Five Ways to Improve Your Customer Monitoring Program



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The financial services and mortgage industry can be caught between using old tactics, new tech, old tech, and uneducated approaches.   Portfolio retention is a strategy that is starting to finish a true life-cycle that bridges new customer acquisition, product alignment, customer engagement/satisfaction, and win-back tactics while within the mortgage finance/consumer lending vertical.

Customer monitoring solutions range fro excel spreadsheets to dynamic campaigns with data that is updated regularly from primary and third-party sources.  As for media, we see direct mail, email, retargeting, IP retargeting, display, and more.  

Where to start and what is available to help enhance your existing program?  Don’t hesitate to contact us and learn about different strategies and what could be right for you. 

Let’s dive in on a few strategies that can help improve your current program.

1. Use Tri-Bureau Data

Please, use it. Single bureau will capture between 45-60% of all data transactions.  We saw an increase in matches/pick-ups in monitoring data that were close to double when using tri-bureau data.   Credit data is limited to the agency that records it.   If you think because you use Experian or Equifax that you will capture all inquiries, you are incorrect.    

More bureaus will catch more inquiries. A common question is “Will it cost more?”, sometimes it does not.  For one client we found that our client saved money moving from one contract with one bureau to a tri-bureau.  

2. Utilize Custom Offers Across All Media including Digital

Monitoring programs often send mail with a documented home loan scenario (according to FCRA, the Federal Credit Reporting Act) lenders are required to provide a credit offer to records where credit is pulled.  Credit Monitoring falls under this act and a monitored record that “triggers” is required to receive a credit offer. 

Mail is a good way of documenting this offer to the consumer. Otherwise, it needs to be provided over the phone which can be tricky.  Regardless, we have run campaigns using the full complement of media including mail to triggered consumers.  

Home loan, refinance and cash-out scenario offers can be provided and outlined well in a direct mail. 

However, email has moved to the point of personalization and data integration where a consumer can receive a FCRA ready offer in their ‘inbox’.  And even, one-click away, the landing page can provide the details of the loan and the ability to respond with one-click. 

Mail, email, and landing pages are really a baseline now.  How about display advertising with the cashout offer?  or even custom offers to your customers as they log in to your website, servicing portal?   It’s all possible. 

3. Bring together Other Data Sources

Today, the data sources are not limited to credit.  We can infer readiness to submit for a refinance or a pay-off, by watching online activity. 

Vendors today can cover everything from homes that are listed on the MLS, readiness to sell – to consumers who visit,, and more. Online behavior, coupled with credit data and third party property data can provide insight into the “What’s Next” question for the customer.  Almost predicting their next step. 

4. Use AVMs for Appraisal Data

AVM (Automatic Valuation Model) is a model used by lenders, sometimes, to determine the value of a home using area comparables, community information and title information about the property.

Calculating the value of the property can be done using information from primary open sources, but it can be incomplete.  One state could provide monthly home price appreciate data, another could provide it quarterly and on a county-wide basis.  It’s not an exact science using these state and government figures.  You will be close in some areas and way off your estimates in others.  

We recommend updating your property values for your customers via AVM every 3 months, every six at least. And using a common incremental HPPA percentage.  Home Price Appreciation Reports like these from Corelogic can be helpful in maintaining visibility to changes.

5. Build a Black Box, Use Artificial Intelligence / Machine Learning

It is not as hard as you think to build a model to identify the consumers who are most likely to refinance or sell their homes each month.    In addition, when you identify them – you match them to the programs your mortgage or lending institution offers and that’s a STRONG, TARGETED OFFER. 

Your model will start looking for cash-out consumers, or refinance consumers (FHA /VA IRRRL or potentially FNMA / FHMLA) – and identify POTENTIAL triggering consumer, prior to their actual trigger. 

Why is knowing before they trigger important?

Once that consumer applies for a home loan and credit is pulled, every lender monitoring for that consumer will know.   If you can know, prior to that trigger and call, email, market to them – you have a better chance of controlling the transaction. 

Often the first lender to talk to the consumer gets the loan.  This is incredibly important for servicers who want to lower their servicing book run-off. 

Waiting Just Makes This More Painful

Waiting can cost your customers, revenue from loans, revenue from servicing, and more.  Bring your data together, determine what is important, and implement.  

A refinance / pay-off model is not for every lender, using tri-bureau data may be the only enhancement you require. Others may want to more aggressively apply valuation models to optimize cash-out qualifications. 

At elevenX Marketing we have sent over 100 million direct mail pieces, billions of impressions to drive new loan inquiries refinances, and drive customer retention.  Talk to us, it’s free and we love to help our customers solve new challenges. 


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