Credit Plus Now Offers Lost Sales Analysis

Posted by Patrick Barnard on January 17, 2017 No Comments
Categories : Residential Mortgage

Credit Plus, which offers market data used by mortgage professionals, is now offering a Lost Sales Analysis service powered by Equifax.

This new product will help mortgage lenders gain a better understanding of the applicants they’ve lost, who they lost them to and why, Credit Plus says in a release. It provides loan-level competitive intelligence that can help them maximize their marketing returns on investment, while also improving closing rates and customer retention.

With the detailed data contained in the Lost Sales Analysis, lenders can determine if their applicants closed their loans with a competitor, monitor portfolio run-off trends and assess pipeline fallout.

Information contained in the Lost Sales Analysis includes the name of the lender associated with the lost sale and certain characteristics associated with the consumer’s new loan, such as the origination date and amount, loan type, estimated balance, purchase price, and sale amount.

“Our Lost Sales Analysis helps marketing and sales teams determine where leads went and why,” says Greg Holmes, national director of sales and marketing at Credit Plus. “And, those with roles in origination and production will be able to clearly see what happened in the pipeline to cause the lost sale. 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.”

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