Mortgage Marketing Tips

Partnering with a direct source for lead generation that can provide you with quality mortgage leads daily is imperative to compete in today’s challenging mortgage industry. As a mortgage lead generation company with headquarters in San Diego, we are in the mortgage marketing trenches of this California housing crisis.  In addition to selling exclusive mortgage leads in all 50 states, the Lead Planet provides custom web-design and SEO marketing services to promote your website online.

California mortgage lenders and brokers have been on the up and up over the last year as down-sizing and streamlining have been a few keys to mortgage companies staying in business.  Record low California mortgage rates have helped revive the mortgage industry a bit, but mortgage guidelines have tightened to a point of pain. 

A recent mortgage marketing study indicated that less than 2 out of 10 loan applicants is getting approved for a home mortgage today.  Subprime and stated income loan programs have vanished.   That means that good credit borrowers who have a mortgage that is greater than their home value will likely have no refinance options. Borrowers who have late payments and bad credit scores should focus on a loan modification, because refinancing is out of the question.  It also means that 90% of self-employed borrowers are scrambling to qualify to meet today’s underwriting requirements. 

The Lead Planet understands the challenges of mortgage marketing and we know it is difficult to get good mortgage leads from borrowers who are not only interested but who also have the qualifications to get approved with the current lending standards.  The Lead Planet recommends the following initiatives to maximize mortgage marketing strategies in today’s economic climate.

  1. Partner with a mortgage lead company that generates their own leads.  Avoid buying leads from a lead broker, because you will never know how many times they have been sold and when you actually get an applicant on the phone they will likely been angry because they have bombarded by a 20 mortgage brokers hounding them for their loan business
  2. Try and extend your licensing to multiple states.  Being licensed only in your home state will limit your ability to buy a quantity of good leads.  Mortgage companies that are licensed in 10 or more states have a much greater chance of succeeding because they have a bigger pool of leads to call on. 
  3. Expand your loan origination niches.  Even though you love refinances, you need to start selling purchase loans now too because we are in a purchase market.  Refinancing has tight guidelines and 40% of the country has their mortgage underwater.
  4. Add government mortgages to your bag of tricks.  FHA and VA loan programs will provide your loan team more opportunities to fund more loans.

To get a free mortgage marketing consultation, call 888-271-9581.

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