Mortech has introduced Mortech Protection, a tool designed to help mortgage lenders retain their current customers.
Mortech Protection is a customer-retention product that monitors and identifies addresses within a lender’s database that are at risk of attrition because the homes are currently listed for sale or are likely to be listed within the next 90 days.
Mortech, a Zillow Group business, supplies mortgage professionals with services and tools such as all-in-one pricing, rate notification, prospect management tools, custom rate sheets, loan product eligibility, and guideline services.
The new tool makes use of the company’s proprietary predictive model to periodically provide a lender with rating scores for addresses within the lender’s database. Lenders can use Mortech Protection analytics to better target their marketing and outreach to current customers who intend to move and may need new mortgage financing.
Mortech General Manager Doug Foral said financial institutions now face the challenge of building relationships with customers to recapture business and create customers for life given the increasingly competitive purchase environment due to the fading refinance market.
“Effectively reaching customers over a long period of time, and especially at the right time, can be both difficult and expensive without insightful targeting analytics,” Foral said. “By using predictive modeling to identify current customers that are likely to sell their home, lenders using Mortech Protection may have the advantage of proactively reaching out to targeted contacts at the opportune time with relevant messaging to reduce the risk of losing out on repeat business.”
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