One of the most vexing and costly challenge mortgage brokers and lenders have experiences over the past few quarters has been the deluge of unqualified applicants and leads. A Wall Streat Journal Article discusses this growing problem of clogged mortgage pipelines. Lower interest rates, coupled with the revamped HARP 2.0 Program, has led to a precipitous spike in demand for refinancing. Unfortunately, many of these applications end up being disapproved because the homeowner's payment history, credit score, or LTV does not pass requirements. Nothing is more costly than to market to borrowers that cannot survive the underwriting process. More than ever, mortgage brokers and lenders have to work smarter by putting the right product in front of the right consumer, at the right time.
In order to handle the influx of new loan applications, you can hire more people - a costly endeavor - or you can work smarter by pre-qualifying homeowners based on the exact criteria you are looking for. Using pre-screened "soft" credit data, you can isolate borrowers that meet your precise guidelines for refinance. Take for instance, the HARP 2.0 program. Our HARP 2.0 Leads can capture:
- Fannie and Freddie Loans
- Loans originated prior to June 1, 2009
- Homeowners with an unblemished mortgage payment history
- Homeowners with a minimum credit score of 640
- Mortgages within conforming limits
By using pre-screened credit data, you can save enormous time and money that would be squandered in the course of lengthy phone calls with unqualified applicants.
Datamark provides one of the most comprehensive and reliable mortgage databases in the industry. You get unprecedented access to all three leading credit bureaus within a single, robust platform that houses data on 180 million unique consumers nationwide and processes 700,000 credit inquries daily. Our focus is on pre-qualification so that financial marketers can reach the most eligible prospects, resulting in more funded deals, lower costs and a higher return on investment.