LendingTree launches new customer retention product to help lenders keep current borrowers within loan portfolios
LendingTree, an online lending exchange, has introduced a new offering to help banks and mortgage companies retain customers who are seeking refinancing options with other lenders. LendingTree’s Customer Retention product uses proprietary filtering technology to identify customers by loan amount, loan-to-value ratio, loan purpose and FICO scores, and enables banks and lenders to leverage the marketing capability and brand presence of LendingTree.com to keep valuable customers within their loan portfolios. LendingTree’s Customer Retention product offers a proven, easy-to-implement method for lenders to easily service and retain customers who are in-market, ready to transact and actively looking for new financing options. As consumers look to take advantage of lower mortgage rates by refinancing, many have turned to LendingTree to identify and compare offerings from competing lenders. The Customer Retention offering provides banks and lenders with the opportunity to get back in front of existing customers to provide competitive loan offers, and reinforce the borrower benefit of securing a simple, streamlined refinance mortgage with their current lender. “With refinancing activity from borrowers representing a significant portion of overall origination volume, our lender network has expressed a desire to capture and retain current mortgage customers,” said Bob Harris, president of the LendingTree Exchange. “In this economy, that’s business those banks can’t afford to lose. As part of the LendingTree network, banks and lenders that use our new Customer Retention initiative will be able to significantly impact the ratio of overall mortgage portfolio retained, just as effectively as they can attract new borrowers.” Over the last several months, LendingTree has released a number of new lender products and tools for their Lender Exchange partners. LendingTree lenders can now receive information on prospective borrowers seeking reverse mortgages as well as compete for those specifically looking for FHA loan products. LendingTree also recently launched a simplified, cutting-edge filtering technology that provides lenders a more streamlined approach to customer targeting – enabling them to service and close more prospects, both profitably and efficiently. For more information, visit www.lendingtree.com/get-internet-mortgage-leads.