Mortgages -
Brokers hunting new business - 22/05/2008
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Mortgagestream has revealed that there is a massive increase in brokers using technological tools to ‘farm’ their databases in search for new business.
The company which is a leader in case management system for mortgage brokers said there was a four-fold rise in users undergoing tutorials to master functions such as the mail-merge of letters.
Mail merging would enable the brokers to invite clients to undergo a review of their borrowing needs. Feedback from users suggests that much of this activity is as a result of the global credit crunch.
Paul Holden, sales director at mortgagestream says, “We’re noticing that brokers are using the publicity in the national media surrounding the credit crunch as the basis of marketing campaigns.
“Many consumers read these headlines and for some it instills panic but for many more it creates a sense of confusion and trepidation as to what it might mean for them personally.
Mortgagestream says that for some clients, undergoing a review of their borrowing needs is nothing more than reassurance that their mortgage arrangements are correct.
However, according to Holden, opening up a dialogue can easily be used as a catalyst to discuss other financial requirements such as complementary insurances.
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