How to Increase Loan Performance Using Mail House
Where is your brand?
Is it hidden away in a spam folder, being pushed lower and lower beneath the crushing weight of scams, salesmen, and that food blog you subscribed to 4 years ago? Studies show that over 45% of all emails sent are considered spam, with only a 21.5% open rate across all industries. So what does this mean for your lending business?
The speed, ease of use, and versatility of email has made it a popular tool in today’s business models, a tool in which physical mail seemed unable to keep pace with. Even with the more impressive stats that have been linked to physical mail, such as a 90% open rate, the manual process of printing, packing, and sending physical mail is a drain on your time and resources. If only there was a way to combine the speed and flexibility of email with the proven results of physical mail.
Spoiler: There is.
Why use Mail House?
Mail House is capable yet intuitive. Whether you’re looking to fully automate your complex direct mail processes, or simply ease the pain of sending an occasional one off mailer, Mail House has you covered.
The majority of our lenders fit into one of three categories, including:
You don’t currently do direct mail – With the benefits of direct mail apparent, especially in the lending industry, this is a great time to start! Performance aside, there are government regulations relating to customer notifications that Mail House can help automate, ensuring your compliance.
You do direct mail manually – Some companies will make employees come in early one day out of the week to stuff and send envelopes. Not only is this inefficient, but results in you paying in man-hours for something that didn’t need human contact at all. There is a better way that never involves your mouth going anywhere near an envelope!
You do direct mail with somebody else – You’re on the right track! By utilizing Mail House, your loan and customer information lives in the same location as your mailing processes, making it easy to send mail automatically based on loan lifecycle events.
Regardless of your specific use case, we’ve seen our most successful clients take full advantage of Mail House, resulting in increased convenience, compliance, and overall loan performance.
Effectiveness of Mail House
Let’s cut to the bottom line. What kind of ROI will you see from implementing Mail House into your current processes? We’ve seen our most successful clients increase the speed at which they collect on loans by implementing Mail House. This is due largely to the fact that people are more likely to respond to physical mail and the rate at which direct mail gets opened is higher than email.
- Clients using Mail House can increase their collection rate by 22%.
- Up to 90% of direct mail gets opened compared to 20-30% for email.
- Direct mail response rates are up to 5 times higher than email.
Don’t just take our word for it, compare Mail House’s impact on your businesses KPI’s with LoanPro’s strong reporting feature. Collecting reports within LoanPro is simple, and makes collecting specific data from your direct mail efforts easy, instantly proving its effectiveness.
Other benefits of Mail House aren’t as easy to measure, but mean saved time and money for your business. Sending mail manually is a long and tedious process, filled with monotonous tasks. With automated physical mail, your employees get back the hours it took to manually track, print, pack, and send mail, meaning they have extra time in their day to focus on more important aspects of their job.
Communication Convenience
Time is too valuable to be spent licking envelopes and switching between screens. Mail House lives inside of LoanPro’s LMS, which not only saves you time, but means you can automate direct mail to be sent out based on accurate real time loan data via triggers within LoanPro. Worried about setup? For users of LoanPro, activating Mail House is as easy as flipping a switch, and implementation can be done in as little as a day.
Some of the added convenience of Mail House includes:
- Single source of Truth – All your data lives in a platform you already use, giving you a single powerful tool to manage all aspects of lending. No more digging through your open tabs trying to sync and cross reference static email csv lists with the loan manager.
- Ease of setup – Mail House resides inside of LoanPro, meaning getting started is as easy as flipping a switch. All your existing loan details and data points are ready to be used to customize, configure, and automate your mailing processes in as little as a day.
- Templates – Provide a seamless borrower experience with branded custom branded templates. Templates can be as simple as a doc.x or as sophisticated as full page colored PDF, also for a limited time LoanPro is offering a one time promotion of 5 free templates
- Automated events and triggers – Set it and forget it. Enable LoanPro software to send mail to borrowers automatically. Send payment reminders, past due notices, loan statements, or even legal notices. Many pre-built triggers already exist within Mail House, but the possibilities are endless.
Ensured Compliance
Double down on your proof of compliance.
Mail House includes features that prove compliance through real time tracking and storage of communications and notices sent to your borrowers.
- Live mail tracking – Mail House gives you complete visibility into the delivery of your mail, from the moment your letter leaves Mail House to when it lands in your borrower’s mailbox, all in real time.
- Automatic File Storage – Any mail sent through Mail House is automatically saved and stored as a PDF inside of LoanPro, ensuring proof of notice which can be required depending on your state and program regulations
- Compliance Levers – Any notices or necessary borrower communication can be sent automatically via hard mail by leveraging simple clojure rules and custom or standard fields, ensuring you’re always in compliance. This is especially helpful in cases of FCRA, GLBA, adverse action notices, collection notices, and other compliance notices you may be required to provide to borrowers.
Mail House not only makes it easy to ensure compliance now, but its configurable architecture, use of custom fields, clojure rules, and data points provide a flexible yet future proof solution for the inevitable regulation changes you’ll face.
Get Started with Mail House
With your mailing processes being so closely linked with the actions of your borrowers, it makes sense for both to live on the same platform. Mail House adds increased convenience, compliance, and performance to your loan portfolio with little effort to get it up and running.
Ready to see how Mail House can power your business’s direct mail? Grab some time on our expert’s calendar and get your mailing processes up and running on a modern, automated platform. No saliva required.
