How to get to homebuyers first in today’s ultra-competitive market
With rising rates and low housing inventory, lenders are competing for every borrower they can get. In light of that, HW Media Editor-in-Chief Sarah Wheeler had the opportunity to catch up with Ty Tucker, CoreLogic executive, Loan Solutions Group, at MBA Annual to talk more about the importance of lead prospecting in today’s housing market environment.
“There are less people out there looking to buy because they’ve either been priced out or valuation is too high, rates are too high and inventory is too low,” Tucker explained. “It’s a hard environment to buy a home. Because of that, we’re seeing lenders lay people off and we’re seeing a shift from 18 months ago.”
In these market conditions, lenders have been on the hunt for ways to improve their bottom line. For some, that looks like automating manual processes. For others, it looks like going back to basics on providing the best customer experience. Tucker highlighted a solution from CoreLogic that helps lenders do both. Recently released, CoreLogic’s Prospecting Solution connects lenders with hyper-targeted consumers when they exhibit “purchase intent.” This gives the lender the opportunity to connect with the consumer before anyone else has this data
“Yeah, prospecting solutions is basically a marketer’s dream, right?” Tucker said. “It is the ability to identify when people are in borrowing patterns well before any sort of traditional method.”
According to Tucker, the solution allows lenders to identify prospects roughly 31% faster than they would when using traditional methods. This speed to potential homebuyer leads is vital in today’s market, and could help lenders improve their profit margins.
“Unfortunately, we’re seeing the same old story of people laying off instead of just focusing on technology and leaning in to be able to say, ‘Let’s fill the pipeline, let’s go help get people on houses, and let’s find them together,’” Tucker said. “Prospecting Solutions allows you to find them quicker and then ultimately get the right message to the right people at the right time.”
For more information on CoreLogics’ Prospecting Solution, click here.