Mortgage Returns has announced the launch of a new marketing program with a money-back guarantee. Mortgage Returns’ first guaranteed marketing program focused on the challenge of customer retention. As mortgage rates reached record lows, Mortgage Returns assessed its customer’s databases and found that nearly 60 percent of homeowners needed a professional loan review.
“There is no doubt that this will be a profitable program for us,” said Steve Grossman, managing partner of NJ Lenders. “We started the program two weeks ago, and have already put 25 new loans into the pipeline, a 300 percent return on investment, which is amazing. We are impressed with this program.”
Early results have been tremendous. In the first few weeks of the promotion, Mortgage Returns has seen e-mail marketing open rates of 30.8 percent, more than double the national average of 12.5 percent. And within the first 10 days, more than four percent of homeowners have completed a mortgage analysis with their mortgage professional.
“This is exactly our goal,” said Jim Blatt, chief executive officer of Mortgage Returns. “If homeowners continue to trust their originators to manage their loans, they will be rewarded with future purchases, referrals, and refinances. Our job is to make sure the loan review is performed by the mortgage company that closed the loan. We know this results in long-term customer retention, with an immediate short-term payback in refinances. Rates are at a place where most homeowners would benefit from having an in-depth analysis of their loan. Our goal is to make sure that homeowners went back to their originator, not to the mega lenders who are continually advertising broadly on radio and television.”
Mortgage Returns utilizes its database management engine to target the right customers and deliver a compelling message on behalf of loan originators. If originators do not close enough new loans to cover the cost of the marketing program, Mortgage Returns will refund the difference.
“We know that it is important to see marketing as a real partnership in driving results and not just a service of delivering email or direct mail,” said Blatt. “More than one-third of our customers participated in this targeted marketing program, and we look forward to showing them the results it will deliver.”