Equifax has debuted its Ignite Lost Sales Analysis solution for mortgage and home equity lenders: a tool that leverages the Equifax cloud to provide data and insights to lenders for improving prospecting, origination and portfolio retention.
Lenders regularly purchase leads and market loan products to prospective borrowers, but historically have a difficult time quickly determining why certain prospects did not close the loan for which they were approved. This lack of understanding could lead to suboptimal ROI on marketing campaigns and a pipeline fallout ratio that can damage profitable business models, Equifax says.
“We’re making it even easier to visualize key performance indicators and are empowering lenders with the insights they need to refine and build marketing and retention strategies,” says Equifax’s Craig Crabtree. “When it comes to building go-forward strategies, it’s critical for lenders to understand why an existing or prospective borrower was lost, and we’re giving them the tools they need to achieve higher response, close and retention rates.”
The Equifax Ignite Lost Sales Analysis application consolidates 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.
The actionable intelligence helps lenders mitigate portfolio run-off, reduce pipeline attrition, optimize new business prospecting and determine who’s winning lost business and why, the company says.
“Lost Sales Analysis can be used at a number of different points within the mortgage or home equity loan lifecycle,” Crabtree adds. “The data available in the solution provides the smarter insights that lenders need to deepen relationships with borrowers.”
