Get in the MYX: Data Strategies for Direct Marketers

Find More Veterans Eligible for VA Mortgages With New List Source

Tweet

 

There is an old saying, "Do well by doing good."  Helping a veteran refinance into a lower cost mortgage or obtain a first-time mortgage truly benefits individuals who have served our country.  Plus mortgage marketers can now more efficiently and profitably reach this desirable segment using new lists and lead sources from Tranzact Information Services (TIS).

Months of Testing Preceded the December Rollout

Long known for providing data solutions for mortgage marketing, TIS recently added information on more than 9 million veterans to our database.  This new data greatly expands the universe of prospects for VA mortgages.  Before adding the information numerous tests were conducted with large mortgage marketers and mailers to test the accuracy of the data and results were favorable.  To keep the offering fresh, the database will be updated every other month.  The veteran data is multi-sourced but comes primarily from surveys.

List and Lead Options that Fit Your Processes

TIS maintains one of the largest consumer and mortgage databases that also has information from all three credit bureaus.  Clients create marketing lists in one pass using credit, mortgage and demographic criteria, such as the presence of a veteran in the household.  More and more marketers are also using the data to score inbound leads from websites or call centers in real time, to appropriately route the lead and offer the most logical mortgage product.  

The biggest question for most marketers is which type of credit data should be used along with the veteran data to best fit your organization's marketing goals, budget and compliance process.

1. Prescreen lists - These lists are based on actual credit information from one or more of the major credit bureaus.  These highly accurate lists require a firm offer of credit, often called a pre-approval.  Another benefit of these lists is that the current mortgage balance and payment can be used to identify the best prospect for a refinance to a lower rate.
2. Prescreen daily triggers (leads) - Every business day the credit bureaus provide a list of consumers that have applied for a mortgage. These consumers have started the mortgage application process, which shows commitment.  Triggers are available for the current customers of banks, credit union and mortgage companies or non-customers. Mortgage triggers can include an indication on the data output that the prospect is a veteran, so the loan officer working the lead knows a VA mortgage is an option.
3. Estimated credit lists - TIS' proprietary proxy credit score, called Risk Insight, can be used to estimate the credit score of an individual or household.  This score can be combined with veterans and mortgage information to create a highly targeted list, without the requirement of a firm offer of credit.  The creative for mailers or phone scripts does not have to be approved in the credit bureau compliance process, which allows for fast creative changes and speed to market.
4. Lead scoring - TIS can append information to an incoming lead, including presence of a veteran in the household.  For financial organizations that rely heavily on purchased leads from a variety of sources, the quality improvement and insight from scoring makes lead follow up more efficient.