Flowers & Partners has won the advertising business of direct-to-consumer mortgage company LoanStream.
Sources said the Dallas shop topped undisclosed Texas contenders (The Richards Group was among them, the agency confirmed) in a review to claim the estimated $1-2 million creative and media account.
Plano, Texas-based LoanStream, a division of Beal Bank, offers first-time mortgages, refinancing and home-equity loans to clients over the phone and via the Internet.
The company, which opened for business last week, claims its proprietary software allows it to process a loan application faster than others in the industry. LoanStream most closely competes with Costa Mesa, Calif.-based ditech.com, which is a business unit of GMAC Mortgage Corp.
Agency president Paul Flowers credited the account win to what he described as an "innovative" way of approaching the direct-mortgage lending business and the position his company takes as the "champion of the underdogs." Flowers also pointed out that current agency staffers have banking and mortgage-lending experience.
Flowers & Partners is charged with providing strategic planning, creative development and media placement for an upcoming print, broadcast, interactive and direct- mail campaign.
A six-week print and radio test campaign will kick off this week in The Wall Street Journal and on the Oklahoma News Network and Texas State Networks, respectively. The ads will highlight Loan-Stream's "speed, efficiency and simpler approval process," said client vice president of marketing Mi-chelle Ballauf.
Ads are next expected to roll out in Washington and Oregon, pending licensing approval in those states. LoanStream plans to service clients throughout most of the U.S. by year's end, Ballauf said.
"Our rollout required a marketing firm that could provide more than just spectacular creative services," Mark Henry, president of LoanStream, said in a statement.