Lead Generation

New Lead Generation Platform for Mortgage Companies

An advanced lead generation tool is now available for mortgage firms. Equifax, a reputed global lead generation agency, has created a lead generation platform for mortgage lenders that will assist users in predicting the possibility that a given business lead will result in sales within the next six months. The new lead generation tool, “Mortgage Lead Generation Models” utilises data on a prospect’s demographics, property, assets, wealth, and credit to assist mortgage firms to optimise their target marketing strategies.

Typically, new lead generation tool employs consumer data to target prospective clients. The new products apply the information to various models depending on the profile of the individual as a HELOC applicant, a refinancer, a new hire purchaser or a first-time home purchaser. The model establishes a score ranging from 1 to 999 for each address and the name the lender uses based on the specific requirements of the lender.

A higher score indicates that the potential consumer has higher chances of applying for the mortgage. Equifax observes that the new platform will allow lenders to optimise the target marketing campaigns. Tyler Sawyer, an expert from Equifax, advices mortgage firms to embrace the notion of becoming more proactive to identify prospects and establish a reliable relationship with them. The solution makes the information more actionable to assist mortgage to find the ideal customers at the appropriate time, which is quite crucial in a market that is highly competitive, where 55 percent of purchasers are commencing their online process.

Equifax also pointed out that models can assist lenders spot and nurture prospective buyers in the purchasing process, especially in cases where the consumers’ asset, wealth and aggregate data undergo anonymity and aggregation. According to Sawyer, the process provides any lender marketing dollars with the best opportunity to make more cents. The lead generation agency has also pointed out those lenders wishing to drive comprehensive targeted marketing must first focus more on providing greater consumer segmentation.

Equifax platform is essential for lenders to enhance their customer retention rates in an era of the waning mortgage market. The flexibility of mortgage firms to predict their mortgage sales within the next six months is a great relief to lenders. The platform is quite effective in assessing demographic, property, wealth, and credit data. The Equifax tool employs different models for segmenting consumer profiles including home equity, refinancers, first-time homebuyers and new purchases.

According to the economic growth forecasts provided by Fannie Mae, mortgage volume is declining and not expected to realise the levels recorded in 2017 any time soon.  All the unique consumer scores developed by Equifax are based on the ideal lender requirements. Several mortgage lenders have expressed interest to work with Equifax, as their lead generation agency of choice to boost their targeted marketing efforts. Equifax is also expected to improve the new lead generation tool in the coming years.