Informative Research Data Services Enhances Portfolio Monitoring And Customer Engagement For First Option Mortgage

The Challenge

First Option Mortgage has a long-standing commitment to providing personalized and high-touch servicing. The company wanted to provide their borrowers with attentive care and support throughout their homeownership journey. Alvin Shah, managing partner at First Option, explains that a significant challenge they faced was the inability to capture the attention of their existing customers. Only 20% of borrowers return to their original loan officer, while 80% seek help elsewhere. This lack of repeat customers hindered First Option from establishing a customer-for-life mentality. 

The Solution

In response to this challenge, Informative Research’s Data Solutions team partnered with First Option to develop an advanced suite of alert types. This collaboration led to the creation of Prospect Insight, which includes rate watch alerts, early payoff warnings, equity watch alerts, MLS alerts and innovative PMI removal alerts. Integrating these advanced alerts improved First Option's ability to reach out to potential borrowers proactively. 

"Our alerts seamlessly integrate with our clients' internal systems, ensuring that these notifications are efficiently delivered to the relevant loan officers. Gone are the days of manual spreadsheets and email chains; our automated process ensures that alerts reach those who need them most," explains Shannon Santos, Executive Vice President at Informative Research. "Additionally, our sophisticated suppression logic prevents duplicate notifications, providing borrowers with a seamless experience. By prioritizing this level of integration and efficiency, we can ensure our clients receive unparalleled service."

Informative Research’s data is accurate and reliable because it is sourced directly from suppliers, enhancing the dependability of these alerts. This high level of reliability ensures that clients receive timely and precise information, allowing them to make well-informed decisions.
 
Informative Research also collaborated with First Option to integrate AI automation. The bot "MAIA" automates outbound calls, texts and emails to borrowers, streamlining customer engagement strategies and ensuring timely communication. This AI automation also collects additional data to support loan officers and improve borrower experiences. 
 
By collaborating closely with Informative Research, First Option refined its alert system, ensuring it remained ahead of the curve in addressing customer needs and concerns.

"These alerts were a game-changer for First Option. They allowed us to avoid potential issues and proactively engage with our customers. Informative Research played a crucial role in developing this system," says Alvin Shah, Managing Partner at First Option. "Their data analysis and predictive modeling expertise helped us identify key indicators that signal when a customer might be at risk of churning or encountering difficulties. With their assistance, we were able to fine-tune our alert system, ensuring that we're always informed and ready to take action to address our customers' needs before they escalate."

Results

Enhanced Portfolio Monitoring and Engagement 

The partnership between Informative Research and First Option resulted in enhanced portfolio monitoring and proactive engagement with borrowers. Advanced alert types give loan officers critical insights, allowing them to reach out to borrowers at crucial moments with personalized and practical engagement.  Philip Aurich, a loan officer at First Option, highlights the significance of the rate watch and other alert types in proactive communication with borrowers. 
 
"In a constantly changing rate environment, these alerts are invaluable for ensuring timely engagement with potential borrowers," says Aurich. 

Improved Borrower Experience 

Informative Research's advanced suppression logic and daily updates streamline the borrower experience, creating a seamless and efficient process. Loan officers can focus on delivering exceptional service and reducing potential confusion during the loan origination process. 

Boosted Client Retention 

The alerts help in retaining clients who might otherwise go to competitors simply because the loan officer lost the client’s contact information. In addition, these alerts can prompt loan officers to reach out to previous clients who might be looking for new mortgage options.

Aurich notes how Informative Research’s alerts play a pivotal role in helping loan officers prioritize and effectively manage their outreach efforts. "I've had many instances where my loan officers reached out to someone who then immediately responded, 'I'm sorry, I didn't call you first. I just forgot your contact information.' It was only because we receive the alert from Informative Research that we reached out."

Increased Engagement and Response Rates 

Using AI automation, including the bot "MAIA," led to increased engagement and response rates among borrowers. Automated outreach through calls, texts, and emails to borrowers ensures timely and efficient communication, bolstering First Option's customer engagement strategies. 

Higher Productivity and Success for Loan Officers 

Informative Research's collaboration with First Option improved loan officers' productivity and success levels. By delegating routine tasks to AI and other technologies, loan officers can focus on providing exceptional service and building solid relationships with customers. The alerts and AI automation increased productivity and contributed to higher levels of borrower satisfaction and retention. Aurich emphasizes the importance of Informative Research’s alerts in prioritizing client outreach. This strategic approach ensures that loan officers maximize their efficiency by concentrating on the most promising leads, ultimately leading to higher productivity and loan officer success. 
 
"These alerts allow us to efficiently target specific leads, ensuring that our loan officers focus their efforts on high-potential borrowers," says Aurich.

From First Option’s vantage point, it’s clear that the landscape of mortgage lending is poised for a transformative shift, heavily influenced by the integration of advanced technologies and data-driven strategies such as those provided by Informative Research.

“In an industry that's becoming increasingly competitive, the adoption of comprehensive systems, including sophisticated alerts, is no longer optional but a necessity for lenders aiming to identify and engage with potential clients effectively," states Shah. "For mortgage lenders, the future hinges on their ability to seamlessly integrate these cutting-edge solutions into their daily operations, positioning themselves as leaders in a rapidly evolving industry." 

About Informative Research 

Informative Research, a Stewart company, is a leading technology platform that delivers data-driven solutions to the lending community. The solutions provider currently serves mortgage companies, banks, and lenders throughout the United States. The company is recognized for streamlining the loan process with its straightforward service model, progressive solutions, and cutting-edge technology. Informative Research’s four key pillars are: Customer Acquisition, Risk and Retention, Upsell/Cross-sell and Custom Data Analytics, which underscores their commitment to excellence and leadership in the data solution space. To learn more, visit https://www.informativeresearch.com.

About First Option Mortgage

First Option Mortgage is dedicated to setting a standard for consumers and the industry, driven by compassion, adaptability, and purpose. The people of First Option are passionate, diverse, and inclusive—a people-first company. The company is guided by core values: Live to Adapt, Act with Purpose, and Care with Compassion. Headquartered in Atlanta, Georgia, at 1100 Circle 75 Pkwy, Suite 300, 30339. Company NMLS #123411