With interest rates still way above 7%, business is hard to come by. That’s where technology can help. Since 2007, MonitorBase (www.monitorbase.com) has been a leader in borrower retention technology. The company uses predictive analytics, credit monitoring and proprietary technology to provide loan clients with the highest quality alerts to identify ready-to-buy borrowers. Believing that every contact matters, the company is committed to helping clients find new loan opportunities in their existing contact databases so that they are best positioned to thrive.
“There’s a couple of ways that people are underserved in this market,” explained Louis Zitting, founder and CEO at MonitorBase. “One might be that they’re in a more rural area in your state and they just don’t have access. They may be underserved because maybe they talked to their local credit union or bank and they were told that they need a big downpayment and they were not given information on FHA loans and downpayment assistance. Our technology can help with these issues.”
Zitting began his career as a web developer building websites for mortgage companies before becoming a loan originator and a branch manager for a large nationwide lender, where he led his team to become a top-10 producing branch. After mining data for leads from public sources and finding it outdated and stale, he developed algorithms that extracted more accurate data with far less effort and cost. He then learned how to pre-screen these databases to identify which consumers were in the market to buy or refinance their home. This discovery led to the founding of MonitorBase, where his passion for data-driven processes and predictive analytics is helping lenders and originators find new ways to grow sales.
He tells all his clients to start off by really knowing what’s in their existing database. “People tell me their database includes anyone that they’ve taken a loan from. However, that’s a small number compared to everyone you know. Your database needs to be more expansive. Technology should help you use your database to the fullest and plug in to other databases to help you, as well.”
From there, machine learning can be utilized to help mine that database to show you when to contact someone. Not everyone is ready to buy, but when they are the technology tells you that they are. It takes the guesswork out of the equation. The technology was also recently updated to launch instant credit inquiry alerts for MonitorBase clients. As part of the MonitorBase platform, the new feature alerts loan officers within minutes when a contact in the client’s database has a credit pull with a competitor and instantly generates a credit offer email without the client needing to take additional action.
“We are thrilled to offer this new instant inquiry alert technology to our clients, so they never miss a potential sales opportunity,” concluded Zitting. “Finally, even the smallest client can know the minute a client or partner is in the market for financing, and 24 hours before lead sellers send that information to hundreds of others. At a time when origination volumes are down across the board, being an entire day ahead of the competition will mean everything.”
;
