Customers have widely reported that they have seen 20% of the data being Fannie Mae or Freddie Mac. Because this data comes at a significant increase in cost, this is not something that works for them both based on cost but also the frustration of talking to people that simply don’t have a Fannie Mae or Freddie Mac Loan which means they won’t qualify for HARP 2.0 Refinances.  No good businessman would pay up to 10 times the price per record on data to find out that only 20% fit the criteria and quite frankly we don’t endorse that either.

With the release of the HARP 2.0 Mortgage Refinance Program, we were excited at GenStar Marketing to work with HARP data.  Unfortunately, we too were caught up in the 20-80 Problem and once again it was 20% of the loans were Fannie Mae and Freddie Mac.  We didn’t get any help from the provider so as a company we took the hit on the data.  Needless to say we weren’t happy but knew that we had to get this data right.  We worked hard to narrow down a source where we could flip the 20-80 Problem into an 80-20 or better solution for HARP Mortgage Data and our valued mortgage customers.

We had several conversations before we felt like we were in a good spot with the HARP Mortgage Data.  This data is very specialized.  It starts with data from the credit bureaus and to be accurate to the tune of 80% or greater it has to be verified using a Fannie Mae and/or Freddie Mac Database.  Keep in mind that this still puts you at 80% or greater accuracy.  The other point to make that is important is that these two processes are independent of each other, and because of this the HARP Mortgage data is a little more expensive.  The data is pulled with effective mortgage filters that line up with HARP guidelines based on loan amount, mortgage payment history, loan to value ratio, credit score, property type and occupancy.  The filtering strategy here only gives us a high probability that they are Fannie Mae.  Then it goes to the data base of Fannie Mae for verification which will give you accuracy up to 80% or above.  Keep in mind that when data providers go through this process there is loss of data and that loss represents data that has been paid for and most certainly affects the cost per record on HARP Mortgage Data.

GenStar Marketing customers have reported being happy with the data.  They can’t get enough of it.  Mortgage firms that are looking for HARP Mortgage Data will need to consider direct mail in addition to telemarketing to reach prospects.  Why?  With the National Do Not Call List, it may be expected that only 8-10% of the people that fit the criteria for HARP Refinances will not be on that list.  The government believed with the release of HARP 2.0 Refinance Guidelines that the program would help up to 5 million American Homeowners.  If 8-10% of those homeowners are not on the National Do Not Call List this means that there an estimated 500,000 HARP Mortgage Data Records available nationally.  Some states have higher concentrations of Fannie Mae and Freddie Mac Loans pointing to how narrow the opportunity may be for firms that are focused on one or a couple of states.  Adding in preferences for fico scores, loan to value ratios and loan amounts can really squeeze the pool of available records for HARP 2.0 Marketing.  For this reason we encourage those mortgage offices working on HARP Mortgage Refinance to consider both direct mail and telemarketing to generate more sales as well as loosening up their criteria for loan amount, fico and loan to value ratio when possible.

GenStar Marketing has done its homework.  There may not be a whole lot of telemarketing data available for HARP Mortgage Refinance Campaigns but what we have access to will be as accurate as it can be in the market place.  Our HARP 2.0 Mortgage Data for Direct Mail and Telemarketing is effectively targeted for Fannie Mae and has the highest degree of accuracy available.  We took the 20-80 Problem and flipped it upside down so that we knew you were getting the best possible data set for you HARP 2.0 Mortgage Refinance Marketing Campaigns.   We are pleased to say that we have the recipe for a HARP 2.0 Mortgage Refinance Data Set that does allow Mortgage firms to engage homeowner prospects that with an 80% or greater occurrence of Fannie Mae Loans.  At that point, it is up to the mortgage firm to fill up the sales board.

 


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