The expanded FHA MIP guidelines released in early 2012 and HARP 2.0 have allowed many borrowers stuck in high interest rate loans to refinance. This has created a free-for-all in the mortgage industry to market to this segment. Mortgage professionals are also benefitting from this scenario due to the surplus of new trigger leads available for direct mail marketing campaigns. While triggers are a valuable resource to finding borrowers who are currently seeking to refinance their loans, factors such as timeliness of the advertisement, and a strong sales force, are necessary to be successful.
Trigger leads are created when someone is looking to take out a loan or refinance their existing one, and has their credit pulled. Databases are compiled and sold to mortgage professionals as either mail or phone data. Triggers are available as either daily, weekly, or monthly lists, with a higher premium based on daily triggers due to their timeliness factor.
Trigger leads have the potential to be highly reliable at finding prospects interested in refinancing now. They have recently had their credit pulled at a competing mortgage shop to find out about a refinance. A direct mail marketing campaign can be an effective method for mortgage shops to gain a consistent flow of customers. Mortgage shops looking to market with triggers need to find a mortgage marketing company that is able to respond in a timely manner with a targeted direct mail advertisement to these candidates before they sign with the shop where they had their credit pulled.
With timeliness being such a huge factor, a mortgage marketing firm should be able to handle the entire marketing campaign in-house. Outsourcing anything from the printing, mailing, data lists, or the advertisement design, will add time and money into the campaign, which may ultimately be the deciding factor between a successful direct mail marketing campaign.
Having a good sales team is also extremely important to the success of a direct mail marketing campaign using trigger leads. These candidates have already visited a competing mortgage shop. However, most people are open to getting more than one proposal before signing a deal. The average close rate for a well-trained sales team can be 20% or more of the inbound calls from a direct mail marketing campaign. Phone lists can also be paired with the direct mail campaign, to follow up after the mailing.
Trigger leads can be an effective method for mortgage brokers to gain a consistent and reliable flow of new customers. Mortgage marketing shops that do direct mail marketing in-house (everything from the mailing lists to the print and mail), can make all the difference in your campaign’s success. When researching a mortgage marketing company, make sure to look at their experience and reputation – your reputation is on the line whenever you do an advertising campaign; so make sure you partner with the right company.
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