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Loan Modification Marketing Training!
By raymondb | October 1, 2008
After a ton of research and beta testing we found that there are two major databases that are working well for this new financial service industry…
The first being the Adjustable Rate Mortgages that are recasting. There are 1.75 million home owners coming due on their mortgage form now until the end of 2010. Most of these home owners were sub-prime or stated to begin with; now with nationwide value issues most are upside down and or many also having late(s) in the last year as well due to the nature and life style of the typical sub-prime borrower. If you target for TRUE recast date (the actually date the ARM will expire) and then go back 45-60 days as well as forward 45-60 days from the current date (today) you will have pretty good success. The only thing that makes the difference is the script in which you use.
The second database that I would recommend is prescreened credit data from the bureau. With this file you can target by current late(s), loan amount, fico and the recent status of credit card payments. Most Loan Mod specialists will target people that are 30-60 days late currently and this is a very accurate file to get that from. Keep in mind that on both of these databases you will see a little higher disconnected ratio than a standard a paper list. The obvious is that they are not all paying the bills…. some are foreclosing or short selling so phones do get cut off here and there. The good side of these lists is that both databases in this case are extremely accurate after the disconnected ratios.
You can have some good success calling the database and mailing to it can be hit or miss depending on your piece. I prefer letters over post cards unless you’re double mailing the same list. Post cards are more for name recognition and if you keep hitting them they will call you if your post card is catchy.
There are a few other databases that can work for this if you can find the right source…..the first being aged internet refinance leads or mod leads. Try and get them anywhere from 1 week to 2 months old can be a good list to target because many of the folks inquiring in the last few months do not qualify for a loan. That makes a good marketing list for loan mods. The other would be the dreaded triggers that are about 7 to 30 days old. This is also a very good list of people in the market for a loan that probably do not qualify for a refi. These are all good options for mod agents to market themselves to.
With all the options of targeting your audience out there you can decide what may best work for you. From seeing the results every day I would absolutely say that the ARMs recasting is my favorite to work. Especially if you come from a broker back ground and you are still doing loans as well as mods. You get one list and get loans as well as mods off the same list depending on the client and if you network yourself correctly you should even get some short sales out of it. I mean hey ….these sub-prime ARMs are all going to need to do something. Lets help them out guys and gals!
Topics: Loan Modification Training, Mortgage Marketing |
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