3 Ways That Can Help Improve Your Mortgage Close Rate and Overall Portfolio Performance

Current trends in the mortgage industry mean that acquiring and retaining customers may be a top priority for lenders. Equifax data found that new mortgages were down by 38.5 per cent  in Q4 2022 when compared to Q4 2021, making it more important than ever for lenders to maintain strong consumer relationships. Below are three ways to help lenders maximize the return on investment for marketing initiatives, enhance their mortgage portfolio retention, and minimize pipeline fallout. 


Track Transaction Level Data


Lenders can track transaction-level data associated with well-performing loans to see where competitors may be potentially winning profitable business to better adjust their sales and lending strategies accordingly. Using data helps lenders focus on their desired target customer segments or modify their product mix to help achieve higher response, close and retention rates. Transaction level data insights can include:

  • Credit Data: number of mortgages, aggregate mortgage balance, the sum of home equity line of credit (HELOC) balances

  • Loan Data: characteristics associated with the consumer’s new loan, including credit limit, total and average balance, and spending over a performance period 

  • Prospect Data: buyer age information, score bands


Track Negative Performance Metrics


Tracking negative performance metrics such as repossessions and default indicators can help indicate whether existing lending policies are working as predicted. This can help Lenders learn where their business may be losing deals and develop better lending policies. 


Analyze Competitive Performance Trends


By analyzing competitive performance metric trends around loans that were lost, lenders can gain market intelligence which may help to maximize immediate and long-term profitability. Performance insights on lost business in comparison to other lenders can open an opportunity for lenders to create more compelling offers, improve close rates, and win more customers. 

It can be beneficial for lenders to understand the possible dynamics that could have led an existing customer to look elsewhere for a new loan. These insights can help enable lenders to make refinements to existing risk strategies to gain a competitive advantage.


If you want to learn more about how we can help you improve your mortgage portfolio close rates, please contact your Equifax Account Representative. You can also reach us directly at 1-855-233-9226 and follow us on Twitter and LinkedIn.  


This article is published by Equifax Canada Co.® 2023. All rights reserved. No part of this article may be reproduced, copied or transmitted in any form or by any means, or stored in a retrieval system of any nature, without the prior permission of Equifax Canada Co. This article is for informational purposes only and is not intended to be legal or business advice. 


Related Products and Solutions

Lost Sales Analysis