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Mortgage Leads and Loan Originators Keys to Success

By · December 12, 2011 · Filed in Lead Generation News · Comments Off

In most cases the two most driving factors in loan companies succeeding in today’s market are mortgage leads and loan origination. You need good leads and solid loan originators to succeed. In the past lenders needed niches to succeed but in todays market there are very few options. Most lenders and brokers are selling conventional and FHA home loans. Since everyone is selling basically the same loan product it is more important than ever to buy quality mortgage leads.

The Lead Planet has been helping loan shops with mortgage marketing since 1999. We generate fresh internet mortgage leads for all types’ finance companies.

  • FHA Leads
  • VA Leads
  • Conventional Leads
  • Jumbo Leads
  • Home Equity Leads
  • HARP Leads
  • Refinance Leads
  • Purchase Leads

Call 619-600-5720 to get a free marketing consultation.

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Mortgage Loan Lead Volumes Jump

By · August 23, 2010 · Filed in Lead Generation News, Lead Planet News, Monthly Mortgage Lead Survey · Comments Off

For the third consecutive week, mortgage lead volumes rose.  According to the Lead Planet weekly survey, online mortgage leads increased over 18%.  Refinance leads jumped nearly 20% last week and purchase leads inched up almost 2%.  

According to a Lead Planet spokesman, “As mortgage rates break records, lead volumes rise, because consumers want to save money with a lower interest rate.”  We continue to see significant interest in government home mortgages again this week as FHA leads rose nearly 11% and VA leads increased almost 7%.  Debt and loan modification lead volumes fell nearly 2% from the previous week.  The Federal Reserve announced compensation restrictions for mortgage brokers last week, but as expected the news had little effect on the mortgage lead activity. 

Mortgage Lead Activity Spikes as Interest Rates Drop

The Lead Planet is a direct mortgage lead company that publishes a monthly report measuring lead volumes for home finance, debt and real estate industries.  The internet mortgage marketing company is best known for generating live and leads from their premiere finance websites.  They also posts a weekly mortgage lead report that is derived from the survey of over 1,000 mortgage companies nationwide.

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Lead Planet Posts Mortgage Lead Survey

The Lead Planet has been tracking mortgage lead online since 1999.  Each month we publish a mortgage lead survey that researches the mortgage lead generation results from over 1,000 home finance websites in the U.S.  The survey tracks the volume of online loan applications taken by mortgage lenders and bankers. The data gives mortgage companies a view of the consumer demand for home mortgages online.  The Lead Planet introduced the Mortgage Lead Report to act as a gage by measuring internet mortgage leads generated online. 

The Lead Planet Monthly Mortgage Lead Survey Tracks the Following Types of Loan Leads Online:

 
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Cost Effective Mortgage Lead Generation

By · July 9, 2010 · Filed in Lead Generation News, Mortgage Lead Buying Tips, Mortgage Marketing · Comments Off

Mortgage lead generation can be a costly component of business for a mortgage lender or broker, so it makes sense to construct a cost-effective plan that converts.  Advertising on television or radio and direct mail marketing can swallow your profits or investments quickly.  Buying internet mortgage leads is often a more cost-effective approach that converts well and keeps your team of loan officers busy. 

It is important to purchase online mortgage leads from a direct source like the Lead Planet.  You need to partner with a mortgage lead generation company that actually generates the leads online, rather than buying broker leads like most lead companies do.  It doesn’t hurt to buy leads from a few sources either.  Not putting all of your eggs in one basket is always a good business move.   Make sure you are buying leads from a company that does mortgage marketing towards your lending niches. 

The Lead Planet creates mortgage lead generation campaigns to meet your growing needs: 

  • FHA Leads
  • VA Leads
  • Refinance Leads
  • Purchase Leads
  • Conventional Leads
  • Jumbo Leads
  • Debt Leads
  • Loan Modification Leads
  • Home Equity Leads

Choose from real-time mortgage leads, live transfer leads, non-exclusive and exclusive mortgage leads.  For a custom mortgage lead generation solution, contact the Lead Planet at 619-600-5720 and get a complimentary mortgage marketing consultation.

