First of all after you’re compliant with a SAN number you need to figure out what your target marketing will be. Constructing a proper call list is very important to your success. It is an absolute must to figure out the target audience and then mold your list around that. For example, if you target reverse mortgages you want to filter by homeowners that are over the age of 62 and have 60% or lower LTV, scrubbed against DNC of course. Another one might be to target renters that make a good income to try and convert them to buyers. Not only is it a great time to buy in most markets with the values so low, but you can also network with realtors this way.
Now you can get these lists from various different vendors as well as some online sites. There are numerous databases to pull from as well. You have the consumer database which is the most common. Most every data supplier uses this as their main database because you can pull so many different lists out of it for many different industries. For mortgage this one isn’t the best though, reason being that every mortgage filter is modeled. It is derived off of averages in that geography. The pros of this database are that you can get it a lot cheaper than some of the other mortgage databases. The cons are that it only runs 65-70% accurate after filtering. This data usually ranging from 6-12 cents per record depending on the vendor and the amount of filters you use. This is the database you should use for a small call center to a large one. Or if you doing a mass mailing to blanket an area. I use a lot of this database in my call center.
The Filterable columns normally includes:
- Loan Type (Variable & Fixed)
- Credit Score Range
- Credit Card User / Debt
- Loan Amount
- Home Value
- LTV
- Loan Origination
- Length of Residence
- Lender Type
The second data bank that is most common is the Prescreened data directly from the credit bureau. This requires an approval with each buyer as well as third party agreement not to resell the data or misuse it. The bureau’s data is filterable by credit selects obviously and runs very very accurate. About 90% is the average accuracy. This stuff runs between 28-38 cents per record depending on the vendor and filtering. If you go directly to the bureau and skip the vendors you can get the data cheaper per name but they make you commit to $10,000 per month. This database is best used by a single dialing LO of a small shop with a bigger marketing budget. The filters that are mortgage related to this data are:
-Revolving Credit Balance
-Credit Score
-Monthly Payment
-Delinquencies
-Mortgage Origination
-Bankruptcies
-Mortgage Balance
-Length of Residency
-LTV
-Phone Number
-Installment Loan Balance
The third type of list is a specialty list. This is where you go and find a niche database. One example of this would be the Adjustable Mortgage Leads or Loan Modification Leads. These are very niche and expensive but if you manually dialing sometime the investment are worth it. There are compiling agencies that gather this targeted stuff and sell it as a premium. The compilers include title agencies, certain lenders, etc..
The main thing to think about when paying for a list is to deal with a sales rep that knows their stuff. Not just some order taker that knows nothing of your industry. Make sure that they are scrubbing for DNC and also make sure you do your due diligence on picking a legit vendor. There are a ton of resellers out there and you need to be careful! Do your research on the company and its track record before diving in with your check books!
