Not All Loan Modification Leads Are Created Equal

As the title of this article implies, it is without question that the quality of a lead whether loan modification, debt settlement or home refinance is dependent on properly targeting the sample group using current real time demographic specifications that can be used to compile a data list of leads. The quality of the lead is also dependent on utilizing the compiled data list with a reliable technology that can be used to generate a prospect which could potentially turn into a sale. Companies or individuals that are looking to purchase loan modification leads should inquire about these factors with their vendor prior to finalizing the sale.



After all, the cost per acquisition will dictate how much money would need to be invested in order to generate at least one sale out of x amount of leads. Your C.P.A. should be around $75-$250 assuming there is a quality sales person closing the prospect and the hired vendor is using quality data and sound lead generating tactics.



I have found that loan modification leads, debt settlement and refinance leads have a high closing rate (20%-30%) when technologies such as live voice broadcast or predictive dialing are being utilized to generate the prospects.



In addition, it is equally important that the data source (Credit Bureau vs. Local County) is of quality value and the criteria used to extract the data could potentially fall under a loan modification candidate. The closing rates have been shown to increase when a lead generation specialist combines these technologies with this data source because we know the exact financial position of the prospect at the time a broker/call center communicates with them.



In contrast, an Internet generated lead using a form simply cannot guarantee that the information is 100% accurate.



Internet generated leads have its place but if you want to cut down on costs and have the power to get your phones to ring with quality prospects (real time credit bureau data) then live transfer voice broadcast leads or predictive dialing leads is the way to go.



Using credit bureau data is far more advantageous than local because there is a time lag in reporting to the counties. Credit bureau data is real time allowing the vendor to cherry pick the candidates so that it cuts down costs to the buyer and increases the probability of a sale.



A quality loan modification lead generation specialist should be using targeted demographic criteria which includes home owners that obtained a loan on or before January 1, 2009, possibly under foreclosure, payments that are 30, 60, 90 past due, borrowers with an adjustable rate mortgage currently paying high interest rates, minimum home value of $100,000 and L.T.V. of at least 85%.



Once this data is extracted by the lead vendor it can be used with voice broadcast technology to potentially produce a prospect for a broker or call center.



The vendor now has the ability to call and voice broadcast a loan modification message to thousands of loan mod prospects. As an example, the broadcast message will give the loan modification prospect an option to press #3 on the phone which will connect them to a call center or broker. The beauty of this technology is that the broker or call center can dictate throughout the day when they want to receive calls, how often and how many.