Case Study
Using credit triggers to retain your customer portfolio
Credit trigger data from Deluxe helped a leading mortgage lender to retain their customers. Learn how they improved their retention metrics in this case study.
Business challenge
A large mortgage provider in the U.S. has seen great success and growth in the past 5 years. Despite that success, they found they were losing a significant amount of loans due to early payoffs.
In 2017, they began searching for a solution to help them get ahead of early payoffs that were eroding their lucrative mortgage portfolio. By understanding when payoffs were going to happen, they felt they could retain a much larger portion of the business that was being lost.
Deluxe answers
Deluxe proposed a full-service portfolio retention program using tri-bureau credit triggers to monitor their entire customer portfolio in search of customers who are triggering to refinance or purchase a new mortgage. The program included strategic campaign design and consulting, creative design, campaign product and deployment through direct mail and gave this mortgage provider access to over 250 million consumers while allowing the business to be notified within 24 hours of a triggering event. Speed is an essential component of any successful portfolio retention program and this gave them a leg up on the competition.
TESTIMONIAL
We could have brought the creative, production and fulfillment in house—we have a team that could do this—but we really felt like Deluxe was an expert in this space and they have been instrumental in providing these services to us.
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Melissa
VP , Consumer Direct Marketing
Results
Deluxe was tested against another leading provider and found the data supplied by Deluxe to be far superior. Launched in 2018, the initial campaign proved to be a huge success, seeing an instant increase in most of their portfolio retention metrics. Four years later, they continue to run that full portfolio retention program because they truly think of Deluxe as a partner, not just a vendor.
“Deluxe is always looking for ways to keep us ahead of the competition. New programs. New data. New algorithms,” says their VP of Consumer Direct Marketing. “Any time we’ve had to pivot, shift and make changes, their team has always asked us what more they could do! They come up with creative solutions, they want to know our business and be our partner — not a vendor — and we appreciate that kind of approach. I feel like they are in it with us and truly want us to be successful.”