With the impending rising rate environment, does your financial institution have a way to keep your mortgage pipeline full? Innovative data sources have made it easier than ever for you to focus your marketing efforts.
In the past, financial institutions had no way of knowing who would be in the market for a mortgage before someone actually applied. Today, institutions can target potential mortgage customers right before they are ready to apply. The key to this effort lies in the data.
Discover how â€œpre-moverâ€ triggers can turn into mortgage openings
It all starts with our MoverIQ… a data product that identifies people who are likely to move (pre-movers) and people who have recently moved (new movers). For mortgage acquisition, the pre-mover segment is used:
- Customers and prospects who are thinking about selling their home
- New home Listings
- â€œUnder contractâ€ homes
The opportunities are real, and now you can identify them
Each year, about 5-7% of your customer (and prospect) base will list their home for sale. Identifying them early is essential in the mortgage acquisition marketing process.
WordCom’s Pre-Mover Mortgage Acquisition Program gives institutions the opportunity to identify people who will soon need a mortgage. This puts you ahead of the curve—enabling you to connect with those in the process of putting their home on the market long before they will need a new mortgage. With data from WordCom, you can develop a targeted marketing campaign that identifies mortgage prospects from a pool of your:
- Current mortgage customers
- Non-mortgage customers
- Prospects in your market area
How does it work?
Your institution can use the data obtained through the Pre-Mover Mortgage Acquisition Program in a variety of ways—including direct mail, email, and targeted display advertising.
All you need to do is provide your MCIF to WordCom each month and we will monitor all pre-movers and provide data back to you weekly, allowing you to communicate with your customers in a timely manner. For marketing materials directed to existing customers, you can create a waterfall approach and reach out to them numerous times throughout your campaign. Direct mail and targeted display ads would work best for prospects who have no relationship with your organization since email addresses are not available.
Being the first to communicate your mortgage product to your customers and prospects early and often will provide your financial institution with more loan opportunities.