Warning: Undefined variable $custom_content in /home4/comcompare/public_html/mortgagenews/wp-content/plugins/code-snippets/php/snippet-ops.php(582) : eval()'d code on line 10
Mortgage rates continue to decline as interest rates rise. This has resulted in a highly competitive market, and lenders recognize the importance of retaining existing customers in this tough market.
But today, retaining current customers means understanding their behavior, and without relevant real-time data, that can become a difficult task.
Behavioral data support customer retention
Lenders who accurately predict when a potential customer has access to home equity can act immediately and become the best option.
By analyzing customer behavior, lenders can close windows when customers are shopping, increase acquisition rates, and improve the customer experience by engaging quickly.
By knowing when customers and prospects are looking for a new home, need to refinance their home equity, or are looking for other mortgage products, lenders can reduce customer churn and discover new opportunities quickly.
However, investing in the right technology is the first step to achieving actionable insights.
Discover HELOC opportunities
The number of home equity lines of credit (HELOC) combined and foreclosed home loans increased from January to May 2022 from January 47.
Also, the Federal Reserve reported that HELOC funds stood at $319 billion for the second quarter of 2022.
With such a large increase, lenders should take advantage of the potential market opportunity.
Using customer data solutions helps lenders better understand customer behavior, enabling them to make offers to the right people at the right time.
Whether it’s figuring out when someone might start renovating a house or figuring out when a family member is preparing for college or shopping for a wedding venue, accurate data can be used to find potential customers who might want to use the measure equal to their property.
A lender who initiates contact before a customer can begin the application process will automatically have an advantage over its competitors. It is also the epitome of exceptional customer experience.
As lenders strive to better understand and communicate with their customers, behavioral data solutions are becoming increasingly important to help them better understand their customers.
CoreLogic Data Solutions
CoreLogic’s prospecting solutions can identify customers with high-potential buying habits who may be out of a lender’s portfolio long before the lender knows they’re looking for a new home. is a credit score. and the net worth of the property.
According to Ty Tucker, Director, of Loan Solutions Group at CoreLogic Prospecting Solutions, all of this information is pulled by crunching local sales, property values, and the number of visits to active real estate listings into one group. week, and much more, from CoreLogic. a licensed unique property identifier, CLIP.
Prospect Solutions combines CoreLogic’s leading geospatial property database with real-time customer behavior data to provide integrated social media services that enable lenders to instantly identify and target prospects. The software also offers the convenience of connecting directly with your CRM provider to optimize global data. Additionally, it is 100% cookie-free.
Tucker says the best thing to do is analyze campaign performance and determine the actual conversion and not just the number of impressions you got on your marketing spend.
A client recently closed 40 loans in two weeks, 93% of which were attributed exclusively to CoreLogic Prospecting Solutions.
Gone are the days of endless investment in marketing that cannot be directly linked to revenue.
The insights provided by CoreLogic’s natural data scientists bring data-based data to life and confidently support your lender’s expansion into new markets while identifying any potential opportunities in your current portfolio.
With accurate data on your side, it is possible to stay profitable in a tough market.
Reference Source: Housing Wire
