Equifax Inc. announced the availability of Prescreen Direct with Property, which helps to improve the accuracy of targeted marketing campaigns for lenders, enabling them to better match and offer mortgage and home equity products to consumers who are most likely to make a purchase.
According to Equifax, more than 63 percent of consumer finance loans today are high risk, so accurately targeting prospective borrowers and making appropriate offers is more critical than ever. Additionally, rising interest rates have caused mortgage refinance rates to drop, and as a result, lenders are looking for more effective ways to generate new revenues in order to help overcome lost margins from the shrinking refinance market. By leveraging comprehensive property and consumer credit data, Prescreen Direct provides lenders with valuable insight that enables them to seek out and secure new business.
In a three-part video series, Rosie Biundo, senior director of product marketing for Mortgage Services at Equifax, discusses the importance of prescreening tools in today's environment, such as:
►Remaining Competitive as Origination Volumes Decline;
►Choosing the Right Marketing/Acquisition Tool; and
►The Targeting Insight Necessary to Identify Mortgage Borrowers.
"By targeting the right people at the right time with the right offer, lenders can improve response and conversion rates and consistently fill their pipelines with healthy loans," said Biundo. "As a fully configurable solution, Prescreen Direct provides lenders with the flexibility to tweak marketing campaigns so that they can offer consumer-specific products and capitalize on their home equity business."