MonitorBase, a mortgage fintech company that monitors prescreened credit information and real-time behavioral data to alert lenders when one of their contacts is in the market to purchase or refinance a home, has launched instant credit inquiry alerts for their mortgage lender clients. As part of the MonitorBase platform, the new feature alerts loan officers within minutes when a contact in their database has a mortgage credit pull with a competitor and instantly generates a credit offer email without the loan officer needing to take additional action.
The largest banks have historically had better access to data technologies and relentless call center teams, placing smaller mortgage lenders and brokers without access to the tools to defend their database and clients at a disadvantage. The launch of MonitorBase’s new, proprietary instant trigger alerts means smaller lenders, regional banks and even single brokers now possess the same type of powerful relationship retention technology that was formerly available only to big banks. By providing instant alerts and credit offers, the new feature helps loan officers re-engage past relationships before they are inundated with solicitations from other lenders.
“We are thrilled to offer this new instant inquiry alert technology to our clients so they never miss a potential sales opportunity,” said MonitorBase CEO Louis Zitting. “Finally, even the smallest mortgage lenders can know the minute a client or partner is in the market for financing, and 24 hours before lead sellers send that information to hundreds of other lenders. At a time when origination volumes are down across the board, being an entire day ahead of the competition will mean everything.”
According to MonitorBase Vice President of Business Development William LeBaron, mortgage trigger leads are a challenging endeavor because they often prompt multiple mortgage lenders to blow up the phone of the prospect or past client.
“No one wants to be inundated with mortgage offers every time they experience a slight improvement in their credit or make a single inquiry,” LeBaron said. “Unfortunately, smaller mortgage lenders, solo shops, and brokers face the greatest consequences when this occurs because they can potentially lose a client to a big bank. But by giving them a head start, our instant inquiry alerts place loan officers in a much better position than their competition.”
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