June 14 - Mortgage Returns, a provider of customer relationship management technology and automated marketing solutions for the mortgage industry, has announced a new service that will help lenders identify new business opportunities created by the Federal Housing Administration’s recent decision to cut up-front mortgage insurance premiums for loans closed prior to June 1, 2009.
The decision to cut up-front mortgage insurance premiums could affect up to 3.4 million homeowners, some of which are still underwater on their loans. According to the FHA, the fee cuts could save the average borrower with an interest rate of 5 percent or higher up to $4,000 a year.
“When FHA announced cuts to up-front MI premiums, Mortgage Returns offered another program to target our customers,” said Kelly Beckendorf, marketing director at NOLA lending. “The last promotion we did with Mortgage Returns targeted more than 1,700 customers, and we started receiving calls immediately. One of our originators said it’s the best return on investment she has ever seen. Their knowledgeable and friendly staff are proactive in delivering extraordinary ideas for marketing to our clients. Mortgage Returns is a partner we can rely on to deliver targeted marketing opportunities to build our business for the long term.”
“Customer loyalty in the mortgage industry continues to be a challenge,” said Jim Blatt, CEO of Mortgage Returns. “Seventy-five percent of customers that have closed loans will choose a different lender to close their next loan. And as new legislation and programs are introduced, lenders need to quickly identify opportunities within their database to target the right customers at the right time. The new FHA legislation is just one example of the type of targeted marketing opportunities that Mortgage Returns can identify and execute on our loan officer’s behalf.”
Mortgage Returns’ award-winning CRM system enables lenders to achieve three goals: (1) strengthen relationships with existing customers, prospects and referral partners (2) quickly react to market events and (3) loan officers close an additional 25-50 loans annually.
“Typically, customers do not hear from the loan originator after the closing,” added Blatt. “Here is an opportunity for lenders to send a message to homeowners that they are sticking by their commitment to provide on-going service and account management after the close.”
About Mortgage Returns
St. Louis-based Mortgage Returns provides a full-service CRM and automated marketing solution to help mortgage originators maximize profitability from clients, prospects and referral partners. Through an award-winning database management and marketing system, Mortgage Returns provides timely and relevant marketing for more than 6,000 mortgage originators nationwide. Mortgage Returns’ customized marketing solution also increases referrals and cross sell opportunities for more than 225 financial institutions. For more information about Mortgage Returns, visit www.mortgagereturns.com.