MonitorBase: Mortgage Marketing

Artificial intelligence (AI) is revolutionizing the mortgage industry, and it is becoming increasingly important for lenders to understand how to leverage this technology to improve their marketing efforts. AI is a powerful tool that can help lenders to better understand the needs and preferences of potential borrowers, target their marketing efforts more effectively, and make more informed decisions about loan approvals.

Database Intelligence plays a critical role in the mortgage origination and marketing process. By leveraging data and advanced analytics, mortgage lenders can gain valuable insights into the behavior and preferences of potential borrowers, allowing them to target their marketing efforts more effectively and make more informed decisions about loan approvals.

A database intelligence platform, like MonitorBase, is a type of technology that allows mortgage lenders, credit unions, and banks to gain insights into their client or customer data by analyzing large amounts of information and identifying patterns or trends. In the mortgage origination industry, database intelligence platforms are used to analyze data on potential borrowers, such as credit scores, income, employment history, and other factors, in order to identify high-value prospects and target marketing efforts more effectively.

The Fair Credit Reporting Act (FCRA) strictly regulates the use of consumer reports as they contain highly sensitive information pertaining to a consumer’s creditworthiness. Each name on a prescreened list is treated as a consumer report by the FCRA. In order for a financial institution to obtain a consumer report or a prescreened list they must have permissible purpose specified in the FCRA. Additionally, the financial institution is responsible for extending a firm offer of credit to each of the consumers on their prescreened list. The following are some guidelines of what elements should always be on a firm offer of credit that is being sent to a consumer. Please note that the following are recommendations, any firm offers of credit should always be reviewed by the legal compliance professionals at your company.

With fluctuations in the mortgage bond market, mortgage lenders are constantly at risk for mortgage portfolio runoff.  High margin lenders issue rates higher than the market everyday.  Even a 0.25% drop in average interest rates can create a large amount of mortgage portfolio runoff due to the fact that there is always a handful of refinance only lenders offering lower market rates that your average retail mortgage shop.