As rates come down, refinancing activity is clawing its way out of the basement. That’s great news for your mortgage lending institution. If you can convince your current borrowers to consider a refinance, you have a huge database of leads to drive revenue. 

More good news: with news about dropping rates circulating, more and more homeowners are thinking about what a refinance could mean for them. 

The trick is moving refinancing from a vague idea in the back of the homeowners’ mind to an action item on their list — and specifically one with which your team can help them. Our team at BankingBridge recently launched a new product to help with precisely this: Dream Rate. 

Get to know Dream Rate

We created Dream Rate to give lending teams a way to keep their database active and engaged. It takes customer profiles in your CRM and turns them into potential business opportunities. 

Dream Rate works by driving next steps when rates reach that borrower’s ideal. It continuously monitors the rate environment and compares that against your CRM. Once rates hit the threshold for any individual borrower’s dream rate, it pings both the assigned loan officer and the lead. 

With a personalized email to the borrower, you alert them to the exciting opportunity to refinance. At the same time, the email to your loan officer tells them it’s time to reach out to that borrower to encourage them to explore their refi options. 

By tracking a lead’s target rate and alerting them when the timing’s right, you can unlock higher reactivation rates without creating extra work for your team. 

The three-step Dream Rate process

Dream Rate operates in three distinct stages:

Step 1: Integration

Like any BankingBridge product, we’ve developed Dream Rate to seamlessly integrate with your CRM and product pricing engine (PPE). It supports all standard first mortgage products. 

That means that on the CRM side, you won’t need to enter leads twice. We can automatically pull data to Dream Rate. (You do have the option for manual entry should you want it, though.) 

We integrate two specific pieces of information to power this tool: the borrower’s contact info and their target rate. If your team already asks what a borrower’s ideal rate for refinancing would be, we can map to that field in your CRM. If not, your team can input a desired rate for that past customer or lead directly into Dream Rate. Your loan officer might have a sense that the borrower would explore a refinance if they could get a rate 1% below their current one, for example. 

When we connect to your CRM, we create a two-way flow of data. All information, like the date and time of any alert we send (more on that in step three), gets captured in your system. This way, your loan officers can always work in tandem with Dream Rate. 

Step 2: Automated continuous monitoring

Once Dream Rate is set up, it runs in the background without any work required from your team. It continuously monitors both your CRM and your PPE, comparing current rates against the target rate you’ve set for any leads in the system. 

Step 3: Notification

Once current rates match your lead’s target rate, Dream Rate springs into action. It automatically sends emails to:

• Your loan officer: This ping alerts them to a hot opportunity. With this email, your loan officer gets information about the lead, their ideal rate, their home, and their current loan. It also links to the lead’s rate dashboard. This helps the loan officer reach out in a personalized way, fully informed about the borrower’s current scenario and how a refi could help them save. 
• Your lead: With this personalized email, you let the lead know that now could be a good time to refinance. This way, your loan officer’s not reaching out cold and the lead is primed to consider next steps. This email includes a potential loan scenario for the refi to help the lead imagine what refinancing would mean for them. 

With these tandem emails, your loan officer can reach out while the borrower’s interest is piqued. Ideally, that helps them take the now-warmed lead toward the closing table. 

If the lead isn’t ready to immediately act, we can also enroll them in weekly rate alert emails. This keeps the advantageous rate on their mind in a nonintrusive way. It also helps your team look like a reliable source of the latest information about rates. 

Getting started with Dream Rate

If you want to turn your database into a tool to drive refinance activity, take some time to talk with our team about Dream Rate. We can demo the product for you so you can see precisely what this tool could do for your loan officers and leads. 

We aim to make it quick and easy to get started. All you need to do is find a time that works for you on our calendar. If you decide Dream Rate is right for you after the demo, we do the heavy lifting on integrating with your CRM and PPE. You then get automated continuous monitoring to turn your database into an engine to drive refinancing activity. 

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