With historically low interest rates, the housing market is a real bright spot in the economy that experts say is just getting started. However, lenders are overwhelmed with the influx of requests from consumers and simply cannot meet the demand. On one hand, why worry about capturing all the lead overflow when there’s enough to go around? But this view is short-sighted and lenders know this. If this year has taught us anything – it’s that everything can change in the blink of an eye. More importantly, there will be real winners that emerge in the mortgage industry based primarily on how they handle the refinancing boom and the opportunities presented right now. Those that do it right will see a payoff that could literally transform their business, taking them from a multimillion-dollar business to a billion-dollar business. Alternatively, those that simply ride the wave and don’t strategically go after the right leads, may see quick cash now, but will be regretting the opportunity left on the table in the future.
We wanted to better understand how well lenders were able to follow up with leads in today’s market. To satisfy our curiosity and collect some data, we researched 12 well known multibillion-dollar mortgage companies to get a benchmark of how well they were following up with consumer requests. What we found was alarming.
► More than 33 percent of incoming leads were simply not followed up with at all.
► The longest it took a lender to follow up with a lead was 5 days.
►Mortgage lenders are losing an estimated $2 million in revenue each month by not following up with the right leads.
Here at LQ Digital, we work with many mortgage lenders and have been in this space for 10+ years. What we know and have witnessed is that most lenders are strapped when it comes to handling the surge of consumer requests coming through during this unprecedented time. As a result, lenders are in danger of missing out on millions of dollars in opportunities. To follow up on our research whitepaper, we sat down with VP & General Manager, Doug Johnson to understand the problem lenders are facing and some of the solutions available.
►First thing’s first – protect your LO’s first. Anything for inbound have it go to internal teams first.
►Once you’re tapped out on internal teams – outsource to a 3rd party call center (like LQ Digital).
►For any outbound work – such as portfolio protection – run through a 3rd party.
►Warm transfer pre-screened leads to LO’s with data flowing through integration.
Watch the webinar to learn more about the solutions available to help lenders solve this problem.
If you need help capturing all of the leads coming to your business or have questions on how to get started, we've got you covered. Email us at ehoffman@lqdigital.com.
