Breaking Down Q3 2022’s Mortgage Market Opportunities Report

Sales Boomerang and Mortgage Coach announced the release of the Sales Boomerang’s latest Mortgage Market Opportunities Report. Despite significant year-over-year declines in mortgage volume, the Q3 2022 report showed an increase in Credit Improvement Alerts—signaling the opportunity for lenders to offer timely advice and tailored financial solutions to prospects with newly improved credit scores.

Key Findings:
Sales Boomerang’s loan-opportunity alerts identify the contacts inside a lender’s database who are actively shopping for a mortgage loan or who may be able to benefit from a new mortgage loan. Across the sample group, the frequency of each alert type in Q3 2022 was as follows:

• Mortgage Inquiry Alert: 2.84% of monitored contacts (down 12.21% from Q2)
  A customer or prospect has shopped with a competitor in the last 24 hours.
• EPO Alert: 2.05% of monitored contacts (down 11.38% from Q2)
  A customer or prospect whose loan closed ≤ 6 months ago has shopped with a competitor in the last 24 hours.
• Credit Improvement Alert: 5.47% of monitored contacts (up 33.41% from Q2)
  A customer or prospect has improved their FICO score.
• New Listing Alert: 1.12% of monitored contacts (down 22.04% from Q2)
  A customer or prospect has listed their home for sale.
• Equity Alert: 4.68% of monitored contacts (down 40.98% from Q2)
  A customer or prospect’s home equity has increased.
• Rate Alert: 0.49% of monitored contacts (down 80.94% from Q2)
  The interest rate of a customer or prospects existing mortgage is significantly higher than current prevailing rates.

To read the full report, including more data and methodology, click here.