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Caliber Home Loans Case Study

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CHALLENGES

Caliber Home Loans is one of the highest-volume mortgage lenders in America, was faced with the challenge most lenders face. How to find more of the right customers for the loans that they specialized in originating.   

Caliber Home Loans came to iLeads.com looking to:

  1. Increase the conversion ratio of mortgage leads that become a closed loan by their Direct-to-Consumer business unit.
  2. Protect their servicing portfolio of borrowers to ensure Caliber did not lose customers seeking refinancing with another lender.
  3. Spot opportunities where deals were being lost and fix this process! 

 

SOLUTIONS

Like many lenders, Caliber already had an enormous number of leads that existed in their CRM, but, many of these leads were no longer active.   iLeads recommended Revive which provides the collateral analysis to mine Caliber’s existing leads to determine if the borrower could still be in the market. In less than a second, using property data that spans over 99% of U.S. homeowners, Revive analyzes the underlying home associated with a lead to discover new opportunities.

In order to protect their servicing portfolio, Caliber was using credit triggers and other methods to discover if their borrowers were shopping for a new mortgage. The challenge with these methods was that Caliber often found out too late that their consumer was closing a loan with a competitor and wanted a way to get in front of their customer earlier in the sales process. iLeads showed them how Defender monitors inbound marketing requests through our nationwide property database, often long before a credit trigger event ever occurs.

iLeads also conducted a performance analysis to help Caliber identify where they were losing deals and to help sales focus their efforts around identifying which leads have the best chance to close and not letting those slip through their fingers. Leveraging property data, iLeads appended Caliber’s database of current and previous borrowers to help better identify targets in the current market and provide critical property insight. 

RESULTS

iLeads brought actionable data and solutions to increase Caliber’s lead to close ratio. iLeads discovered that nearly half of the leads that were created most likely would not support a new loan because of some inherent problem with the property such as the property doesn’t exist, the person on the lead doesn’t own the home, the lead had a recent refinance, etc.

The additional data Revive and our other data appending services provided Caliber resulted in more closing possibilities by isolating the leads with the best chance of refinancing.

Defender enabled Caliber to get in front of their borrowers earlier in their mortgage shopping lifecycle – earlier than current credit triggers and other methods.

iLeads continues to work with Caliber, exploring ways to enable the iLeads real-time API to enrich leads in real-time with property and loan data to best identify the leads most likely to close.

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