Credit Plus, Inc., a provider of intelligent insight for mortgage professionals, announced the introduction of its Lost Sales Analysis by Equifax, a new product that assists lenders better understand the applicants they’ve lost, where they’ve moved to, and why they decided to discontinue services.
According to the press release, Lost Sales Analysis provides loan-level competitive intelligence that can help mortgage professionals maximize their marketing ROI while allowing them to focus on customer retention and strengthening closing rates.
The product will allow lenders to determine if their applicants closed their loans with a competitor, monitor portfolio run-off trends, and assess pipeline fallout. Lost Sales Analysis also details the name of the lender associated with the lost sale, characteristics associated with the consumer’s new loan (origination date and amount, loan type, estimated balance, purchase price, sale amount), and Purchase/Refinance flag.
Greg Holmes, National Director of Sales and Marketing at Credit Plus, detailed the benefits that the tool will have for professionals in origination. “Our Lost Sales Analysis helps marketing and sales teams determine where leads went and why. And, those with roles in origination and production will be able to clearly see what happened in the pipeline to cause the lost sale,” he said. “At the same time, those responsible for portfolio retention will be able to learn why existing customers left. In the end, loan operations will gain the intelligence they need to find out where their lost sales went so they can try to retain them going forward.”