The Digital Age of Mortgage Prescreening Tools
The digital age has made market research better than ever. There is an incredible amount of consumer data available, making it easier for your business to identify good prospects and figure out the products they most likely want. By adopting the latest mortgage prescreening tools and custom triggers, you have the potential to experience a number of benefits to your bottom line.
Create a more efficient marketing process
Not everyone is a great candidate for a mortgage. Some prospects won’t be able to qualify, aren’t looking to buy a new home or just aren’t a good fit with your product line. By regularly resorting to mass marketing, you could be spending money contacting people who are very unlikely to buy.
Mortgage prescreening tools that sort your candidate pool can help you identify the best candidates for your efforts, thus wasting less of your marketing budget while helping make sure that you focus on prospects with the highest potential.
Target marketing to your candidates
Different prospects have different buying needs. Good data from mortgage prescreening tools can help you determine which products different buyer populations desire. For example, you may find that buyers in a neighborhood usually sell within five years or that people in a certain age group are most likely to refinance. With this information, you can customize your marketing campaigns to ensure that prospects receive the information most valuable to them, which in turn can make them more likely to work with you.
Use key life events as custom triggers
Key life events, such as getting married, having children or changing jobs, often lead to buying or selling a home. Setting up custom triggers in your process to identify these life events can help you contact your ideal candidates immediately. You can get in before the competition and be in a better position to close any business that may arise from these watershed moments.
Prepare for the application process
Mortgage prescreening can also help during the application process. Since you’ll have client data on hand before they apply, you can complete their applications more quickly. You’ll also be better prepared for the qualification process and will be more likely to avoid surprises like a problem in an applicant’s credit history, allowing your staff to spend less time on the application process.
It’s an exciting time in the mortgage industry, and as technology improves, mortgage prescreening tools and custom triggers can only become more effective. Equifax and other top firms will be covering these developments at the MBA’s Annual Convention and Expo in October. If you’re interested in learning more about how to develop a better process for your mortgage business, this is an opportunity you don’t want to miss.