Trigger programs alert the financial institution when a mortgage customer has taken an application with a competing lender. The trigger program is important because it notifies the financial institution that the loan is at immediate risk to prepay.
How it works:
- CRS and the client identify the subset of the mortgage loan portfolio that will be sent to the Trigger Program provider
- When the customer takes an application with a competitor, CRS and the client will be notified and CRS will immediately initiate a direct mail campaign
- 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 is run on a daily basis, providing consistent and meaningful leads to the financial institution
Trigger Programs are just one piece in a successful mortgage retention program.