







© 2018
Financial Marketing Systems, Inc.
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BorrowingPowersm
Cross Sell System for customers
BorrowingPowerLitesm
Cross Sell System for customers
The BorrowingPowersm direct
marketing system is designed to help financial institutions maximize the
profitability of their mortgage base by facilitating the cross sale of
home equity loans. We enable our clients to leverage the valuable
information in their mortgage database by generating a highly
personalized "good news" message to their mortgage customer.
A typical letter may begin with:
"Based upon your original home
appraisal of $350,000 in October 2010, and your first mortgage balance of
$220,000, we estimate that your Borrowing Power may be as much as $140,000
or more! The chart below demonstrates just how affordable borrowing
can be."
Loan
Amount |
$83,000 |
$50,000 |
$25,000 |
$10,000 |
APR |
Monthly Payment
30 Year |
$396.25 |
$238.71 |
$119.35 |
$47.74 |
4.000% |
Monthly Payment
20 Year |
$497.51 |
$299.71 |
$149.85 |
$59.94 |
3.875% |
Monthly Payment
15 Year |
$593.35 |
$357.44 |
$178.72 |
$71.49
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3.500% |
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After reading our “good news”
letter, customers start thinking of how they may take advantage of their new
found borrowing power. For some, it’s debt consolidation. Others may
consider delayed or desired projects or vacations. In both cases, they call
the bank.
The key to Borrowing Power is the highly personalized nature of the message.
We actually compute an estimate of Borrowing Powersm for
each and every one of your mortgage customers. Our estimates take into
account the potential appreciation they may have experienced since
originally financing their home. More importantly, we translate the estimate of their Borrowing Power
into monthly payment information showing just how affordable is your home
equity loan offer.
As a result of our unique approach, it is common for
our clients to experience a minimum of 3% and greater response rates at
costs of acquisition far below industry norms. We are proud that our clients
find the results of our program so profitable that they frequently repeat
the mailing throughout the year, year after year. |
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