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5 Ways to Compare Mortgage Lead Generation Companies
With profits margins shrinking for loan origination, it is imperative to buy internet mortgage leads with authority from trusted mortgage lead generation companies that have a proven track record. You need to connect with a mortgage lead company that understands your niches in addition to having the ability to supply you with the volumes and loan types you need. If you specialize in home loans for first-time home buyers, then make sure the companies you are considering provide purchase leads. Find out who has the best reputation for quality leads? Compare lead companies for internet mortgage leads and usually it’s optimal to work with several good companies like the Lead Planet, Lending Tree, etc. Try and avoid spending your entire marketing budget with one company.
1. Ask your colleagues and mortgage professionals that you respect to uncover potential lead sources with verified reputations. Sometimes you may find out who has the best reputation for quality leads through online reviews of internet mortgage leads, but consider the reviews with a grain of salt. When you ask around, inquire about price (compare exclusive and non-exclusive prices), customer service, lead quality, and return policy. Find out who has the best reputation for quality leads through experiences.
2. Investigate mortgage marketing opportunities and shop lead companies. Go to the website and ask about their lead generation process, the return policy, prices, and services. As you shop lead companies, keep track of each one’s answers.
3. One of the most important factors when you shop lead companies is to make sure you are working with a direct lead generator. Avoid lead brokers who resell purchased leads. A major factor in lead quality is the speed with which you follow up on the lead. When you make sure you are working with a direct lead generator and avoid lead brokers, you are working right with the source of the leads. See how fast they get the leads to you after you make sure you are working with a direct lead generator. If you can follow a lead right away, you have less competition and are more likely to avert the potential clients from changing their minds. Ask specific questions about lead generation to avoid lead brokers. Make sure you are working with a direct lead generator, where leads are acquired through the internet, direct mail, TV, or radio.
4. Verify how many time leads are sold and compare exclusive and non-exclusive prices.
Now that you know to avoid lead brokers, verify how many time leads are sold and compare exclusive and non-exclusive prices of the companies that are left on your list. Leads can be exclusive, or sold only once. When you verify how many time leads are sold, you can decide whether you want to pay for non-exclusive or exclusive mortgage leads. The cost of non-exclusive leads can vary quite a bit, so it pays to verify how many time leads are sold that are labeled non-exclusive. If a lead is generated online with integrity and sold 2 or 3 times then the chances are good for you to get a solid return on investment. If the mortgage lead is sold four times or more, then you will likely have a lower application to funding ratio.
5. Internet mortgage leads are often the most cost-effective and plentiful. By choosing to work with good companies like the Lead Planet, Lending Tree, etc, you help ensure that you avoid fraudulent websites. Work with good companies like the Lead Planet, Lending Tree, etc to get internet mortgage leads for a large market. Choosing to work with experienced lead generation companies like the Lead Planet will enhance your marketing results because you will close more refinance and purchase loans cost-effectively. Scott Deal, the National Sales Mgr. at the Lead Planet said, “Buying quality leads with the right approach is critical for achieving results.” Deal recommends taking advantage of your account manager’s knowledge because you might get some fresh perspectives that increase loan sales without breaking the bank.
Lower Mortgage Rates Driving Loan Applications Higher
Freddie Mac reported yesterday that the average rate on fixed rate 30-year home loans fell to 4.63 % for the week. That is the lowest conventional and FHA rates we have reported since December 9, 2010. The Mortgage Bankers Association’s weekly report noted that home refinancing activity spiked 9% last week mostly because of the availability of lower interest rates for homeowners that were not able to refinance last year when mortgage refinance rates fell to record lows. MBA also indicated that the purchase loan volume increased 6.7%. Read the original article > Home Loan Rates Drop to 5 Month Low.
