How to Discover Mortgage Leads You’re Already Paying For

In many cases, credit union members make deposits, use credit cards, pay down auto loans, and manage multiple financial products at once.

So, what does this mean for a credit union mortgage department? You may have more mortgage leads at your disposal than you realize. By paying attention to your members’ actions, you can identify signals of future homebuying needs and provide support at the right time.

While traditional marketing campaigns and lead generation efforts can still be effective, focusing on your current member base can help you uncover mortgage opportunities that are already within reach.

Identifying members who may be ready to buy a home

A member’s savings habits can be very telling.

“When members begin to save more than they typically do each month, they may be ready to make a larger purchase, such as a home,” says Jenn Wade, chief experience officer at Copper State Credit Union.

Larger-than-usual credit card payments may also be a sign.

“We see larger payments on credit cards when members want to pay down debt faster so they can lower their debt-to-income ratio in preparation for buying a home,” Wade explains.

In addition, if your credit union offers a goal-setting feature on its website or mobile app, members’ activity can serve as another signal that they may be preparing to enter the housing market.

“This member-driven action has a higher conversion rate than propensity-based marketing outreach. Essentially, our members are telling us that they are in the market for a new home through our budgeting tool within the app, where they can set up specific savings goals,” adds Wade.

Turning member data into mortgage opportunities

Once there’s a sign that a member may be considering a home purchase, credit unions can use behavior-based triggers to provide timely, relevant guidance.

Shelley Vance, vice president of mortgage lending at Copper State Credit Union, explains that retargeting members through the channels they’re actively using for mortgage research can encourage engagement without being intrusive.

“For example, if a member is researching down payments on our website, our page smart content shifts to mortgage-related visuals and messaging throughout the site. From there, the member is simultaneously auto-enrolled in an education-forward home loan nurture email series along with receiving mortgage display and streaming ads,” Vance explains.

Vance also shares an example of how this approach can work in practice. A potential Copper State Credit Union member walked into a branch with questions about credit, down payments, and affordability.

The credit union then helped her estimate a potential mortgage payment and encouraged her to set aside the difference between that amount and her current rent each month in a savings account.

“After doing this successfully for a year, she had enough for a down payment and the confidence to know she was ready to be a homeowner,” Vance explains.

Using member relationships to reduce reliance on purchased leads

Highly satisfied members already trust a credit union. That’s why they’re usually easier to convert than purchased leads.

Their familiarity with the credit union itself may make them more receptive to relevant mortgage messaging and, in turn, provide a credit union with a more natural starting point for mortgage outreach.

“Credit unions can build on that existing trust and satisfaction as members begin considering their options for a mortgage lender,” adds Wade.

The information reported in this document, financial and otherwise, should not be construed as either legal or investment advice, nor does it represent the views of ACUMA, its Board of Directors, its staff or its members. The author presents information current at the time of publication and is designed to educate ACUMA members and others interested in the credit union mortgage lending industry.