ATLANTA, March 2, 2021 /PRNewswire/ --
Equifax® (NYSE:EFX) is addressing the needs of mortgage and
home equity lenders in a competitive marketplace. The new Equifax
Ignite® Lost Sales Analysis solution leverages the power
of the Equifax cloud to provide the differentiated data, actionable
insights and clear visualizations lenders need during
prospecting, origination and portfolio retention.
Historically low mortgage rates have strengthened buyer
interest, with the Mortgage Bankers Association finding that
mortgage applications for newly built homes climbed 42.2% in
December 2020 in comparison to the
previous year. However, not every pre-approved prospect closes the
loan. Many lenders regularly purchase leads and market loan
products to prospective borrowers, but have a difficult time
quickly determining why certain prospects did not close the loan
for which they were approved. This lack of understanding could lead
to suboptimal Return On Investment (ROI) on marketing campaigns and
a pipeline fallout ratio that can damage profitable business
models.
"As the market evolves, so has our Lost Sales Analysis
solution," said Craig Crabtree,
Senior Vice President and General Manager for Mortgage &
Housing at Equifax. "We understand that smarter insights drive
smarter actions. With the addition of our Ignite engine, we're
making it even easier to visualize Key Performance Indicators
(KPIs) and are empowering lenders with the insights they need to
refine and build marketing and retention strategies. When it comes
to building go-forward strategies, it's critical for lenders to
understand why an existing or prospective borrower was lost, and
we're giving them the tools they need to achieve higher response,
close and retention rates."
The Equifax Ignite® Lost Sales Analysis application
builds on the success of previous offerings by consolidating lender
data with cloud-based Equifax Ignite property and behavior data.
This harmonized information then flows into dynamic visuals that
help lenders determine the strategies, offers and terms needed to
attract borrowers most likely to meet risk management and growth
objectives. Access to public record property data helps determine
where a lost prospect closed a mortgage or home equity loan.
The actionable intelligence available in the Equifax Ignite Lost
Sales Analysis solution helps to:
- Mitigate portfolio run-off by identifying run-off trends
and strategies to help improve customer retention;
- Reduce pipeline attrition by assessing fallout to improve
closing rates;
- Optimize new business prospecting and determine who's winning
lost business and why
- Maximize marketing spend with visibility into trends in age
bands, generational activity, risk tolerance, and more.
"Lost Sales Analysis can be used at a number of different points
within the mortgage or home equity loan lifecycle," continued
Crabtree. "The data available in the solution provides the smarter
insights that lenders need to deepen relationships with borrowers.
Equifax is committed to providing solutions that leverage the power
of Equifax cloud capabilities to drive value for our customers and
meet the specific needs lenders are facing today."
The Equifax Ignite® Lost Sales Analysis
solution is available now. For more information, please visit
Equifax.com.
ABOUT EQUIFAX INC.
At Equifax (NYSE: EFX), we believe
knowledge drives progress. As a global data, analytics, and
technology company, we play an essential role in the global economy
by helping financial institutions, companies, employees, and
government agencies make critical decisions with greater
confidence. Our unique blend of differentiated data, analytics, and
cloud technology drives insights to power decisions to move people
forward. Headquartered in Atlanta
and supported by more than 11,000 employees worldwide, Equifax
operates or has investments in 25 countries in North America, Central and South America, Europe, and the Asia
Pacific region. For more information, visit Equifax.com
FOR MORE INFORMATION
Kate
Walker for Equifax USIS
MediaInquiries@equifax.com
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SOURCE Equifax Inc.