SOURCE: Leads360

Leads360

August 10, 2011 08:57 ET

Mortgage Lenders Fail to Respond to Customer Inquiries

New Leads360 Research Study Highlights Surprising Gaps in Responsiveness; 74% of Lenders Fail to Respond to Prospective Customers Promptly

LOS ANGELES, CA--(Marketwire - Aug 10, 2011) - Leads360, the industry leader in sales lead management software which serves over 2500 banks, brokers, and lending institutions, today announced the findings of new research into sales effectiveness in the competitive residential loan origination market. This new study, entitled "Leading Mortgage Lenders Keep Prospects Waiting," outlines how major mortgage lenders are failing to promptly and persistently respond to valuable new loan inquiries.

Leads360 studied the inquiry response patterns of large lenders and compared their ability to promptly respond to new prospects by phone and email as well as the companies' ability to thoroughly follow-up with leads over time. "Mortgage leads are valuable and extremely time-sensitive with hundreds of companies potentially competing to offer a very similar loan," said Nick Hedges, President and CEO of Leads360. "We were shocked to find most lenders so cavalier about responding to loan inquiries. This research shows that there is a very clear opportunity for lenders to improve their customer responsiveness, originate more loans and better serve their customers, their communities and their shareholders."

According to the study, 74% of lenders, including leading mortgage originators JPMorgan Chase, CitiMortgage, and GMAC Mortgage, failed to call prospective customers within 24 hours of their initial inquiry. In general, lenders averaged more than 6 days to call a new loan inquiry and more than 50% of lenders failed to make more than a single attempt to call the leads they received. "Lenders should measure response times in minutes or seconds, not hours or even days," said Mr. Hedges. "Lenders that continue to ignore the basic tenets of sales and customer service in the internet era will be destined to underperform compared to peers and competitors that have implemented the appropriate technologies and processes to compete at the speed that consumers expect."

The new study, "Leading Mortgage Lenders Keep Prospects Waiting," is available for download at Leads360.com. See how each of the following companies performed across four key metrics and benchmarks:

  • Ameriprise Financial, Inc.
  • Branch Banking and Trust Company, a subsidiary of BB&T Corporation
  • JPMorgan Chase Bank, N.A. a subsidiary of JP Morgan Chase & Co.
  • CitiMortgage, a subsidiary of CitiGroup, Inc.
  • Flagstar Bank, a subsidiary of Flagstar Bancorp, Inc.
  • GMAC Mortgage, a subsidiary of Ally Financial Inc.
  • HSBC Mortgage Services, a subsidiary of HSBC Holdings plc (ADR)
  • Huntington National Bank, a subsidiary of Huntington Bancshares Inc.
  • Key Bank, a subsidiary of KeyCorp
  • MetLife Bank, N.A. a subsidiary of MetLife, Inc.
  • OneWest Bank, FSB
  • PNC Mortgage, a subsidiary of The PNC Financial Services Group, Inc.
  • Provident Funding Associates, L.P.
  • Quicken Loans Inc.
  • Regions Mortgage, a subsidiary of Regions Financial Corp
  • SunTrust Mortgage, Inc. a subsidiary of SunTrust Banks, Inc.
  • U.S. Bank, a subsidiary of U.S. Bancorp
  • Wells Fargo Home Mortgage, a subsidiary of Wells Fargo & Company

About Leads360
Founded in 2004 and headquartered in Los Angeles, Calif., Leads360 develops software-as-a-service (SaaS) solutions for managing sales leads. Distinguished by its focus on solutions that address the unique needs of businesses who sell to consumers, Leads360 is recognized as a market and technology leader, managing more than 40 million leads for over 5,000 clients. With a suite of solutions scaled for enterprise sales organizations as well as small businesses, the company offers the industry's most comprehensive and configurable lead management platform.

Leads360 enables companies to distribute, track, analyze and convert sales leads using a customizable lead management workflow. Professional services, including training and sales process consulting, are also offered to deliver a highly effective solution for converting sales leads. Businesses look to Leads360 for solutions that allow them to maximize their investment in leads generated both online and from traditional sources, and ultimately increase sales closure rates for greater revenue. To learn more about Leads360, please visit www.leads360.com.

Follow Leads360 on Twitter: www.twitter.com/Leads360.

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