Usherpa Blog - New Data: There is Still Opportunity in the Mortgage Market
For some time now, we’ve been employing machine learning and AI to find new opportunities hiding in our lender clients’ past customer databases. The results have been very well received.
We’ve been working on our analytical tools for some time now, but recently announced a major update in our algorithm about a year ago. Recently, we put our technology to the test.
We worked with 11 of our lending customers over the past four quarters of last year to see what impact our SmartScoreTM Alerts would have in a cooling real estate market. By sending new offers to prospective clients who scored high on our machine learning-based algorithm, participating mortgage companies saw an open rate of 48%!
When you consider that the typical open rate for a marketing email is in the single digits, this is nothing short of amazing. But the good news didn’t stop there.
Thus far, the program has found 2,352 loans originated for the 11 participating lenders, resulting in $789.5 million in new loan volume. To date, these lenders have funded $323 million worth of new loans thanks to this program.
It just goes to show that regardless of rates or market conditions, there are loans to be had in any market. They are hiding in your own past customer databases. You just need the right tools to uncover them.
To find out how you can start using Usherpa SmartScore alerts to find more business, contact us today.