Independent Banker - November 2023 - 32

PORTFOLIO
FOCUS LENDING
How to use customer data
to boost mortgage lending
Can community banks reengage existing mortgage customers through data, or find new ones?
We spoke to experts on where to find data that could increase sales-and what to do with it.
By Tom Groenfeldt and Rachel Hatcher
ith higher interest rates, the
mortgage refinance business
has all but disappeared, making the
shrinking number of new mortgages
all the more valuable for community
banks. To find new business, many
banks are looking to their data.
Mortgage lenders have two sources
of publicly available data for pursuing
loan prospects: Mortgage Credit
Inquiry Alert and Listing Insights.
W
Mortgage Credit Inquiry Alert can
supply alerts when a lender pulls
credit for a mortgage on someone
in an organization's database, while
Listing Insights provides information
on borrowers' homes put on the
Multiple Listing Service (MLS).
However, multiple mortgage
providers can access these alerts and
bombard the prospects with sales calls
and emails. So, by the time the data is
released, it may be too late to capture
a customer.
While they're legal, these " trigger
leads " -as they are called-many
times result in customer complaints,
as those loan applicants believe
the community bank has sold
their information. Trigger leads
have become more frequent as the
mortgage market has slowed down.
This issue has become so prevalent
32 // ICBA Independent Banker // November 2023
Illustration by Isthereadelight/Adobe

Independent Banker - November 2023

Table of Contents for the Digital Edition of Independent Banker - November 2023

Contents
Independent Banker - November 2023 - Intro
Independent Banker - November 2023 - Cover1
Independent Banker - November 2023 - Cover2
Independent Banker - November 2023 - Contents
Independent Banker - November 2023 - 2
Independent Banker - November 2023 - 3
Independent Banker - November 2023 - 4
Independent Banker - November 2023 - 5
Independent Banker - November 2023 - 6
Independent Banker - November 2023 - 7
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Independent Banker - November 2023 - Cover3
Independent Banker - November 2023 - Cover4
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