We have many users asking the question "how often should I update my monitored database, and what datasets should I include when uploading new prospects?" In short, you should update your monitored database at least monthly, and here's why:
Your newly closed transactions - No matter how great of a deal you give your borrowers, you can be sure there is another lender out there with tighter margins that is going to be marketing your borrowers for a refinance as soon as they make their first payment. Once the data becomes available either on title or in the credit bureaus, someone is buying it and marketing to them for a refinance! If you import your newly closed loans at the end of every month, you will have a chance of catching them if they apply elsewhere shortly after they close a transaction with you.
Your credit denied, withdrawn, or "not quite ready" borrowers - I'm sure it's not news that not every borrower that applies for a mortgage is ready and able to actually execute on that transaction. Whether they have credit issues, lack a down payment, or they are just shopping the market and not quite in the buying stage, most of them will be ready sooner than you think. Once they have pictured themselves living the American dream, they will work toward that goal by paying off debts, saving for a down payment, and working on credit issues until they can get back on the horse. You should have a monthly ritual of importing these prospects into your account for both Inquiry and Migration monitoring. This way you will catch them if they have credit improvements and now meet your criteria, or if they already meet credit criteria and they apply for a transaction elsewhere a few months down the road once they have solved their DTI problem. It's very easy for your prospects to apply with their bank or credit union while they are logged in checking their bank statement! It's not that they would rather work with their bank than you, its because it is right in front of their face every time they visit their bank account.
Your CRM database - This is a database that gets overlooked by many of our clients, but just like your funded, denied, and withdrawn borrowers, you spent time and money to acquire these relationships. You should update all your CRM data that isn't in the application process monthly as well. These prospects are much the same as the denied and withdrawn in that they have raised their hand with the intent signal of "I want to buy a home". Unless you have a perfect process of reaching out to everyone in your CRM every week or so (and I have never met anyone that actually does!) then you should monitor these prospects so MonitorBase can remind you to reach out to them when they are back in the market again.
Importing your data every month should only take you a few minutes. Set yourself a reminder to do so, or ask us about our integrations and our API if you would like to automate this process. We would love to help!