WordCom’s MortgageIQTM selected top mortgage prospects and helped a financial institution successfully reach its mortgage campaign goals.
A centrally-based financial institution wanted to find mortgage customers among its 100,000 current customers.
PINPOINTED THE BEST PROSPECTS
MortgageIQTM analyzed and ranked the customers who were most likely to qualify and respond to a mortgage offer. Customers were chosen based on…
• Estimated risk score
• Length of residence
• Presence of children
MortgageIQ’s analysis found that 60% of the institution’s customer base was unlikely to qualify for or to open a mortgage loan. Of course, these customers were eliminated from the prospect file, which saved marketing expenses for the financial institution.
The resulting best-of-the-best customers received the promotion. Among the results…
• 93 new mortgage loans were opened
• Loans totaled over $13.3 million in new balances
• Return On Marketing Investment (ROMI) for the first year was 164% for the mortgages
• 7.98% opened other new loans: auto, equity, personal
• Campaign increased overall loan balances by more than $30 million
Without MortgageIQ analysis, marketing dollars would have been wasted when offers were sent to all customers instead of just to those with the best potential for new loans.