Mortgage Returns has announced a new service that will help lenders identify new business opportunities created by the Federal Housing Administration’s recent decision to cut upfront mortgage insurance premiums (MIPs) for loans closed prior to June 1, 2009. The decision to cut upfront MIPs could impact nearly 3.4 million homeowners, some of which are still underwater on their loans. According to the FHA, the fee cuts could save the average borrower with an interest rate of five percent or higher up to $4,000 a year.
“Customer loyalty in the mortgage industry continues to be a challenge,” said Jim Blatt, chief executive officer of Mortgage Returns. “Seventy-five percent of customers that have closed loans will choose a different lender to close their next loan. And as new legislation and programs are introduced, lenders need to quickly identify opportunities within their database to target the right customers at the right time. The new FHA legislation is just one example of the type of targeted marketing opportunities that Mortgage Returns can identify and execute on our loan officer’s behalf.”
Mortgage Returns’ CRM system enables lenders to achieve three goals:
►Strengthen relationships with existing customers, prospects and referral partners;
►Quickly react to market events; and
►Loan officers close an additional 25-50 loans annually.
“Typically, customers do not hear from the loan originator after the closing,” said Blatt. “Here is an opportunity for lenders to send a message to homeowners that they are sticking by their commitment to provide on-going service and account management after the close.”
