Trigger programs alert the financial institution when a mortgage customer has taken out a loan application with a competing lender. The trigger program is important because it aids the financial institution in keeping SOME of these clients.
Here is how it works:
- Customer Retention Solutions must identify the population of the mortgage loan portfolio to the data provider. We can then implement the program.
- Once the program is in place, CRS will IMMEDIATELY provide the information to the financial institution because time is of the essence. Several days may have passed since the application was taken. Getting in touch with the mortgage customer(s) ASAP is critical. CRS provides a direct mail option to send a number 10 letter or a 9×12 letter so that these customers in may be contacted by mail.
- If the financial institution has a valid telephone number or email address we suggest contacting the customer that way as well because it increases the chance of making a connection.
- The program provides leads daily to the financial institution, making it consistent and purposeful.
- The program is scalable.
- CRS provides full return on investment (ROI) analysis for each program.
Trigger Programs are just one piece in a successful mortgage retention program.