New Report Highlights Areas Today With Best Mortgage Opportunities
WASHINGTON, DC, July 21, 2021 (SEND2PRESS NEWSWIRE) – Sales Boomerang, the mortgage industry’s top-rated automated borrower intelligence and retention system, today released its first report on mortgage market opportunities. Refinancing opportunities continue to dominate the market, according to the report, but a promising rise in new listings was also evident in the second quarter data. Mortgage agents will need to carefully manage their default and foreclosure risk over the next few months, as in the second quarter nearly two in five clients raised a risk and retention alert.
The Mortgage Market Opportunities report draws on data from the Sales Boomerang system to identify relevant market opportunities for borrowers and lenders today. To generate the report, Sales Boomerang examined data from more than 125 residential mortgage lenders who use its borrower information and retention tools to monitor millions of customer and prospect records. Sales Boomerang then calculated the overall frequency with which these contact records triggered loan and risk and retention opportunity alerts in the first and second quarters of 2021.
Main conclusions *
Across the sample, the frequency of each type of alert in Q2 2021 was as follows:
Mortgage Request Alert: 5.87% of Contacts Monitored (down 33.97% from Q1) A customer or prospect has made purchases from a competitor in the past 24 hours EPO Alert: 2 , 43% of contacts monitored (down 24.30% from Q1) A customer or prospect whose loan closed ≤ 6 months ago has made purchases from a competitor in the last 24 hours. credit improvement: 2.20% of contacts monitored (up 41.94% from Q1) A customer or prospect improved their FICO score. New listing alert: 1.37% of contacts monitored (up 163.46% from Q1) A client or prospect has put their house up for sale Stock alert: 8.55% of contacts monitored (down 0.70% from Q1) A client’s or prospect’s home equity has increased Alert rate: 13.33% of contacts followed (up 31.85% from first quarter) The interest rate on a client’s or prospect’s existing mortgage is significantly higher than the going rates.
For a subset of lenders who manage service portfolios, the frequency of risk and retention alerts was as follows:
Risk and retention alert: 36.63% of contacts monitored (down 5.69% from Q1) A client engages in one or more of 15 credit activities that can put their managed loan at risk .
Although new ad alerts occurred in less than 2% of the sample data set, this type of alert also experienced the strongest quarter-over-quarter growth (163%). With the increase in real estate listings, we may be seeing the first signs of the long-awaited awakening of the buying market. Refi opportunities continue to bear fruit; Thanks to continued low interest rates, more than 13% of all contacts in the data sample triggered a rate alert in the second quarter, a 32% improvement from the previous quarter. But with mortgage application alerts dropping nearly 34% quarter over quarter, lenders may need to proactively contact potential refi clients who are not buying rates with the same. enthusiasm as they were at the start of the year. stable quarter over quarter, triggering for about 1 in 12 (9%) contacts in the sample dataset. Risk and retention was the most frequently triggered alert in the sample dataset (37%). This finding may be in part due to the sensitive nature of the Risk and Retention alert, which is triggered by one of the 15 consumer behaviors that put a borrower at risk of missing a mortgage payment. The high frequency of this alert also underlines the country’s uneven economic recovery following the coronavirus pandemic, as more than 9.5 million people remain unemployed and around 2.5 million homeowners are on an abstention plan.
“Industry experts have put forward the idea that the refinancing market has dried up since the start of 2021, but our data shows that there is still room for many borrowers to improve their rates,” said Alex Kutsishin, CEO by Sales Boomerang. “Meanwhile, the home inventory shortage that has hampered the potential of the buying market may finally be turning a corner as our clients recorded significant gains in new listings in the second quarter. “
* Main results and analyzes provided for informational purposes only. The data represented in the Mortgage Market Opportunities report is historical. Past performance is not a reliable indicator of future results. Sales Boomerang accepts no responsibility for readers’ use of the main findings or analyzes included in this report.
About Boomerang Sales:
Sales Boomerang transformed the relationship between mortgage lenders and borrowers with the introduction of the first automated borrower intelligence system in 2017. Company smart alerts notify lenders as soon as a former client or prospect is ready and qualified for a loan. As the mortgage industry’s # 1 borrower retention tool, Sales Boomerang is trusted by more than 125 lenders, including brokers, independent mortgage companies, credit unions and banks, to help build lasting borrower relationships that maximize lifelong customer value. To date, Sales Boomerang Alerts have enabled lenders to close over $ 30 billion in additional loan volume that would otherwise have gone overlooked and achieve customer retention rates that surpass industry standards in one. average of 3 to 5 times. To learn more about Sales Boomerang and its No Borrower Left Behind ™ philosophy, visit https://www.salesboomerang.com.
NEWS SOURCE: Sales Boomerang
This press release has been published on behalf of the information source (Sales Boomerang) who is solely responsible for its accuracy, by Send2Press® Newswire. Information is believed to be accurate but is not guaranteed. Story ID: 73673 APDF-R8.2
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