Purchase Lead Options Surge Mortgage Marketing Online
Brokers and lenders across the country have shifted their focus to purchase mortgages in 2011. In an effort to meet the growing demand of purchase leads, the Lead Planet has increased their lead generation campaigns online to connect home buying prospects with loan professionals. We have increased the purchase lead volume 132% this year and our team will continue to produce quality internet mortgage leads. As one of the fastest growing mortgage lead generators, we pride ourselves in matching interested loan applicants with competitive lenders and brokers.
Choose from the following home loan lead types:
- First Time Home Buyer Leads
- FHA Mortgage Leads
- VA Home Loan Leads
- Conventional Mortgage Leads
- Jumbo Loan Leads
Take advantage of our purchase lead incentives and get 20% of your first order. (Minimum order is 100 leads)
Call 619-600-5720 to get more info on buying mortgage leads and setting up filters to meet your company’s needs.
Best Mortgage Lead Generator
One of the goals of most brokers and lenders is to allign themselves with the best mortgage lead generator on the internet. Loan professionals like internet mortgage leads because the conversion rates are pretty good and mortgage executives like them because they are cost-effective and easy to access. Direct mail and TV campaigns take weeks or months to generate leads and there is no room for error, because TV and mail are expensive types of mortgage marketing.
The Lead Planet has been generating mortgage leads online since 1999.
According to Lead Planet founder, Bryan Dornan, “We have become one of the best mortgage lead generators because we understand the needs and niches of lenders and we operate several hundred mortgage websites that rank high on the search engines.” Our most popular mortgage lead generation programs are the exclusive mortgage lead packages in which loan companies purchase a block of leads in advance that meet their filters. As the leads come in the company receives fresh live transfers or online mortgage leads. We also offer mortgage SEO solutions for companies that need help getting their websites ranked higher. The Lead Planet is the best way to invest in internet mortgage marketing, so call 619-600-5780 for a free consultation.
New Loan Compensation Rules
New loan compensation rules issued by the Federal Reserve Board under the Truth in Lending Act go into effect April 1, 2011. Effective April Fool’s Day, all mortgage lenders and loan originators are subject to the new rules. Many loan professionals are unhappy about the Dodd-Frank mortgage reform bill.
Overview- The new lending rules prohibit a loan originator from the following:
- Receiving compensation based on the interest rate or loan terms other than loan amount.
- Increasing their compensation by raising the consumers’ loan costs – for example by increasing the interest rate.
- Directing or “steering” a consumer to accept a mortgage loan not in the consumer’s best interest in order to increase the compensation.
These new loan compensation rules allow a loan originator to:
- Receive payment from the consumer or the lender, but not both.
- Receive compensation based on a percentage of the loan amount and volume.
Broker Compensation
An overview of how the compensation rules relate to brokers: Broker compensation can be paid as a percentage of the principal mortgage loan with minimum and maximum dollar thresholds. Broker Loan Officer (LO) compensation can vary by LO provided that the compensation model is the same for every transaction originated by that LO. Broker compensation can vary based on geography to allow for differences in the costs of loan origination, such as rent and other overhead expenses. Compensation models can change due to market conditions. The prohibition of paying compensation to loan originator based on loan terms and conditions does not apply to payments that the customer makes directly to a loan originator.
Mortgage Lead Podcast
Mortgage lead activity continues to increase, as compared to the previous month. Interest rates are higher, but loan applicants are back online seeking home loans. Refinance leads are up nearly 2% and purchase lead volumes are up 9.6% from December. FHA leads continue to be the most requested lead type.
Listen to the Lead Planet Mortgage Lead Podcast below:
Home Loan Leads Activity Up
Home loan leads rose significantly last week, increasing 14.4% to hit their highest level since May of this year. According to the Lead Planet weekly lead report, purchase leads have now risen for four of the past five weeks. Over the past four weeks, the MBA’s Purchase Index has raised an average of 4.0% a week. According to Michael Fratantoni, MBA vice president of Research and Economics, “The increase in home loan leads last week aligns with other incoming data suggesting that consumers are feeling somewhat more confident with their financial situation.”
