There’s gold in your database. Loan originators hear this often, but to truly capitalize on the massive refinance opportunity and increase your closed loan volume, capturing additional refinance prospects is key. Here are three reasons to shift your refinance marketing strategy to focus on more than former clients:
1. Experience Matters To Refinance Consumers
Brand loyalty can easily shift as the mortgage servicing experience plays out. Homeowners want a seamless process with consistently outstanding customer service and prioritized efficiency from application to closing. Millennial homeowners, in particular, are likely to research loan originators online prior to contacting them and make decisions based on a combination of past experiences and inferences developed from online research.
Marketing refinance loan opportunities specifically to former clients means you believe current homeowners want only to work with their previous loan originators. Conversely, if you assume not everyone loves their existing mortgage relationships, you can step in as the new, better choice for a refinance mortgage.
2. Your Current Clients May Not Fit The Profile Of Today’s Mortgage Refinancers
Depending on how many years you’ve been originating mortgage loans, your current clients may not represent the ideal consumer who could reap major benefits from refinancing their current loan. To take advantage of market conditions, you need to connect with people currently looking for and able to close on refinance loans.
3. Restricting Your Refinance Marketing To Your Current Database Limits Your Closed Refinance Loan Volume Potential
When it comes to purchase loans, you likely built your strategy around the idea that the larger your lead pool, the greater your opportunity to close at a high volume. Why not apply the same approach to your refinance business? To take advantage of refinance market conditions, you have to flood your pipeline with new refinance prospects, similarly to how you market to prospective home buyers.
Your refinance marketing strategy should include a combination of multi-channel strategy comprising both paid and organic lead generation. Positioning yourself as a refinance mortgage lender across third-party mortgage resources to help drive volumes of prospective refinance borrowers targeted to your specific lending niche.
Seeking New Ways To Maximize Your Customer Acquisition Efforts?
Digital Media Solutions (DMS) is a technology-enabled, data-driven performance advertising solutions provider connecting consumers and advertisers. Contact DMS today to learn how our first-party data asset, proprietary technology and expansive digital media reach can help you scale your customer acquisition results.