The lending industry is notorious for its poor customer retention – in fact, only 1 in 5 borrowers return to their original lender for a subsequent loan.
Without the right tools to beat these odds, lenders have had little choice but to pour dollars and resources into new customer acquisition instead. Sales Boomerang solves this problem by helping banks, credit unions and independent mortgage lenders build lasting, profitable relationships with their borrowers.
“Our clients retain as high as 65% or more of their past customers. The result is that for every $1 our clients pay us, we return $20 of profit to them,” says Kutsishin.
Last year, lenders originated over $3.7 trillion in mortgage loans, making 2020 the industry’s biggest year since 2003. With fewer refinances in the forecast for 2021, competition is certain to be fierce. Lenders need to figure out now how they will retain borrowers in this increasingly competitive market.
Sales Boomerang is the industry’s first automated borrower intelligence system. The system is designed to make lenders invaluable to their customers by leveraging existing database information to present timely, actionable opportunities.
Gone are the days of calling up a past client in the vague hope they might be ready for a new loan. Instead, the Sales Boomerang system notifies mortgage lenders the moment someone in their database is actually ready for a loan — whether it’s a home equity loan, a refi or a new purchase.
For instance, Sales Boomerang intelligently assesses current interest rates alongside factors like a consumer’s personal debt load, home value, home equity and FICO score to accurately determine when a contact becomes a viable candidate for a cash-out refi or home equity loan. Similarly, Sales Boomerang alerts lenders the instant a past client starts shopping for a new mortgage. The system can even tell if a previously unqualified customer improved their credit and now qualifies.
“Our solution is to create a monumental barrier between lenders and their competitors – making it hard for their customers to leave them,” explained Kutsishin.
In all, Sales Boomerang offers a suite of borrower intelligence products to help lenders connect borrowers to the right loan at the right time. And to make responding to opportunities easy, Sales Boomerang integrates with the industry’s leading CRMs, enabling automatic deployment of context-specific marketing campaigns.
To succeed in 2021, lenders will need to protect market share. Users of Sales Boomerang spend an average of $240 per loan — much less than the average $1,500-$3,000 cost to acquire a new customer — while gaining an average of 20 to 40% lift in volume.
The numbers speak for themselves: by connecting lenders with customers at the right time – when they’re ready for a loan – Sales Boomerang has helped lenders capture billions of dollars in loan volume that would otherwise have walked out the door.
“There is no other borrower intelligence solution like Sales Boomerang in the market. There is a reason our average ROI is over 20X, and that is because of the value received by our clients,” said Kutsishin.
Alex Kutsishin, CEO and Co-Founder
A serial entrepreneur, Alex Kutsishin is a HousingWire Tech Trendsetter whose first-of-its-kind borrower intelligence software has helped lenders turn overlooked opportunities into billions of dollars in additional loan revenue.
Mark Cunningham, CCO and Co-Founder
Mark Cunningham is an entrepreneurial business strategy executive with 20 years of experience growing companies and innovating tech products in the mortgage industry.
Arend de Jong, CFO
Arend de Jong is a strategy and financial expert with 20 years’ experience growing startups, launching new business lines and fast-tracking organizational growth.