Equifax has launched Prescreen Direct with Property, which helps to improve the accuracy of targeted marketing campaigns for lenders, enabling them to better match and offer mortgage and home equity products to consumers who are most likely to make a purchase.
According to Equifax, more than 63% of consumer finance loans today are high risk, so accurately targeting prospective borrowers and making appropriate offers is more critical than ever. Additionally, rising interest rates have caused mortgage refinance rates to drop, and as a result, lenders are looking for more effective ways to generate new revenues in order to help overcome lost margins from the shrinking refinance market. By leveraging comprehensive property and consumer credit data, Prescreen Direct provides lenders with valuable insight that enables them to seek out and secure new business.
In a three-part video series, Rosie Biundo, Senior Director of Product Marketing for Mortgage Services at Equifax, discusses the importance of prescreening tools in today’s environment, such as:
- Remaining Competitive as Origination Volumes Decline;
- Choosing the Right Marketing/Acquisition Tool; and
- The Targeting Insight Necessary to Identify Mortgage Borrowers.
“By targeting the right people at the right time with the right offer, lenders can improve response and conversion rates and consistently fill their pipelines with healthy loans,” said Biundo. “As a fully configurable solution, Prescreen Direct provides lenders with the flexibility to tweak marketing campaigns so that they can offer consumer-specific products and capitalize on their home equity business.”
Equifax offer consumer, commercial and workforce information solutions that provide businesses of all sizes and consumers with insight and information . Equifax organizes and assimilates data on more than 600 million consumers and 81 million businesses worldwide. The company’s investments in differentiated data, its expertise in advanced analytics to explore and develop new multi-source data solutions, and its proprietary technology enable it to create and deliver customized insights.
Headquartered in Atlanta, Equifax operates or has investments in 19 countries and is a member of Standard & Poor’s (S&P) 500® Index. Its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. In 2013, Equifax was named a Bloomberg BusinessWeek Top 50 company, was #3 in Fortune’s Most Admired list in its category, and was named to InfoWeek 500 as well as the FinTech 100.
About The Author
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at email@example.com.