August 11, 2010 10:00 ET

Residential Finance Optimizes Sales Processes With Leads360 Lead Management Software

Tailored Lead Distribution Functionality Results in 80 Percent Increase in Sales Lead Conversion Rates

LOS ANGELES, CA--(Marketwire - August 11, 2010) -  Leads360 today announced that Residential Finance Corporation (RFC) realized an 80 percent increase on Internet sales immediately after implementing Leads360's sales lead management software, and a 100 percent increase within six months after implementation. RFC employed Leads360's cutting-edge technology to tailor its lead distribution functionality based on the skill set of its agents. In addition to tremendous conversion rates, RFC was recognized in the industry as the Sales Department of the Year, having won the 2009 Stevie Award.

Specializing in FHA mortgage refinance, RFC was founded in 1997 and is headquartered in Columbus, Ohio with multiple regional offices serving 29 states. Employing 120 highly-trained home loan officers, RFC offers refinancing borrowers the security and great rates of government-insured home mortgage loans and works with borrowers to help them find the right home mortgage loan options to meet their unique needs.

To keep up with the changing mortgage industry and newfound demands placed upon it, RFC takes great care to continually re-evaluate its processes to ensure its agents are well-trained, efficient and reactive to customers' needs. One of the tools employed by RFC to do just that is Leads360's lead management software, which is designed to manage and streamline the sales process and make mortgage professionals more successful. Leads360 provides an environment for lenders to maximize origination volumes in a controlled and manageable way. Although Leads360's software is flexible enough to accommodate the unique workflow of sales organizations in any industry, it offers solutions specifically designed to address the needs of the mortgage industry, with which Leads360 has been working since 2004.

As a valued partner and trusted resource for more than five years, Leads360 provides RFC with lead management software to easily track and manage the high volume of leads they receive on a regular basis. RFC has determined that one of the greatest paths to success as a sales organization is to make sure that leads get into the hands of the right agent, instantly. To achieve this goal, RFC has worked closely with Leads360 to optimize its lead distribution functionality. The objective is to quickly funnel leads to the right person based on a variety of metrics including loan officer skill, time zone, lead status, number of hours since last contact, lead source, licensing compliance and so on.

In early 2009, RFC overhauled their lead distribution and lead management processes to put into place a skills-based lead distribution system. Prior to the overhaul, loan officers were assigned leads irrespective of ability and owned their leads for life. After the overhaul, loan officers with higher conversion ratios received higher quality and a greater quantity of leads. As a result, agents were driven to maximize contacts and retain leads based on time-bound rules designed to shorten the sales cycle and capitalize on motivated consumers. The immediate result was an 80 percent increase in conversion rates for Internet leads and in February, 26 percent of RFC's sales came from aged leads with two or more prior owners. RFC attributes its successful numbers to its enhanced lead distribution and lead management processes.

According to Jessica Manna, chief marketing officer & vice president of RFC, "Lead management is treated like any other marketing process -- optimized for continuous improvement to maximize the return on investment of our marketing spend. Our two top priorities are exceptional customer service and maximizing marketing return on investment -- both are directly impacted by the design, measurement and control of the lead management process."

Equally important is the psychology and behavior of the loan officers. RFC's success hinges on its loan officers believing in and seeing the value of the processes by which they operate. Subsequent to the initial lead management software training with loan officers and their managers, RFC experienced a 190 percent increase in outbound dials. 

Adds Manna, "Sales teams implementing a lead management solution like Leads360's should not just look at the solution as a technology implementation. This is business process management. In short, focus on how to leverage technology to solve loan officers' problems enabling them to reach new levels of success. The technology behind the software supports a business objective, but the bottom line is that sales managers have to see a return for their agents' time."

Amidst the current uncertainty in the mortgage industry, there are tremendous opportunities for mortgage companies that are well-prepared and able to positively differentiate themselves from the competition. To be competitive in this uncertain climate, it is crucial for mortgage agents to be highly efficient, customer service-focused and to react quickly to opportunities that arise.

"As a software provider, it's important that the solution we provide is customizable and flexible to meet the needs of our customers," said Jeff Solomon, Leads360 co-founder and senior vice president of product and marketing. "Residential Finance is a perfect example of how lead management software can be implemented in a business with great success."

Today, 2,800 mortgage companies use Leads360's software to receive, distribute, contact, follow-up with and convert more leads into funded loans, thereby improving sales and increasing profitability. Further, the company's software platform is integrated with more than 1,200 Internet lead sources.

About Residential Finance Corporation
Residential Finance Corporation (RFC) is the nation's premier home mortgage lender offering a variety of home mortgage options such as government-insured Federal Housing Administration (FHA) and Veterans Administration (VA) loans, as well as Jumbo, and conventional refinance and purchase mortgage options. The company originates loans in 29 states with regional offices in Ohio, Florida, Maryland, New Jersey, Texas and South Carolina. Residential Finance's corporate headquarters is located in Columbus, Ohio. RFC has won a number of awards, including "Best Place to Work" in both the Tampa, Fla. and Columbus, Ohio locations. In 2009, the company was named "Sales Department of the Year" by the American Business Awards. For more information, visit www.residentialfinance.com.

About Leads360
Founded in 2004 and headquartered in Los Angeles, Calif., Leads360 develops software as a service (SaaS) solutions for managing sales leads. Distinguished by its focus on solutions that address the unique needs of businesses who sell to consumers, Leads360 is recognized as a market and technology leader, managing more than 25 million leads for over 5,000 clients. With a suite of solutions scaled for small to enterprise organizations, the company offers the industry's most comprehensive and configurable lead management platform.

Leads360 enables companies to distribute, track, analyze, and convert sales leads using a customizable lead management workflow. Professional services, including training and process consulting, are also offered to deliver a highly effective solution for converting sales leads. Businesses look to Leads360 for solutions that allow them to maximize their investment in leads generated online and from traditional sources, and ultimately increase sales closure rates for greater revenue. For more information, visit www.leads360.com.

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