Estero, FL:   On April 9th, President Barack Obama urged families to take advantage of near record low mortgage rates by refinancing their home loans.  "We are at a time where people can really take advantage of this," Obama stated.

If banks do nothing and just wait for refi orders to roll in, they take a huge risk of losing income that they are currently enjoying.

A typical $200,000 mortgage can generate NET interest income of up to $5,500 per year.  Another $750 goes to the bank’s bottom line in servicing income for the loan if sold. "A mortgage loan means more than income.  The relationship represents not only an income stream, but also cross-sell marketing opportunities," offeres Bob Singer, CEO of Financial Marketing Systems, Inc., Rockford, IL.  "You can take that mortgage relationship, cross-sell additional services and products, and not only boost income but also retain that income stream for a longer period of time."

"All those cross-selling opportunities disappear, and the income evaporates when another lender refinances your loan.   The Marketing Department should be taking a proactive roll in protecting this asset," recommends Bob Singer, CEO of Financial Marketing Systems, Inc., Rockford, IL.

Your bank has a huge advantage over predators. You know what type of loan the customer has, the balance, and the rate. You have the power to go to each customer with a one-to-one message telling specifically what they need to know to make a decision to stay with your bank.

Imagine the impact of your marketing message when you can write to your customer, "At today’s rates, your mortgage #12345678 for $234,000 can be refinanced from 6.50% to 4.87% with a monthly savings of $242.

“That’s a powerful message that no other lender can deliver; and they hope you don’t either,” says Singer.

Financial Marketing Systems can get this customer specific message out quickly to each loan in your bank’s entire portfolio. Bob Singer may be reached at BobSinger@BankMktg.com or by calling 815-398-2474.