Mortgage Leads, Grab Your Customers Attention

If you are a mortgage broker or loan officer and you are currently buying mortgage leads, or you are thinking about buying mortgage leads, here are a few ideas on how to get your customers attention.



Most mortgage lead companies will sell their mortgage leads up to five times, so you can pretty much count on competing with other loan officers.



When calling your customer for the first time, be sure you are armed with the knowledge of some mortgage products you believe would benefit your customer based on the information you received on the mortgage lead.



If a customer tells you they are no longer interested, most likely it is because they are working with another loan officer or mortgage broker.



So, if you have done your homework, you will be able to say something to the effect of "oh, I'm sorry to hear that Mr. Smith, I have some really good mortgage products and rates I'm sure would have benefitted your needs."



I guarantee that your customer will once again be interested in what you have to tell them, and more than willing to listen to what mortgage products you have to offer.



Also, if you have to leave a message on the answering machine, don't just leave your name, number, and the mortgage company you work for. Let them know that you have mortgage products and rates that you know they will be interested in hearing about. This will highly increase the chances of your customer calling you back.



One more thing, if you want to wipe out your competition all together, you may want to consider buying mortgage leads exclusively.

Sub Prime In Real Time

If you are a loan officer or mortgage broker looking to purchase mortgage leads by way of the internet, you should seriously take sub prime internet leads into consideration.



It is sad to say, but people with poor credit do not have the luxury of walking into their local bank and obtaining a mortgage. As we all know, banks primarily deal with customers who have perfect credit. And if the customer is fortunate enough, they will be referred to an outside company where sub prime loans are originated.



Because sub prime customers can not depend on their local financial institutions for mortgages, they will turn to the internet in search of a loan officer such as yourself who works with wholesale lenders in the hope of getting a mortgage or their current home refinanced.



If you are not already working with sub prime customers, you should look into doing so and align yourself with the wholesale lenders who work with poor credit and get to know their products well.



As far as the lead companies you decide to invest with are concerned, look for the ones that obtain and sell their leads in real time. With this type of lead you will be dealing with customers who are anxiously awaiting your phone call.



Steer clear of the lead companies that sell dated or recycled leads. I'm sure you are familiar with the frustration of being hung up on, or being told by the customer that they already closed on their deal.



When looking for real time lead companies, be sure to do your research.



Call and ask to speak with someone in the customer service department. And remember, if the service and information are not to your liking, than move on because you can guarantee that the leads will not be to your liking either.

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.

Sub Prime Internet Mortgage Leads

If you are a loan officer or mortgage broker looking for sub prime internet mortgage leads. Look for a lead provider that allows for you to view the lead before you buy it.



Also, look for lead providers that gather information that is important to loan officers looking for sub prime leads. For example, when working with sub prime customers, you want to have leads that offer a comment section so that you can get a good idea of what the customers needs are and you can than base your decision to buy the lead based on this information.



Lets say you call a prospect and they tell you that the bank has already begun the foreclosure process. Chances are, this is a dead lead for you.



Now, if you have the opportunity to view the lead before you purchase it and you can see what comments the prospect has made on the lead and they stated that they were heading into foreclosure, you probably never would have bought the lead to begin with if you did not specialize in foreclosures.



Take the time to research the internet lead providers that are out there.



There are many, so take your time.



Here are a few things you can look for.



Where does the internet provider obtain their leads from?



Make sure the lead company that you are considering obtain their own leads. By this I mean, make sure they obtain them through lead generation web sites they own and operate on their own.



Steer clear of the mortgage lead companies that are recycling their leads or are purchasing their leads from third party vendors than selling them to loan officers at a profit.



You don't want to call a customer and have them tell you that you are the tenth person to call them this week.



Also, make sure you speak with someone in customer service. It is always good to know that there is someone to speak with in the event you need some assistance or you are looking for a refund on a bad lead.



And remember, the type of customer service you are provided with should be a clear-cut indication of the quality of the leads you receive.



If the customer service stinks, than most likely the leads will also.