Our propensity models, prescreen and mortgage inquiry trigger solutions can help you originate more mortgage loans
As a lender, you want to capitalize on as many mortgage loan leads and mortgage refinance leads as possible. It’s to your advantage to be able to identify, target and engage consumers who might be shopping for a new mortgage loan in the near future or are currently shopping for one—and it’s critical to do so in the earliest phases of the decision cycle.
TransUnion’s acquisition tools help you establish which mortgage leads are eligible based on your credit criteria so you don’t waste time pursuing consumers that won’t be approved or are not in your geographic footprint. Advanced analytics determine which of those mortgage prospects are expected to be shopping for a mortgage in the near future, or, even more timely, which consumers are currently shopping for a mortgage. With these insights generated through TransUnion solutions, you can create a targeted prescreen audience of the most desirable mortgage leads —eligible consumers who have the highest likelihood of booking a mortgage with you.
Mortgage leads and prospects
This analytics-driven approach to identifying and engaging mortgage leads can lower your time spent on consumers that are less likely to act and increase your success rate of converting interested consumers into customers.
Mortgage inquiry triggers for acquisition: Using our mortgage inquiry triggers solution, you can monitor a defined population of consumers and receive automatic, daily alerts on those who have a new mortgage inquiry and meet your credit quality requirements. The ability to reach out to these these mortgage loan leads right when they are shopping and ready to act can be the difference between converting and losing a mortgage prospect.
Mortgage inquiry triggers for retention: Mortgage inquiry triggers can also be used in your retention efforts to help identify existing borrowers who are shopping for a mortgage with a competitor. The ability to contact these mortgage leads while they are shopping for a new loan can enable you to intervene to retain or to recapture a valuable customer.
Lists of prescreened consumers that meet your credit eligibility criteria, and who are within your footprint, are a very valuable source of high quality mortgage leads. TransUnion credit data and propensity models give you the power to find the right leads and prospects before the competition does.
TransUnion prescreen solutions enable you to add consumer-level precision to marketing efforts. Instead of broad, generic targeting such as ZIP-code levelTransUnion enables lenders to reach specific audiences, including first time home buyers/renters and current homeowners who would benefit from a rate and term or cash-out refinance or those who may be in market for a home equity loan. Identifying specific audiences enables lenders to market relevant offers to specific audiences. . Bringing more precision to your marketing efforts can lead to a higher conversion rate while reducing the time and resources spent on low quality leads.
Low-to-moderate (LMI) mortgage leads
Stakeholders across the mortgage industry are committed to serving low-to-moderate income (LMI) consumers and communities. Roughly fifty percent (50%) of the on-file US population is considered low-to-moderate income (LMI), equal to roughly 120 million consumers.1 TransUnion’s low-to-moderate income (LMI) prescreen solution enables lenders to identify credit-eligible consumers likely to be eligible for purchase and refinance LMI loan programs.
Mortgage Refinance and Home Equity Leads
In today’s market, mortgage and home equity lenders seek to more accurately understand asset risk and to deliver relevant, personalized offers. TransUnion’s Consumer Property Insights offer a holistic view of a consumer with regard to their credit and property data, including combined loan to value (CLTV), in order to drive strong ROI on mortgage and home equity prescreen marketing campaigns.
1Source: TransUnion analysis of entire U.S. on-file population as of Q3 2019. -=LMI is defined as borrower in an LMI Community (census tract where the majority of the residents’ income is 80% or less than the AMI) or borrower whose total family income is 80% or less than its Area Median Income (AMI).