The activity of refinance leads fell 1.0% for the and are currently at their lowest level since June, despite interest rates that remained relatively stable after a sharp jump the previous week following the Federal Reserve’s announcement that it would purchase $600 billion in Treasury securities to boost the economy. Refinance leads have been falling over the past month even as home purchase applications rose. Refinance leads are down an average of 4.8% over the past four weeks, despite expectations by many analysts that the recent rise in home loan rates would motivate fence-sitting homeowners to act before rates go any higher.
Free Internet Mortgage Leads for New Accounts
Today, the Lead Planet announced that the direct lead company is rolling out a free mortgage lead promotion for new accounts on Monday, October 25th. The mortgage marketing company said the initiative is designed to help lending companies fund more loans in slow months like November and December. As the government continues to bail out the banks, the Lead Planet believes that small lenders and mom and pop brokers deserve some assistance as well so we are offering 50 free purchase leads with all 100 lead orders from new accounts.
With the 100 lead program, new accounts can choose from the following types of internet mortgage leads:
- Conventional Leads
- Jumbo Leads
- FHA Leads
- Refinance Leads
- Purchase Leads
- Deb Leads
- Streamline Leads
The Lead Planet is excited to partner with lending companies looking for cost-effective internet mortgage leads that convert well. The Lead Planet Company said that the “50 free lead program” is for a limited time and will be honored until November 15th, 2010. A company spokesman believes that investing in 100 self-generated leads online is a great way to jump-start a loan company in a struggling economy and housing crisis.
Tips for Buying Internet Mortgage Leads
It is no secret that the mortgage industry has been battered in recent years, so buying mortgage leads has become more important than ever for loan companies across the nation. Banks and lenders have tightened their loan guidelines significantly recently, so you need to consider that choosing your filters for internet mortgage leads.
Great Tips for Online Mortgage Leads
1. Make sure that your LTV filters are in line with the loan programs you offer
2. Consider buying “Fair credit” leads if they are discounted. (Credit is subjective and some fair credit leads will turn out to be good credit)
3. Buy mortgage leads in as many states as you are licensed in
4. Negotiate a Volume Discount
5. Manage the leads you distribute to your team and hold each person accountable
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The Lead Planet offers a variety of online mortgage leads. Choose from the following:
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Savvy loan shops like online mortgage leads because they are cost-effective and perform well when buying leads from a direct lead provider, like the Lead Planet. Companies get in trouble when they start dabbling in buying cheap mortgage leads from brokers who resell old leads. In some cases, lead brokers have sold each mortgage lead 15 times. You can imagine how irrated these consumers would be getting calls from 15 loan officers. Needless to say, buying mortgage marketing from company that generates their own leads is worth the investment.
Social Media Marketing for Mortgage Companies
Good mortgage companies are always looking for new weapons to add to their mortgage marketing arsenals. Social media marketing has increased in popularity amongst mortgage lenders and brokers. If done properly it can help them generate local mortgage leads and referrals. Social media marketing is also a great way to maximize online reputation management. The buzz for social media marketing has been increasing over the past few years. Unfortunately, most lenders, brokers and loan officers have been slow to get up to speed with online marketing. Brand awareness is essential in today’s competitive mortgage market, so take advantage of the marketing tools that Twitter, Facebook and YouTube provide.
Maximize Your Image Online with Social Media Marketing
- Twitter – great social media site for posting articles and news. (Think new hires, new loan programs etc.)
- Facebook – very popular social marketing site that can help with reputation management and mortgage lead generation
- Stumble Upon – This social bookmarking website is a great way to promote your articles and webpages within the blogging community
As an added value service, the Lead Planet offers online marketing services like social media marketing for mortgage companies. Our internet marketing team offers mortgage SEO, custom websites and social media marketing to help bolster the image and reputation of your mortgage company image online. Our clients enjoy improved visibility online and many report generating solid mortgage leads from Facebook on a regular basis.