Learn where your lost applicants went and why with our Lost Sales Analysis
Do you know how many of your leads actually close with you and how many end up closing somewhere else? Lost applicants are a lost opportunity.
Consider this: The current spring purchase market has opened the door for buyers looking at homes in the low-to-mid price range. However, the lack of inventory and rigid mortgage rules are making for a difficult environment. According to the National Association of Realtors, in February existing home sales rose three percent. 5.54 million units sold across the country which ended two months of declining sales. While housing inventory rose, it was still down 8.1% from a year ago. Trulia reports housing inventory grew by 3.3%, but starter homes fell to their lowest levels since 2012. What’s more, those homes that are available are expensive.1
Looking forward, mortgage rates are expected to remain low. However recently, they have begun to climb over four percent and homeowners are beginning to lock in their home loans for 30-year terms.2 Refinances, on the other hand, have fallen behind entirely. In March, volume fell to nearly 19 percent lower than a year ago, according to CNBC.3
What do all these statistics mean?
The way the market is taking shape right now has real implications for lenders. To put it plainly, now more than ever you need to close the loans for all qualified borrowers that come your way. You simply cannot afford for them to leave you for some place else and wait until the end of the year to figure out what happened to all those loan applications that didn’t close.
Learn what happened and modify your strategies
Our Lost Sales Analysis provides the detailed data you need to adjust your strategies, offers and terms to attract the quality and quantity of borrowers who are more likely to meet your organization’s risk management and growth objectives. Information included in the Lost Sales Analysis output includes:
- Name of the lender associated with the lost sale
- Characteristics associated with the consumer’s new loan (origination date, origination amount, etc.)
- Purchase/Refinance Flag
Ultimately, you get highly specialized competitive lending insights and market analytics that can help strengthen mortgage and home equity business strategies that result in improved sales performance. Find out how to maximize your ROI and minimize pipeline fallout. Check out our Lost Sales Analysis or contact your representative for more information.