Equifax has launched a lead generation tool for mortgage lenders that it says will help users predict the likelihood that a lead will turn into a sale within the next two to six months.
The product, called the Mortgage Lead Generation Models, uses data on a prospect’s credit, wealth and assets, property and demographics, applying the info to different models based on the individual's profile as either a likely first-time homebuyer, a new purchase buyer, a refinancer or a HELOC candidate.
The models create a score from 1 to 999 for each name and address the lender provides based on the lender’s specific requirements. The higher the score, the more likely the consumer is to apply for a mortgage.
The company said the tool will allow lenders to better target their marketing campaigns.
“It's critical for mortgage lenders to get off the sidelines and become more proactive in identifying prospects and building meaningful relationships with them,” said Tyler Sawyer, vice president of rental and real estate at Equifax. “This solution makes the data actionable to help lenders find the right customer at the right time, which is important in a highly competitive market where 55% of buyers are starting their process online.”
The company said the models can help lenders identify and nurture prospects early in the buying process, and that the consumers’ credit, wealth and asset data is “aggregated and anonymized.”
“Now is the time when lenders' marketing dollars have to make ‘cents,’ literally,” Sawyer added. “Offering greater consumer segmentation can drive stronger targeted marketing.”