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Originate More Loans Buying Purchase and Refinance Leads

I noticed that we have been getting a lot of inquiries for mortgage refinance leads lately.  That is not unusual, because traditional mortgage shops who have been buying internet mortgage leads for years like refinance leads.  That is what they have been originating when rates were higher and that is what they originate today as the interest rates have fallen to record low levels.  No one will argue that low rates are a good time, but refinance guidelines have been tightened more in the last three years than ever before.  A few years ago, millions of borrowers bought their home with a stated income loan, but today lenders are not offering stated income loans so most of these loan applicants are turned down when trying to refinance their mortgage.  Clearly the pool of qualified refinance applicants has shrunk so in most cases loan companies will have to buy more refinance leads to get a qualified borrower. This means higher credit report bills and an increased investment for mortgage marketing. 

Direct mail costs have risen and the return rates have been lower as well.  Many loan companies are surviving with internet mortgage leads, but the companies that seem to be funding the most loans every month are the shops that are buying both purchase and refinance leads.  Many loan officers say they don’t like home purchase leads as much because the prospects are not always ready to buy a home.  That may be true, but the purchase market is much hotter than the refinance market right now, so mortgage companies should be more opened minded to work purchase leads in addition to their beloved refinance leads.  The fact exists that there are more qualified purchase mortgage applicants than refinance applicants.  Most qualified homeowners have already refinanced to a mortgage with a fixed rate in the 5% range.  Most of the refinance applicants do not qualify for home refinancing because they have no equity or their credit scores are too low.  The Lead Planet recommends buying mortgage leads with filters of a blended mix of both purchase and refinance.  Take a minute and call the Lead Planet at 619-600-5720 and we will show you how to maximize mortgage lead buying opportunities with no obligation.

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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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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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Cost Effective Marketing with Aged Mortgage Leads

With the expansion of foreclosure prevention and debt relief, the Lead Planet has seen a increased demand for aged mortgage leads. Turn-down leads work very well when using them to sell Loan Modifications, Debt Settlement, Consolidation or Credit Repair. Vintage mortgage leads provide cost effective marketing for many alternative financial companies.  Typically aged leads are 50-60% less expensive than fresh internet mortgage leads

Many successful loan mod companies have been whispering that the best loan modifications leads are aged mortgage leads.  Many loan mod and debt relief firms like buying turn-down leads because they convert well and the sales professional contacting the lead gets to play the role of “Educator” and well as “Problem Solver” and “Sales Person”.  You may be the first person calling them that actually has a solution for this person who has been “turned down.”   YOU not only get to be the sales person providing the solution to the problem, but you also get to be a teacher, an educator.  You provide a solution which, in many cases, the borrower has little to no knowledge even exist.  You know where they are going to turn to next and YOU are already calling them before they hit the search engines looking for your product. You can’t get a better lead than that.”

For more information on aged mortgage leads, call 619-600-5720.

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Live Transfer Mortgage Leads Convert Better

Good mortgage leads are more of a commodity than ever.  The mortgage lending guidelines have tightened significantly and property values have diminished, so qualifying leads is more challenging than ever.  Stated income loans and bad credit mortgages have become a thing of the past.  Live transfer mortgage leads which are also referred to as, hot transfer leads occur when a lead generation firm transfers a phone call with a potential borrower to a mortgage professional. In most cases, loan officers spend too much of their time dialing out on unqualified mortgage leads, or calls that result in messages on answering machines. 

Since live prospects are qualified by the lead generation company, conversion rates are higher. The cost for live transfer leads vary by state and vary by how the live mortgage lead was generated.  For example a live transfer that came from a telemarketing lead will cost significantly less than a live transfer from a radio or television advertisement.  Call 619-600-5720 to learn more how the Lead Planet can make your phone ring.

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