Client Need:
A mortgage-origination firm sought to maximize response and minimize fall-out of a direct marketing effort. The company required a list enhancement source to profile customers eligible to eliminate PMI with a lower interest rate loan accompanied by dramatic property value appreciation.
Solution:
The lender embarked on a test campaign using ListSource. Using specific search criteria such as geography, LTV, lender, demographics and other criteria, the client built a targeted marketing campaign to these candidates with a strong refinance offer and the added hook of their upcoming PMI removal. using this carful "ideal customer" profiling engine enabled the mortgage company to target and pre-quality this segment.
Results:
Results far exceeded the performance targets. The test mailing doubled response rates from the firm's prior campaign performance. Nearly half were converted to loan applications with more than fifty percent resulting in a closed loan. The campaign produced gross profits nearly ten times the campaign's total cost. The firm is now preparing a statewide campaign to leverage the financial performance of the test.
