Mortgage Company Adds An Additional $5 Million A Month In Loan Business

Client Profile: Eight-year-old Mortgage Company doing $82 Million per year in loan business wanted to increase purchase (new loan) business by 20%.

Opportunity: Our research showed that most homeowners were unhappy with the level of communication their loan officer was providing them as they were going through the loan process. This gave us an opportunity to attract existing business from other mortgage companies.

Target Market: We targeted homeowners whose homes were in areas where the average time to sell their homes was 50% longer than the average time to sell for the overall market. Our rationale was that the loan officers were most likely ignoring these customers between the time they originated their loan and time they sold their home (when the homeowner could begin the serious phase of their new home search).

Strategy: From data obtained from the Multiple Listing Service we identified homeowners in our target market that had recently listed their homes with a Realtor. A series of letters were sent out while their home was actively being marketed, soliciting their mortgage business.

Result: We achieved a 28.4% response to our sales letter series. This highly targeted approach added over $5 Million per month in additional purchase business to the mortgage company’s bottom line.