As more and more lenders enter the reverse mortgage business, companies are starting to look for new territories to increase volume and expand their business. Deciding on which areas you should target is difficult, but the guys from RM Insight recently came out with a product to help you make more informed decisions.
Their new Market Opportunity Report shows where businesses will have the best chance to monetize their efforts based upon the size of new customers, refinance markets, average transaction amounts, and the degree of local competition. The report also conveniently illustrates those states and counties nationwide that would provide higher conversion rates (i.e., more customers and/or lower penetration) or better origination fees (fewer competitors), resulting in substantial improvements in marketing campaign ROI. “By launching this service, we are pleased to answer our customers’ call for data-driven targeting information in an increasingly competitive reverse mortgage marketplace and underscore our commitment to innovative reverse mortgage intelligence solutions,” said John K. Lunde, President of RMI.
I see a lot of value in the report from a marketing standpoint especially. Why spend money on a direct mail campaign if the area is already full of reverse mortgage lenders? By using the information from the reports you can get a better idea of where your company can be successful and get the best return for your money. To see examples of what the reports look like, take a look at the links below.