ELIMINATE EARLY PAYOFF PENALTIES.
What does a world without EPOs look like for you? Just one EPO can cost a lender between $10,000-$16,000 when a borrower pays off their existing loan before it has seasoned. A lender with 45,000 borrowers in their database has an average of 17 EPOs per month. That’s $195,500 per month. Save your bottom line! Get notified the moment a borrower may have an EPO.
EPO Prevention Watch is a must have for lending companies. Often knowing that a borrower is going to refinance is enough to start the conversation with the borrower that prevents an EPO.
It gives the LO an opportunity to win back the loan and lock in rates for 30-60 days so the borrower can get the value they are looking for without incurring penalties against the loan company.
Most of the time, lenders have no idea that their past client is in the market until the borrower's new lender is ordering a payoff request. At that point, it is too late, incurring penalties against the loan company.
"Sales Boomerang converts just as well as inbound phone calls we receive. I have LO’s that only work Sales Boomerang leads, and my ROI is in the 20-30X Range. My expectation now is that 10% of my $275M monthly loan volume comes from Sales Boomerang."
EPO prevention watch
100% CustomizedSet the criteria that meet your business needs: months from the loan origination, or minimum FICO score. The system will notify you as soon as a borrower triggers the alert.
Portfolio SaverBorrowers are shopping right now, leaving you vulnerable to portfolio runoff. High credit borrowers are refinancing from an FHA loan to a conventional loan to lower their rate and drop their mortgage insurance. These are the very borrowers that you need to retain to keep up the overall credit quality in your portfolios.