Deep dive into data: How consumer and property stats can give you an edge

A new partnership between major data companies ties consumer shopping behaviour to mortgage outcomes

Deep dive into data: How consumer and property stats can give you an edge

Leads are the life blood of any origination business, and high-quality data is essential to keep them flowing. In the increasingly competitive mortgage market, the loan officer with the most accurate, up-to-date information often wins.

Recently, two successful analytics companies teamed up to offer data on consumers’ online shopping behavior, along with the history and metrics of nearly every property in the country.

Jornaya and touted their partnership as a powerful new way to improve lead quality and performance for the mortgage industry.

“The thinking was that by tying consumer shopping behavior with known outcomes and know information about the properties they are either selling or buying, there would be a lot of synergy between those two data sets,” said Ross Shanken, Jornaya founder and CEO.

Jornaya monitors the “consumer journey” by watching tens of thousands of websites and tracking customers’ steps through the mortgage shopping process. This information helps lenders send “the right message at the right time,” Shanken said.

“We are seeing this consumer in a lot of different places at different times as they show intent signals and interest in a mortgage,” he said. “We try to connect that data to people in marketers’ databases so they can do their jobs better.”

For, the goal is to separate good leads from the bad. The company’s LeadXL analytics platform currently witnesses over 15 million Internet mortgage leads monthly. Unique analytics allow lenders to understand what is occurring on their own sales floor, as well as gain insight into the competition.    

“We live in this hybrid world between using offline data to help lenders understand which lead opportunities they are buying are potentially good leads,” said Drew Warmington, managing partner and CEO. “We use public records -based data to tell a lender in real time that this person is a good lead. For instance, they can fund a loan and they haven’t funded a loan in a while. We can tell you when you bought a house, what you paid, what you owe, who the lender is, what your interest rate is. We focus entirely on the portion of a mortgage that is bound up by the collateral, the underlying asset.”

By joining forces, Jornaya and can present a unified data set that starts with the customer’s intent and continues all the way to the outcome of their loan. It’s a complete end-to-end view of the process, Shanken said.

“We start at one point and then our primary job ends, and Drew has a lot of data on the eventual outcomes,” he said. “We see how this consumer shops, how they convert and how much they convert for. You see it all the way from the beginning.”


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