Qualifying Mortgage Leads

Mortgage lead generation is a challenging trade because so many interested prospects don’t qualify for home financing.  The recent credit crunch and subprime mortgage meltdown devastated the mortgage industry.  Thousands of lenders, banks and brokers went out of business.  The few lending companies left tightened their guidelines so significantly that caused very few applicants to qualify for mortgage financing.  This lending shift created many obstacles for mortgage lead generation because so many people online were unable to get approved for refinancing or home buying.  Internet mortgage lead quality will vary significantly between lead companies.

When buying mortgage leads, there are a few important things to consider.  First, you need to know how many other people are calling your prospect.  Even if you are buying exclusive mortgage leads, there is a good chance that your lead may be shopping around online with other mortgage companies.  We recommend asking the prospect about the other offers they are receiving from other lenders.  Is your competition sending the prospect disclosures or are they just quoting them mortgage rates arbitrarily without even considering their credit scores or calculating their debt to income ratio.  Anyone can quote low rates, so it is important to make sure that your prospect is comparing apples to apples.  After you run the borrower’s credit, check the inquiry section of the credit report and you will see who else has run their credit recently.

Lead Planet has an experienced staff that can help you launch a successful mortgage lead campaign.  Call 619-600-5720 for a Free Mortgage Lead Analysis.

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