8 Best Practices for Using Triggers to Fund Loans Faster




In the world attracting a mortgage client… Regardless of the prevailing economy, interest rates, consumer demand, and all other factors beyond your control, you must provide sufficient qualified borrowers to sustain the business.

Given the complex dynamics of the industry, loan marketers can compete for days or even hours. When you need speed launch marketing programs are the epitome of getting the right message to the right person at the right time.

The guidelines in this article apply to launch marketing programs that are launched any lender for any credit product. An advanced approach to launching marketing will help you get to the client quickly with your best deal (and win their business for the next loan term).

BEST PRACTICE # 1: Choose Credit Triggers
Nowadays, marketers can use triggers to help them find people who are getting married, expecting children, graduating from high school, listing a house for sale, and more. These constantly running programs monitor multi-source databases for signals that a consumer may require a loan. There is a huge amount of both non-credit consumer marketing data and credit data across three bureaus available, but for loan marketers, a pre-credit check through three bureaus is the best option.

The market signal is based on the request for a loan, which means that the borrower is serious about getting a loan. While non-credit data can help you identify potential loan clients, credit triggers allow you to target those who are not only actively seeking but highly desirable for your organization.

BEST PRACTICE # 2: start a trigger channel for your customer list –daily.
Deluxe receives half a million new mortgages a day, which means there is a good chance that your client base includes people who are actively seeking a loan from another lender. Targeting existing customers is cost effective and efficient.

  • Higher loan conversion rates: Data show probability sales to an existing buyer is 60-70%, and the probability of selling to a new potential buyer is 5-20%.
  • Lower cost of secured loan: Research shows it may cost five times more attract a new customer than retain an existing one.

Your company should have an automated system that compares loan triggers to customer lists on a daily basis so that once a match is found, you can reach out to that person with relevant messages and competitive offers.

To get even more out of your loan data, study pre-application behavior patterns to create patterns that recognize when someone might be applying for a loan soon. By adding these models to your automated daily trigger feed, you can target these customers in advance.

BEST PRACTICE # 3: Access to all three credit bureaus
Due to the amount of data and the short time frames associated with triggers, credit matches from a single bureau can miss tens of thousands of hits. Having access to all three bureaus ensures that you don’t miss out on any of your loan-seeking clients.

Among our clients, Deluxe found that using a second bureau provided a 25% improvement over monitoring using one bureau, and using all three provided a total of 50% improvement. Tri-bureau monitoring also allows you to cross-reference credit data for qualification confirmation, which helps to avoid errors (for example, frag files) that create friction for customers.

Not every lender uses multiple credit bureaus as part of the credit marketing process, so it makes sense to find a partner like Deluxe that offers tri-bureau access. In addition to superior coverage, your partner should be able to offer you more profitable and faster and more streamlined processes than if you had arranged access to the tributary yourself. (Not sure where to start? Here three things to look for in strategic pre-screening partner.)

BEST PRACTICE # 4: Regularly Review Your Eligibility Criteria
In a trigger environment, you can have access to hundreds of credit information attributes associated with each consumer credit report. (In fact, in Deluxe, we track over 500 data attributes to determine the creditworthiness of borrowers based on established criteria.) So, in addition to knowing which of your clients just got a loan from, you can also access others. useful data. for your qualification process.

Work with compliance, underwriting, your marketing partner, and other key departments to determine what data can be used and how. Changes in rules, economics, rates, or risk tolerance may require changes to eligibility criteria, and additional data attributes can help ensure that targeting meets the new criteria.

In addition, it might make sense for your company to augment your loan and customer data with attributes from additional public and private sources. The use of additional data helps to gain a complete picture of the consumer.

BEST PRACTICE # 5: make it multi-channel
Once this market presence signal is detected, marketers must quickly initiate pre-defined campaigns that are automated and ready to go. A true omnichannel experience takes into account every platform and device that your customer can use to interact with you. You can use all the rich data you’ve added to your customer files to create a comprehensive launch campaign that includes digital components such as online and social media display ads, and address mailing list

Why should you tie your omnichannel campaign to direct mail? The numbers say it all:

As well as according to USPSwhen you combine direct mail with a digital experience, efficiency skyrockets:

  • 40% conversion rates when combining direct mail and digital advertising
  • 68% marketers said the combination of digital and direct mail increased the number of visits to their websites
  • 60% of marketers say the combination of direct mail and digital has improved ROI

BEST PRACTICE # 6: Email us –immediately
Remember, this is a race. Competition for customers is very fierce – in 2020 alone, lenders generated 10 billion preliminary offers, and email is an effective way to get to know customers quickly. You can even send a firm loan offer by email as soon as the day after the credit trigger goes off. (And if you don’t get updated lists every day, let’s talk– At Deluxe, our typical return time for pre-screened leads following a qualified borrower is less than 24 hours.)

Including email as part of your omnichannel trigger campaign lets the client know that you are aware of their loan needs and are serious about continuing to be their preferred lender. The email also tunes the customer into something that can make them more susceptible to direct mail that arrives within a week of the trigger being fired, as well as being more likely to notice your digital experience.

BEST PRACTICE # 7: Continue the campaign throughout the buyer’s decision-making process.
It might be a sprint to get to the borrower first, but after the first contact, you should go into marathon mode. It is imperative that your campaign lasts long enough to ensure a constant stream of brand experiences throughout the buyer’s decision-making journey. Depending on the loan product and your company’s typical experience with borrower terms, a 30-, 60- or 90-day campaign may be optimal.

BEST PRACTICE # 8: Continually Track Activity and Measure Success
Trigger programs generate many useful ideas because they provide a constant stream of performance data. By continuously monitoring your campaign’s performance, you can pinpoint any opportunities to improve your targeting, deadlines, offers, campaign elements, or other aspects of your campaign.

At a minimum, you should study:

  • Digital click data
  • Landing page analytics
  • Loan application starts
  • Completed loan applications
  • Financial loans

If you work closely with your data / marketing partner, you can build the automated systems you need to create KPIs with ease. The data collected will help support the continuous improvement process so that subsequent campaigns can reach their full potential.

For more information on these eight best practices, or to learn how Deluxe can create and manage multi-channel credit launch programs on your behalf, contact DataDrivenMarketing@deluxe.com


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