Should Mortgage Marketers Give Up?

Vinson

Mortgage marketers who think they should just give up are missing the boat. This is a great time to get your name out to homeowners and renters who need a loan, want to refinance or cash out – or take a reverse mortgage.

The key is marketing to the right people. And today’s marketing technology makes it possible for us to hone in on your best prospects.

Mortgage marketers need to target specific consumer groups

Even though mortgage rates are rising, there are still opportunities for mortgage lenders to serve some specific consumer segments.

TransUnion, introduced a new study at the 2022 Mortgage Bankers conference in Nashville. According to the study, the top market segments for mortgage originators right now are low-to-moderate income (LMI) consumers, people who are VA loan eligible and self-employed individuals.

Key findings of the study

  • Of the 121 million LMI consumers on-file, 95% (116 million) are credit-eligible for a mortgage.
  • Of the 10 million identifiable VA-eligible consumers, 86% (8.6 million) have credit scores above 620 and are mortgage eligible.
  • Of the 6 million identifiable self-employed consumers, 67% of renters (2 million) and 93% of homeowners (4 million) have a credit score greater than 620.
  • Of the 8 million current renters who were turned down or otherwise withdrew their mortgage applications, 5 million would classify as LMI.

Market timing

Mortgage marketers – don’t give up!

When other mortgage marketers are dropping out, the smart ones are stepping up. This is a great time to be first and foremost in the mailbox, whether it be postal or digital.

Consistency counts. Reach out to the right consumers, make your message stand out and keep plugging away. Remember, Salesforce says that you need 6-10 touches to make yourself seen and heard. This needs to be one of your touches. You will generate new leads for your mortgage business.

For more info on the TU study, click HERE.

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