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Using Data And Filtering Capabilities To Find The Right Prospective Mortgage Borrowers

January 29, 2019 Charlene Sterphone

The “right” prospective mortgage borrowers can vary widely from one lender to another, but there are several strategies to identify ideal prospects that can be leveraged by mortgage marketers. Mining your own data to determine who your target audience is and then utilizing the appropriate filters to focus on these targets are key techniques to hone in on leads with the highest propensity to convert.

As “Fair” Credit Score Borrowers Increase, Know Who Your Ideal Target Audience Is

According to the Q3 Mortgage Consumer Profile Report published by Best Rate Referrals, although “fair” was the only credit score category with increasing refinance mortgage share in Q3 2018, 93% of all prospective borrowers seeking refinance mortgages during Q3 had “excellent” or “good” credit scores. During the second half of 2017, “good” credit scores controlled almost the entire refinance market. In Q3 2018, the “good” credit score share was down to less than two-thirds of the total refinance market, with “excellent” accounting for more than a quarter of all refinance inquiries. With the right lead management technology in place, you’ll be able to determine the breakdown of credit scores that converted into borrowers for you. A lead management system like Sparkroom can slice and dice data across 200+ dimensions, enabling you to mine your own data for commonalities among your closed borrowers to help you identify your ideal target audience.

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Profiles Of Prospective Borrowers Are Continually Evolving, So Ongoing Analysis And Appropriate Filtering Can Help You Optimize Your Marketing Efforts

In order for mortgage marketers, including bankers, brokers and loan originators, to engage and connect with prospective borrowers, they must understand their target audiences. Once the ideal target profile is identified, you can set filters including geo-targeting and lead scoring in your lead management system that will enable you to continue to hone in on the prospects most likely to convert. Continuous analysis of closed borrowers and adjustments to your filters should be maintained as an ongoing cycle that will help you keep up with this moving target.

Sparkroom Puts Customized Intelligence At The Fingertips Of Mortgage Marketers With Ease

Sparkroom is a proprietary technology of Digital Media Solutions, the parent company of Best Rate Referrals, that gathers, translates and reformats data from multiple sources to provide holistic views of marketing performance. Connecting the pre-lead and post-conversion data, Sparkroom allows mortgage marketers to easily draw insights and optimize campaign performance. 

Click here to request a Sparkroom demo.

About the Author

Charlene Sterphone

Charlene Sterphone is a Marketing Manager at Digital Media Solutions (DMS), the fastest-growing independent digital performance marketing company. DMS helps its clients accelerate growth by deploying diversified and data-driven customer acquisition solutions that deliver scalable, sustainable and measurable marketing results. DMS performance marketing solutions connect the right consumers with the right offers at the right time to achieve the marketing objectives of our clients. DMS is continually innovating to provide new and emerging media and technology solutions that minimize waste and maximize results across the most competitive industries. Since its inception, DMS has demonstrated incredible year-over-year growth which has earned recognition on the Inc. 5000 list in 2014, 2015, 2016, 2017 and 2018.

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