![]() Risk and Retention Alerts trended down for the first time since Q2 of last year as the pace of month-over-month credit card debt growth eased slightly in February. ![]() Risk & Retention Alert: 36.84% of monitored contacts (down 15.23% from Q4) A customer is engaging in one or more of 15 credit activities that may put their serviced loan at risk.Īlerts went up across the board, indicating increased quarter-over-quarter loan opportunities with consumers who are actively engaged in the mortgage market as well as with consumers who may not yet realize they've recently become eligible for a mortgage based on available interest rates or improvements to their equity or credit positions.FHA MI Removal Alert: 2.49% of monitored contacts (up 20.29% from Q4) An FHA borrower has exceeded 20% equity and can remove mortgage insurance (MI).įor a subset of lenders that maintain servicing portfolios, the frequency of risk-and-retention alerts was as follows:.Rate-and-Term Alert: 0.11% of monitored contacts (up 120.00% from Q4) A borrower is credit qualified and can benefit from the current interest rates for a refinance.Cash-Out Alert: 2.77% of monitored contacts (up 33.82% from Q4) A borrower is credit qualified and has built sufficient equity to tap into the cash in their home.The frequency of each alert during Q1 2023 was as follows: Sales Boomerang's prescriptive-scenario alerts analyze not only whether a consumer could benefit from a given loan type, but also whether the consumer is credit-qualified to apply for financing. Rate Alert: 0.10% of monitored contacts (up 92.00% from Q4) The interest rate of a customer or prospect's existing mortgage is significantly higher than current prevailing rates.Equity Alert: 5.62% of monitored contacts (up 86.71% from Q4) A customer or prospect's home equity has increased.New Listing Alert: 0.61% of monitored contacts (up 17.31% from Q4) A customer or prospect has listed their home for sale.Credit Improvement Alert: 4.73% of monitored contacts (up 18.25% from Q4) A customer or prospect has improved their FICO score.EPO Alert: 1.07% of monitored contacts (up 32.01% from Q4) A customer or prospect whose loan closed less-than or equal to 6 months ago has shopped with a competitor in the last 24 hours.Mortgage Inquiry Alert: 2.10% of monitored contacts (up 32.91% from Q4) A customer or prospect has shopped with a competitor in the last 24 hours.Across the sample group, the frequency of each alert type in Q1 2023 was as follows: Sales Boomerang's loan-opportunity alerts identify the contacts inside a lender's database who are actively shopping for a mortgage loan or who may be able to benefit from a new mortgage loan. Sales Boomerang then calculated and compared the aggregate frequency with which those contact records triggered loan-opportunity, prescriptive-scenario and risk-and-retention alerts during the fourth quarter of 2022 and the first quarter of 2023. To generate the report, Sales Boomerang reviewed data from more than 150 residential mortgage lenders, a subset of its clients, that use its borrower intelligence and retention tools to monitor millions of customer and prospect records. The Mortgage Market Opportunities Report draws on Sales Boomerang system data to identify market opportunities of relevance to today's borrowers and lenders.
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