Using Daily Credit Trigger Leads To Generate Steady Stream of FHA Refinances
Within the last year the mortgage industry has been prosperous due in large part to the expanded FHA guidelines.
On June 11, 2012, the FHA lowered the upfront Mortgage Insurance Premium to a low level for homeowners with loans seasoned prior to May 31st, 2009.
This has created a surge in the number of homeowners with FHA loans seeking to refinance.
A lucrative but competitive method that many mortgage shops are using to generate a steady stream of new business with FHA loan holders seeking to refinance is with daily trigger leads.
A trigger lead is generated when someone seeking to refinance or obtain a loan has their credit pulled.
Data lists can be purchased as mail or phone records.
While this data is extremely valuable to mortgage marketers, it is also extremely time sensitive since the candidates are actively seeking a loan and have already visited a mortgage broker and had their credit pulled.
The trigger data lists that are available for mortgage marketing are daily trigger lists, 1-7 day old or weekly trigger lists, 1-30 day old or monthly trigger lists, and 30+ or vintage trigger lists.
Daily trigger lists are considered premium data and therefore have the highest cost associated with both the cost to purchase the data and the resulting marketing campaigns.
Mortgage shops can find candidates that meet their underwriting guidelines by customizing a list by credit score, revolving debt, seasoning, LTV, or loan balance.
Mortgage shops that have LO's that are salesmen first and Loan Officers second, have a high rate of success with trigger leads.
These leads have already shown an interest in refinancing.
Many consumers also want to talk with more than one mortgage shop to see who will offer them the best rates and get a competing point of view.
The data is obtained when a borrower makes an inquiry with a competing mortgage firm, so it's very important to reach these potential buyers quickly.
While phone lists are a possible way to reach these trigger leads, a mailing list paired with a well-designed direct mail advertisement has proven to be a highly reliable method for generating a constant stream of new business.
With timeliness being an essential factor to the success of trigger lead marketing, it is imperative that your advertisements reach the lead as quickly as possible.
Mailing campaigns can be set-up that use daily trigger leads to mail to these interested prospects on a daily basis - however, this would require finding a vendor that handles the entire campaign in-house; everything from the data lists, to the print and mailing.
A good strategy for maximizing the effectiveness of a trigger campaign is by pairing a mailing campaign with a follow-up telemarketing campaign.
While candidates may be looking to re-finance their loans, they don't always call after one mailing.
Sometimes it takes 2 or even 3 mailings to maximize the results on a marketing campaign.
If a mortgage company has a team of telemarketers that can follow up by calling all the recipients of the campaign, the brand and the advertisement has already been engrained in the customer, and the phone call may be all that is needed to get the candidate to act on the offer.
A few varieties of direct mail advertisements that are highly successful for trigger mailings are snap-packs and tri-fold letters.
Direct mail can be a highly successful method for finding candidates actively seeking to refinance, and daily trigger leads can be paired with mailings to generate a daily stream of new business.
On June 11, 2012, the FHA lowered the upfront Mortgage Insurance Premium to a low level for homeowners with loans seasoned prior to May 31st, 2009.
This has created a surge in the number of homeowners with FHA loans seeking to refinance.
A lucrative but competitive method that many mortgage shops are using to generate a steady stream of new business with FHA loan holders seeking to refinance is with daily trigger leads.
A trigger lead is generated when someone seeking to refinance or obtain a loan has their credit pulled.
Data lists can be purchased as mail or phone records.
While this data is extremely valuable to mortgage marketers, it is also extremely time sensitive since the candidates are actively seeking a loan and have already visited a mortgage broker and had their credit pulled.
The trigger data lists that are available for mortgage marketing are daily trigger lists, 1-7 day old or weekly trigger lists, 1-30 day old or monthly trigger lists, and 30+ or vintage trigger lists.
Daily trigger lists are considered premium data and therefore have the highest cost associated with both the cost to purchase the data and the resulting marketing campaigns.
Mortgage shops can find candidates that meet their underwriting guidelines by customizing a list by credit score, revolving debt, seasoning, LTV, or loan balance.
Mortgage shops that have LO's that are salesmen first and Loan Officers second, have a high rate of success with trigger leads.
These leads have already shown an interest in refinancing.
Many consumers also want to talk with more than one mortgage shop to see who will offer them the best rates and get a competing point of view.
The data is obtained when a borrower makes an inquiry with a competing mortgage firm, so it's very important to reach these potential buyers quickly.
While phone lists are a possible way to reach these trigger leads, a mailing list paired with a well-designed direct mail advertisement has proven to be a highly reliable method for generating a constant stream of new business.
With timeliness being an essential factor to the success of trigger lead marketing, it is imperative that your advertisements reach the lead as quickly as possible.
Mailing campaigns can be set-up that use daily trigger leads to mail to these interested prospects on a daily basis - however, this would require finding a vendor that handles the entire campaign in-house; everything from the data lists, to the print and mailing.
A good strategy for maximizing the effectiveness of a trigger campaign is by pairing a mailing campaign with a follow-up telemarketing campaign.
While candidates may be looking to re-finance their loans, they don't always call after one mailing.
Sometimes it takes 2 or even 3 mailings to maximize the results on a marketing campaign.
If a mortgage company has a team of telemarketers that can follow up by calling all the recipients of the campaign, the brand and the advertisement has already been engrained in the customer, and the phone call may be all that is needed to get the candidate to act on the offer.
A few varieties of direct mail advertisements that are highly successful for trigger mailings are snap-packs and tri-fold letters.
Direct mail can be a highly successful method for finding candidates actively seeking to refinance, and daily trigger leads can be paired with mailings to generate a daily stream of new business.
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