Equifax launched the Equifax Ignite Lost Sales Analysis solution which leverages cloud technology to give mortgage and home equity lenders differentiated data, actionable insights and more transparency as it pertains to prospecting, origination and portfolio retention.
"Historically low mortgage rates have strengthened buyer interest, with the Mortgage Bankers Association finding that mortgage applications for newly built homes climbed 42.2% in December 2020 in comparison to the previous year," according to a press release.
"However, not every pre-approved prospect closes the loan. Many lenders regularly purchase leads and market loan products to prospective borrowers, but have a difficult time quickly determining why certain prospects did not close the loan for which they were approved."
Equifax states that the lack of understanding could lead to suboptimal Return On Investment (ROI) on marketing campaigns and a pipeline fallout ratio that can damage profitable business models.
"As the market evolves, so has our Lost Sales Analysis solution," said Craig Crabtree, senior vice president and general manager for Mortgage and Housing at Equifax. "We understand that smarter insights drive smarter actions. With the addition of our Ignite engine, we're making it even easier to visualize Key Performance Indicators (KPIs) and are empowering lenders with the insights they need to refine and build marketing and retention strategies. When it comes to building go-forward strategies, it's critical for lenders to understand why an existing or prospective borrower was lost."
The Equifax Ignite Lost Sales Analysis application builds on previous offerings by consolidating lender data with cloud-based Equifax Ignite property and behavior data. The information then flows into dynamic visuals that help lenders determine the strategies, offers and terms needed to attract borrowers most likely to meet risk management and growth objectives. Access to public record property data helps determine where a lost prospect closed a mortgage or home equity loan.
"Lost Sales Analysis can be used at a number of different points within the mortgage or home equity loan lifecycle," added Crabtree. "The data available in the solution provides the smarter insights that lenders need to deepen relationships with borrowers."
