How this bank increased loan balances by 30M
Driving Success: MortgageIQ's Precision Yields $30M Loan Surge. Explore the impact of targeted analysis, boasting a 164% ROMI, 93 new mortgages, and a remarkable $30M spike in total loan balances.
WordCom’s MortgageIQ selected top mortgage prospects and helped a financial institution 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 most likely to qualify and respond to a mortgage offer. Customers were chosen based on…
- Estimated risk score
- Homeownership
- 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.
Campaign Successes
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
- The campaign increased overall loan balances by more than $30 million
With MortgageIQ analysis, marketing dollars would have been well-spent when offers were sent to all customers instead of those just with the best potential for new loans.