Mortgage Lead Misery: 7 Agreements To Avoid
By now youve realized that when buying mortgage leads online
, you have to read the fine print. But who really reads it? Like most mortgage professionals, youprobably scan the Terms of Service (TOS)or check a box that youve read them and never look back.
This could cost you.
While the fine print can feel painful, it also reveals everything you need to know about your future lead-buying engagement and whether youll get a real deal or a raw deal. Some agreement details are justworth avoiding. Here are seven of them:
Account Activation Fees
You like how some mortgage lead companies promote No broker sign up fees,but beware: burieddeep in the TOS you might find an account activation fee. One company that promotes no sign up fees,charges an account activation fee of $500. That amount gets credited to your account for you to use (in full) toward your initial block commitment of leads within 60 days along with any other deposits. But note its a store credit, so if you leave before using it all, you lose it all.
Increasing Service Fees
After the first three months you might notice the service fees you agreed upon suddenly increase. Why? One well-known companysfine print states that service fees are fixed for at least three months, but after that, the company can adjust fees every three months up to five percent.
Charging for Idle Months
Dont go on vacation without purchasing leads! If youre an on-again off-again lead buyer or youre planning a leave of absence, take note: Some companies charge you an administrative account maintenance feefor no activity that calendar month.
Charging for Turn Down Requests
You want to turn down your minimum daily, but at what cost? One major company honors your request as long as you agree to accept an increased volume over the next 30 calendar days in an amount that covers the loss, oryou pay for the value of the difference caused by the turn down request. The company also adds that itmay subject you to a fee of $500for the turn down requestat their discretion.
Charging to Charge
Some companies keep it simple: You prepay for leads and receive those leads (see RateMarketplace). But most of the time it doesnt work that way. Some lead costs vary depending on the filter choices you make. Some companies charge for add-ons or changes. Some have subscription fees and other charges determined by lead volume. This info requires some digging around as its not always covered in the TOS.
Deposit Amount Minimums
Free spirits may not like the restriction of what some companies call a continuing user account minimumalso known as the minimum deposit amount accepted to fund your account. One such companys minimum is $250, but this amount varies. Pair that with a few of the additional fees on this list, and you could end up spending much more each month than planned.
Parting Ways
If you think you cancall it quits when you run out of money, you might have to think againand in advance. One company lets you terminate your annual agreement after giving 30 days written notice, but other companies require 60 days advance (accompanied by an account termination fee!).
And reading the terms and conditions once sometimes isnt enough. Many companies reserve the right to change their policy details without prior notice to you, assuming you will read it regularly.
One way to find these hidden fees and misery makers up front is to do a Ctrl+F search in a mortgage lead companys policy for some of the terms above or the word fee. You could also read the full TOS. Who knows, maybe youll find a few more surprises to avoid!
by: mortgageleads
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