Using Data to Identify Members Ready for a Mortgage Refinance

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As states reopen after the COVID-19 restrictions, mortgage refinance originations are expected to grow at a rate that exceeds twice the Mortgage Bankers Association’s initial Weekly Applications Survey projections – jumping 36.7% to approximately $1.23 trillion. This is great news for the mortgage refinance market, but how can credit unions take advantage of this turnaround? By leveraging data.

A credit union’s data, augmented with external information, can identify members who may be considering a mortgage refinance. Automatically and accurately identifying a subset of the total population will allow for efficient and targeted messaging to potential borrowers. Leveraging data to target the right audience not only reduces the manual effort required to find these members, it also allows for control over the advertisement noise members receive. Noise reduction increases the effectiveness of marketing, and enables a more precise, personalized outreach approach that members have come to expect from their credit unions.