Archive for Lead Generation Technology

Higher Contact Rates with Online Mortgage Leads Generated from a Direct Source

By · February 21, 2012 · Filed in Lead Generation Technology, Marketing Tips for Mortgage Companies · Comments Off

Have you been searching mortgage leads online that have not been sold too many times? Many loan professionals get frustrated with internet mortgage leads because they often get an angry response from an applicant that has been contacted too many times.  Many lead companies get greedy and sell their leads ten to twenty times.  So many lenders are advertising a “no cost mortgage”, how do you separate yourself from other loan companies and earn the prospect’s business? We suggest getting a hold of the loan applicant first and making a good impression.

At the lead Planet we never sell our home loan or refinance leads more than three times.  Our policy is to sell our online mortgage leads one to three times. Of course if we are selling a client an exclusive mortgage lead, then it is only sold once.

We generate leads ourselves with our proprietary websites and they perform significantly better leads that were purchased from a broker. When you buy leads from a broker you never really know how many times the leads have been sold. We offer both semi and exclusive mortgage lead programs that have been helping loan shops fund mortgages since 1999. Our unique system connects potential borrowers who are searching online for loan programs and lending professionals.

Why is the contact rate so important?  The bottom line is that high contact rates will increase your cost to funding ratio and raise the morale of your loan officers as well. The contact rate on our leads averages above 80%.  Our mortgage lead generation team can create a marketing strategy that works with your budget and production goals.

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Comparing Internet Mortgage Leads to Trigger Credit Leads

I get some interesting questions from mortgage marketing executives from time to time.  Today a representative from one of the larger banks asked me to compare internet mortgage leads to trigger leads.  This person was told that trigger leads have a better conversion ratio and so they wanted to know why they wouldn’t want to shift their mortgage marketing dollars.  I decided it would be a good idea to discuss the benefits and risks of both internet loan leads and trigger leads.

Online Mortgage Leads Versus Trigger Leads

I decided it would be a good idea to discuss the benefits and risks of both internet loan leads and trigger leads.  First of all for those that do not know, a trigger lead is a lead that is generated when a loan applicant has their credit pulled.  The credit report company sells the lead to a mortgage company that meets those credit filters.  The big problem for the mortgage company buying the trigger lead is that the loan applicant does not know who they are and usually they are not happy with some random company calling them without their consent.  Any way you cut it, loan applicants are blind-sided by the mortgage company who bought the trigger lead.  It is pretty shocking that trigger leads are legal.  I don’t see how it is any different than buying a spam email lead.  Both trigger and spam leads are generated in some part without the loan applicant’s authorization. 

On the other hand, internet mortgage leads are initiated by the loan applicant. Think about it — the borrower goes online and searches for mortgage companies to help them with a refinance or purchase mortgage.  Once the loan applicant submits their request to be connected to multiple lenders the internet mortgage lead is created.  The loan applicant is now expecting a phone call and email from the loan company who purchased the mortgage lead online. 

Trigger leads can be effective, but they require a very clever loan officer to get good results.  Most loan officers are not able to overcome the typical objections that come with the trigger leads.  It is much more likely to get better conversions with internet mortgage leads because the borrower is expecting your call.  Lead Planet is a direct mortgage lead company offers quality internet and live transfer mortgage leads.  We do not offer trigger leads.

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Online Mortgage Lead Committment

The importance of buying quality mortgage leads that convert cannot be understated.  The days of throwing money at any lead broker online and succeeding are gone.  In fact if you do waste your mortgage marketing dollars like that you will not be in business for long.  If you are a loan officer or mortgage broker there is no getting around that these are tough times for the mortgage industry.  The reality is that the home loan products available carry much tighter guidelines than we have seen in the last twenty years. That means if you are serious about being competitive, you need to buy mortgage leads from a lead generation company that can perform day in and day out.

Shopping online for the best mortgage lender to meet your borrower’s needs is indeed a challenge and that is why the Lead Planet has partnered with experienced mortgage companies that know how to close loans in this market.  If you have purchased 1000′s of leads two in ten will likely convert.  One in twenty is pretty standard these days with most lead companies. The Lead Planet has made a commitment to helping loan companies get better conversion ratios from their online mortgage leads. 

Mortgage lead buying is all about commitment and buying large quantities to get a return.  Buying 100 quality mortgage refinance leads could cost $2,500.00 (100 x 25.00 per lead). If you only get applications on 20% of the leads and close half of those loan prospects you are getting a worthy return on your investment. The key is to set your monthly budget for two to three months at a time. Stick to it and buy all the loan leads you can afford if you have a talented staff and lenders that are ready to fund your loan submissions. One of the most common mistakes companies do is to not buy enough leads or stop the online mortgage lead campaign too quickly.  We are proud of the fact that our clients tell us that our live transfer leads convert better than their other lead companies.

