Do You Want HARP 2.0 Data from a Data Slinger or a Data Professional with a Mortgage Background?

How You Answer This Question Will Determine Your Success In Targeting For Homeowners That Make Good HARP 2.0 Mortgage Prospects!

We know the mortgage industry is super-charged up and excited about the new HARP 2.0 guidelines that are going to help perhaps millions more homeowners that have the credit and payment histories to qualify for a loan but have been put underwater by significant property value losses.  The first secret to getting mortgage data right for HARP Mortgage telemarketing and direct mail campaigns is to know the HARP 2.0 program guidelines.  I just completed 30 hours of research and content writing on the subject and what sticks out to me is that some mortgage professionals still don’t know the program and we are talking about basic elements of the program that are readily available on the internet for anyone to read.  It is inexcusable that they are not up to speed on the heels of the official release of HARP 2.0 on Monday March, 19th, 2012.

How will mortgage people get their data right if they don’t understand the program?  Data providers and lead companies helping mortgage firms and home lending professionals target the right prospects may not understand the program either.  It is important for the mortgage representatives purchasing data to mail or call on to communicate the parameters of the program to a data expert so that the data professional will be able to match the program requirements with the right filtering strategy.  It should be no surprise that most data people just move data and unless you lead them they will have a harder time getting it right.  The data people are not students of HARP 2.0 and typically have never originated a mortgage and mortgage people should be the experts anyways.  I can see mortgage data buyers targeting the wrong homeowners without any input provided to the data representative and my feeling on the whole thing is that this is completely avoidable.

One of the other aspects of data that leads to less than ideal filtering is a lack of understanding the limitations of data.  There is no magic bullet and there certainly isn’t a data set that is perfect.  Data comes with a degree of inaccuracy no matter what kind it is and the best way to make it work optimally for your phone and direct mail campaigns is to build a model around what the data can do that makes the most sense.  In a way, coming up with the right HARP 2.0 mortgage data is working hard to almost hit the nail on the head.  With 3 years of data experience and 5 years of mortgage experience I am comfortable telling you this is the truth.  When your data expert knows the ins and outs of what you’re trying to target for, he or she will do much better for you.  If you leave it up to them and the data is way off, it will be your own fault.

As a former manager for Countrywide’s Full Spectrum Lending, I can tell you that when I went into marketing that there was a huge incentive for me to understand mortgage data and how it is developed.  Despite the real estate collapse and the mortgage meltdown, I still had friends that could benefit from my experience in both the mortgage industry and homeowner data and I wanted to help them where I could.  When you work with us at Gen Star Marketing you are taking advantage of the knowledge of former mortgage professionals that now work with data.  We have studied the program inside and out and are comfortable compiling data to the best of its filtering capabilities specifically for the HARP Mortgage Refinance Program.  Some mortgage firms will be buying data from companies that simply sling data and as a company that wants to hop on this HARP 2.0 Mortgage boom with direct mail and telemarketing campaigns I have to ask:  Do you want to buy it from data slingers or do you want to buy it from former mortgage professionals that are experts at filtering data?

You cannot expect data people to know your programs.  At GenStar Marketing we can help you with these because we not only know the HARP 2.0 program but have great experience in filtering data.  We have just completed a 30 hour research project on HARP that involved professional content writing for a company that provides marketing to mortgage companies looking to originate and fund HARP Loans.  This puts us in a very unique position to help companies target data for the right HARP Mortgage 2.0 prospects.  Here are the relevant filters for homeowner data that will help mortgage companies targeting homeowners for new HARP 2.0 Mortgage Refinances.

Loan Amount, Loan To Value Ratio, Modeled Fico, Property Type, Occupancy, Interest Rate, Self-Reported Ethnicity, Mortgage Origination Date, CLTV, Loan Type, Lender Name.

While these are the filters that are most widely used in homeowner data for the mortgage industry there are elements to the HARP 2.0 program that will make filtering the data well very tricky.  The toughest thing will be nailing the Fannie Mae and Freddie Mac loan requirement.  Homeowner data does not filter for Fannie Mae or Freddie Mac and we have been asked for this a million times and the answer has not changed!  What you can do is model for lender names that are predictive of selling to or having their loans guaranteed by Fannie Mae or Freddie Mac.  There are some other tricks and I guess we will leave those to a conversation because after doing 30 hours of research and writing I kind of feel like I do not want to do all of the homework and simply hand out the recipe to data people that have not put in the effort or time to be educated about the program.  Gen Star Marketing is not the only data vendor in town but you can be sure that we combine mortgage experience with data knowledge in a way that could be really beneficial to you.  We look forward to the opportunity to help you get the most out of your HARP 2.0 Mortgage data for your direct mail and telemarketing campaigns.

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