Mortgage Lead Buying Guide - Quality Vs. Quantity

The mortgage leads industry has exploded in recent years

. There are companies that sell leads, and companies that provide the back office systems to handle the lists for lead buyers. There are many types of leads, from live-transfer and loan modification leads to FHA and Debt Settlement leads. These leads come from a variety of sources. In most cases, the consumer has contacted the lead generation company by responding to a television commercial, completing an online form or a form that was sent as part of a direct mail marketing campaign. This qualifies the leads as active, reducing cold calling.

Mortgage brokers and lenders purchase lists of names that meet specific qualifications. The pricing structure for mortgage leads varies by company and by type of lead. Live transfer leads are transferred to a sales representative as soon as interest and need is expressed. Prospects are pre-qualified by an inbound sales agent before being transferred to the mortgage broker or lender. Companies with skilled agents that offer products and services to close a live prospect immediately have high close rates. The agents assist the prospect in selecting the most appropriate program for their needs and can deliver the information accurately.

Loan modification leads are those qualified home loan leads consisting of consumers who have an existing mortgage. Many of these mortgage leads are converted within 24 hours. This is also known as a loss mitigation lead. The leads in this market also include foreclosure and short sale leads. Brokers are working with banks to help homeowners restructure their existing mortgages for reduced interest rates and lower monthly payments. When purchasing mortgage leads of this type, filters may include first time home buyers, home owners who want to refinance their existing adjustable rate mortgage (ARM), or to prevent foreclosure.

Debt settlement leads are from prospects looking for a fresh financial start. The requests for these leads are increasingly more common. Late fees and high annual interest rates are becoming unmanageable for many consumers. Due to the high percentage of defaults, creditors are willing to negotiate payments as credit card debt is unsecured and bankruptcy courts frequently force the creditor to forgive the debt. Weakened real estate values and low credit scores prevent homeowners from using home equity loans as they have in the past. These are all extremely important points to keep in mind and there is still so much more to learn on this topic!

by: Troy Truman

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