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How Mortgage Shops Are Finding HARP 2.0 Prospects

April 06, 2012 | Comments: 0 | Views: 129

The HARP Home Affordable Refinance Program was released by the government to help over 5 million underwater borrowers refinance. The first version fell short due to the low cap on the LTV (loan to value stipulation). HARP 2.0 was remodeled to virtually eliminate the LTV requirement. Many believe HARP 2.0 could spark the next great refinance boom of this generation. Mortgage brokers are allocating huge marketing budgets to finding HARP prospects. This article discusses some of the best approaches to finding pre-qualified HARP 2.0 prospects at the lowest cost per closed loan.

In the next few months there is expected to be strong media coverage for HARP, and there is already a large increase in the number of internet searches. Many mortgage shops are spending huge marketing budgets on pay per click keyword advertising, or internet leads. This is an expensive method that will net many unqualified respondents. One of the methods that has been very successful at finding pre-qualified candidates leverages credit driven data to find consumers that will meet the underwriting guidelines for HARP 2.0. This data is used to launch a targeted direct mail campaign that generates consistent results.

Credit driven data from all three credit bureaus can be used to find borrowers with Fannie & Freddie loans - the requirements for a HARP 2.0 refinance. This data can then be used in a targeted direct mail campaign. High quality data provides a high ROI by finding borrowers that want to refinance with the new HARP program and also meet the requirements. Although the LTV stipulation has been eliminated with the new version of HARP, these borrowers can't have any late payments for at least the last 12 months. Using credit data can help find candidates that meet specific underwriting guidelines, without spending money on finding leads that won't qualify.

Direct mail has been one of the most reliable forms of advertising since people were able to write a message on a medium and deliver it. Advertising is in a constant state of change, with newer and more creative ideas pushing the envelope daily. But even with the changing times, direct mail is still one of the most relied upon advertising methods. The results speak for themselves. No other method of advertising is as precise at targeting a demographic and achieving consistent ROI.

The combination of credit driven data and direct mail campaigns has generated strong response with HARP 2.0 candidates. The HARP program may be just what the housing market needs to have a strong come-back.

Jared Braverman Titan List & Mailing Services Director of Internet Marketing & Design 1-800-544-8060 x 206

Source: EzineArticles
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