Mailing Lists Make a Difference in Mortgage Marketing
Mailing Lists make a difference with Mortgage Marketing
When it comes to using direct mail for mortgage prospecting, targeting the right audience can make the difference between success and failure. In today’s market, you not only want to reach a responsive audience, but also one that will ultimately qualify for the loan. Below are some of the choices available for the savvy mortgage marketer.
The Property Mortgage Database allows you to pinpoint households by filtering property and mortgage loan related elements, such as property type, home assessed value, loan origination date, and the original loan amount. Estimated home value is also available on this file, which allows you to predict the LTV or equity position. This database is compiled from the County Courthouse records department and is only as accurate as the county records are kept.
The Credit Bureau Database allows you to pinpoint households by filtering the credit worthiness of the potential borrower. Some of the selects are actual credit score, loan balance, revolving credit card amount and loan origination date. Estimated home value is also appended to this file, which allows you to predict the LTV or equity position. This database is compiled from the credit bureau and is considered to be very accurate. Since the FTC governs access to this type of data, a firm offer of credit must be made in order to be compliant.
The ARM Reset Database allows you to pinpoint households by filtering the actual day in which the adjustable rate mortgage holder will experience an interest rate change on their mortgage, and therefore, a payment increase as well. Some of the filters are month of initial reset, property type, interest rate, estimated (combined) LTV and loan amount. This database is compiled from the ARM Riders in the loan documentation at the County Courthouse.
The more you know about the people on your mailing list, the better you can communicate to them. The ideal scenario is to identify clusters of potential prospects within the mailing list and version your message differently to each one. It’s been proven, time and time again, that message versioning to the right audience will typically give significant lift in your response rate.
For more information on targeted mailing lists for the mortgage marketer, you can reach Jerrad Jordan with BB Direct, Inc at (866) 501-6273. You can also find more information one of their websites at www.armresetleads.com, www.triggerleadsdirect.com, or www.bbdirect.com.
Mortgage Marketing in a Down Market
Times are tough in the mortgage industry. Over the past several years, many lenders have extended more money to sub-prime borrowers. Additionally, an over-built America has caused the price of new home sales to slump, eating away at the equity of many homeowners who have been depending on that savings for retirement. The outcome is a very finite amount of quality prospects from which to offer your loan products.
So what’s a mortgage broker to do in a down market?
Get back to the basics.
Focus on your referral agents by keeping them informed with the changes in the market and how these changes might affect people they know.
Reach out to the builders needing help selling their inventory.
Sit down with these builders and listen to them. Get a full understanding of how many properties they will have available in the next 6 to 12 months and what they expect to sell. How many homes are reserve high-end homes, second homes and starter homes? Put together definitive solutions for meeting your builders’ lending goals.
Get a firm grasp of who you can loan to and focus solely on these individuals.
It’s been said that the FHA is the new sub-prime loan. Managing your lender relationships is just as important as managing your customer pipeline. Take inventory of specifically what you can and cannot do, and hunt for clients that fit within those guidelines.
Never stop marketing.
It’s vitally important to keep your name in front of your prospects. It’s even more important when the market is lean and mean. With fewer brokers vying for the same business, your message has a greater chance of getting attention and making a lasting impression.
Never do lunch alone.
If you’re plan is to build your mortgage business, you must develop your ability to invite people to lunch, and be able to tactfully engage in a productive dialog. Ask questions and get to the heart of who they know and how to move forward. Connecting with people on a personal level is important to many business professions, but is vital to the mortgage broker. If you don’t have this gift, develop it or find a new career-your livelihood is depending on it.
If you would like to learn more about mortgage marketing, you can reach Jerrad Jordan with BB Direct at (866) 501-6273 or find them on the web at one of their websites: www.BBDirect.com, www.ARMResetLeads.com, or www.TriggerLeadsDirect.com.
By: Brian Berg
