has announced its Mortgage Lead Generation Models, a new solution that uses connected and differentiated data to help predict the likelihood that a lead will apply for a mortgage within the next two to six months. The solution uses credit; wealth/asset; property and demographic data; and includes four different models which are segmented based on the consumer profile: New Purchase, First-Time Homebuyer, Refinance and Home Equity (HELOC, Home Equity Loan).
"It's critical for mortgage lenders to get off the sidelines and become more proactive in identifying prospects and building meaningful relationships with them," said Tyler Sawyer, Vice President of Rental and Real Estate for Equifax. "This solution makes the data actionable to help lenders find the right customer at the right time, which is important in a highly competitive market where 55 percent of buyers are starting their process online."
The Mortgage Lead Generation Models allow lenders to determine their own scenarios and desired number of leads for retention or acquisition. Equifax's models create a score that appends to a name and address provided by the lender or even identify new leads for those likely to transact in specific geographic areas. The score is based on the lender's requirements and ranges from 1 to 999; the higher the score, the more likely the consumer is to apply for a mortgage loan. Armed with this information, lenders can better execute their marketing campaigns.
"Now is the time when lenders' marketing dollars have to make 'cents,’ literally," said Sawyer. "Offering greater consumer segmentation can drive stronger targeted marketing."