Interested in seeing where the hot spots are in mortgage originations? Here are some interesting stats that we are seeing in the data right now.
MB Insider June 25th:
This week's data trends can tell you what's up in the mortgage industry, and how to make the most of the current market and opportunities!
Disclaimer: These are numbers that we are seeing in the MonitorBase platform and does not necessarily represent stats for the entire country. Although, this should give you a good idea of some interesting trends, and hopefully helps in your current origination efforts.
We are seeing a change in trends this week over last week. There has been a trend of higher fico scores and loan balances on applications for the past few weeks, but this is the first week we’ve seen a shift toward some lower ficos and lower loan amounts. This is great, it means more people are taking advantage of the current market and low interest rates. It's the second half of the month, which is a super busy time for loan originators. They are trying to get all the loans closed and funded before the end of the month. Because of this, many borrows may be put on hold until the beginning of the next month, which can lead them feeling neglected, and then to losing these potential clients. With some originators neglecting clients, this is a great opportunity to be the one to respond and to help these borrowers.
|
Score Range |
% of total inquiry alerts |
|
700+ |
73.87% |
|
640-699 |
15.07% |
|
620-639 |
3.32% |
|
580-619 |
4.02% |
|
350-579 |
3.72% |
Overall, there have been fewer applications this week than the last two weeks. This tends to happen toward the end of the month because loan originators are at capacity and don’t have the time to take on as many new applications as they do earlier in the month.
This is the perfect opportunity to show you clients your best service.
However, borrowers aren’t only in the market during the first two weeks of the month, so some borrowers may be getting neglected. We know that when someone is in the market, if they get a voicemail or an autoresponse, that could be the death of that lead. Something to think about is adopting a no voicemail and no email autoresponse policy. If a consumer goes into a lender and they are told “we’ll be in touch tomorrow or later this week”, they are going to walk right out the door. If the phone rings and they get a live person, even if it’s a receptionist or an assistant, they won’t feel neglected, and will be much more receptive to a call back from you.
Another trick to keeping a lead warm is to send a follow up email right after a phone call, even if the call was just to say you’d call them back. Send that client an email with the phone number you are going to call them back from in the signature. This way, when they get your call, their phone will register it as “Maybe: (your name)”, making them more likely to pick up that call.
|
Age of mortgage |
% of total inquiry alerts |
|
1-12 months |
23.35% |
|
13-24 months |
12.78% |
|
25-36 months |
13.13% |
|
37-48 months |
11.91% |
|
49-60 months |
7.91% |
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Share this report with friends, colleges, or someone who might be interested. See you next week!