When dealing with Direct Mail it's important to know your target audience:

1. First time re-finance clients (they likely have only done 1 purchase loan) 
2. They have mortgage insurance 
3. They are likely to be more qualified then they were the first time 

5 Things that make Direct Mail work:

1. Using the Correct piece 
2. Data 
3. Having the Golden script 
4. Using a simple approach 
5. Most importantly the ROI 

ROI in detail:

1. 2,000 pieces, yields 20 calls 
2. 20 calls cost $1365 ($68/lead)
3. Expected closings 2-4
4. Commissions made (Using 5k avg/deal) = $10,000-$20,000

A few quick tips to keep in mind when running a Direct mail campaign:

1. When the calls start rolling in keep them to 10 minutes 
2. Keep dropping (don't quit a good thing)
3. Plan on a minimum of 3 month investment 
4. The more mail you drop the more calls you get

-Ben Anderson