We've all heard the old sales wisdom: "Success leaves many clues." With trial and error, we often deduce what is successful. Unfortunately, some of us will suffer an empty bank account in the process. In our business as a data and analytics solutions-provider to the mortgage industry, we do a vast amount of research and competitive analytics about the mortgage lead generation process. We witness successes … and failures … on the battlefield every day!
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Fishing for deals in a crowded marketplace
It’s mid-winter, as announced by the snow-covered banks of the river, and the crisp scents. The sun just edged over the nearby mountain range to reveal the river’s territorial command. Much life awakens to begin the day’s labors … and lessons. Streaming across the screen of my mind is a view of that shy, alpine tail-water I earlier discovered. What I like to call my, “secret fishing hole.” Not because it’s unknown to other anglers … it is … but because its many opportunities are not known. These are its secrets.
Last week we announced a technology giving mortgage companies and their clients access to an instant credit pre-qualification through a soft credit pull right on their mobile device.
Do you think you could add value to your Agent relationships if you could refer them home sellers? Do you know who is gearing up to sell their home? We do.
What if you knew who was getting ready to purchase a home, refinance, or make a move in the near future before anyone else? What if your sales team could reach this exclusive, high-quality, high-converting lead source before your competition even knew about it? What if you could put the marketing and outreach on autopilot, letting it drive inbound interest to your loan officers on a daily basis?
We are proud to announce the addition of email delivery for prescreened offers of credit within the MonitorBase mortgage lead generation platform! We now have the functionality to deliver timely offers of credit through both direct mail and email, personalized to the individual loan officer.
One of the greatest direct-to-consumer performers in the history of the mortgage industry has been the refinance boom we’ve enjoyed since 2008. Our “Elvis,” if you will. But many originators think it’s dead. MonitorBase doesn’t. Here’s why …
A significant amount of MonitorBase’s resources are invested in collecting and analyzing consumer credit behaviors. We’ve uncovered some we think you’ll find interesting.
No offense intended, but when it comes to past clients (unless they’re your mother), they probably don’t have your picture on the mantel of the home you financed for them.
With volatile interest rates, increasing home prices, and a lack of inventory, first-time homebuyers face many challenges in today's housing market. While the big banks have all but exited the retail mortgage lending space, the gaps left to service these would-be homebuyers are quickly being bridged by independent mortgage bankers all across the country.
Jane and John are great parents. They took their kids on 3 vacations this summer: Disneyland, camping in the mountains, and grandma and grandpa's house. Jane and John have been busy! It has been a super fun, super productive summer. At least as far as vacations go.
According to a Q1 2017 equity report by Corelogic, "Homeowners equity increased by $766 billion over the last year." Just last month (June) 50% of refinance transactions were cash-out!! Whether it's for a debt consolidation or home improvement, cash-out transaction are hot and steamy this summer!
Text to pre-qualify is now available to all MonitorBase users using our SoftPull Instant Credit tool! Here are a couple examples how you might use this.
When analyzing a sample of predictive alerts over the past year, we found that the conversion on predictive produced an average cost per closed loan of $207, based on alert fees.* The response rate was 4% for inbound calls. As expected, the inquiry alerts have a higher conversion, with a cost per closed loan around $117 on average.
The Problem: In October 2015 the CFPB issued an executive summary spelling out new reporting requirements. Beginning in January of 2018, lenders will be required to report much more detail per transaction including: points and fees, borrower-paid origination charges, discount points, lender credits, and loan originator identifier.
Let's take a look at today's mortgage originator: With an average age of around 54-56 years old, multiple long lasting relationships with referral partners, and 10+ years experience, they have plenty of core business to keep the lights on, even during market ups-and-downs.
A common problem in any organization is getting the compliance department and the sales department to share common goals and work synergistically. The sales organization in any mortgage company is typically in a consistent state of change especially as the consumer evolves and Millennials grow to the age and circumstance to buy a home. While the consumer evolves, so do the means by which consumers become educated on the numerous choices they have to qualify for and secure mortgage funding. New technologies that lenders employ to take advantage of these consumer trends can create new marketing risks. New marketing tools create risks to lenders, and, to make matters increasingly difficult, the Consumer Financial Protection Bureau (CFPB) is heavily involved in overseeing and auditing lenders on marketing processes, systems, and the resulting messaging. Additionally, with heavy oversight from the CFPB on credit reporting agencies, mailing offers of credit to consumers on prescreened lists is a hot topic of discussion among mortgage lenders.