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Mortgage Lead Technology

The Lead Planet believes that lenders and brokers can benefit by incorporating the latest technology with their mortgage marketing efforts.  The mortgage lead generation industry saw the latest technology at the LeadsCon conference in Las Vegas.  With the mortgage qualifying efforts more challenging than ever, it is imperative that loan companies learn to buy qualified mortgage leads and then track the communication between the applicant and loan officer to maximize loan origination.

3 Ways to Maximize Internet Mortgage Leads

  • Tips from lead generation experts and how their successful clients are leveraging new technology?
  • Improve lead management with better lead tracking systems integrated with intelligence, and live transfer mortgage leads
  • Increase lead conversion rates for purchase and refinance leads

Watch this free webinar sponsored by Leads360 led by trusted lead technology companies. Now is the time to improve your lead tracking system and take advantage of new break-through technology.   Call the Lead Planet today and find out how integrating a lead management system like leads360 can improve your conversion rates for online mortgage leads.

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Mortgage Lead Buying Secrets

Believe it or not there is an art to buying internet mortgage leads.  Loan companies need to play the lead buying game some skill if they want to maximize their opportunities on the mortgage leads they invested in.  Sure it is important to hire a talented staff of loan officers with a competent sales manager that will make sure the leads get called in a timely manner.  Yes it is a good idea to integrate a lead management system like Leads 360 or Lead Mailbox.  But if you do all of that, are there any guarantees that you will get a good return on the home loan leads you bought with such good intentions.  Sadly no; in today’s mortgage market, loan originators have their hands full finding a borrower who qualifies because the lending guidelines have tightened to the point of being ridiculous. 

A recent Lead Planet survey found that less than 2 out of 10 loan applicants qualified for the home loan in which they applied for online.  A few years ago, a similar survey was taken and found that nearly 7 out of 10 applicants qualified.  Unfortunately the housing sector crashed, so millions of Americans lost their home equity and stated income loans were allowed and even encouraged. 

My advice for lead buyers is to find a lead company that doesn’t sell your leads too many times.  The Lead Planet sells their leads 1-3 times.  You want to find a mortgage lead source that has a contact rate.  With nearly a 90% companywide contact rate, the Lead Planet provides mortgage marketing that loan companies can work with.  Your loan team deserves to speak with loan applicants that eager to get a loan, rather than win a contest that offers them a free ipad.   Buying exclusive mortgage leads is nice, but can you afford not to buy non-exclusive leads that are half the price. 

Last week the Wall street Journal reported that refinance loan applications rose dramatically in April and this week Freddie Mac issued their report that home purchase loan applications had reached a 13-year low. Is this a true indication of the demand for home financing or the reality of the lending guidelines and underwriting for mortgage loans has tightened to the point that most borrowers already know they do not qualify. 

With interest rates at all-time lows and millions of borrowers needing to refinance out of their adjustable rate mortgage, you would think the lead volumes would be sky-rocketing.  The good news for loan companies out there that have not quit and can still afford to keep the lights on, is that the tide will turn.  Private money will come back into the market place and new loan programs will arise that create new opportunities for loan officers to close more loans.  Until then, get some good lending niches, FHA, VA, 203k, etc. Stay lean and mean and it wouldn’t hurt to find a lead company that you can trust. 

Our lead team can help with with lead generation, mortgage marketing and even search engine optimization. Call the Lead Planet at 619-600-5720 for a no cost lead buying consultation.

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Lead Planet Offers Mortgage Marketing with Organic SEO and PPC Management Solutions

Can you compete in this mortgage marketing arena or should you outsource the internet marketing to a lead generation expert?  Outsourcing the pay-per-click management makes sense financially for mortgage companies that do not have the ability to bring an expert in-house.  Nationwide Marketing offers pay per click advertising for mortgage lenders, banks and brokers. 

The Lead Planet has over a decade of experience with online mortgage lead generation.  We provide the following mortgage marketing services:

  • PPC Management – We research, create and manage Google Ads to generate mortgage leads cost effectively.
  • Organic Search Engine Marketing –Custom SEO campaigns to increase organic mortgage leads.
  • Local Search Optimization – This unique lead generation campaign is created to capture mortgage leads by region. (ie. “Los Angeles home loans”, “California mortgage lender”)
  • Mortgage Web Development -  Our web-design team will create a website with content, landing pages and online loan application.  Then our SEO team will optimize the site to maximize search engine rankings.

The Lead Planet has been doing mortgage lead generation successfully for over a decade and they have a proven track record generating quality mortgage leads organically.  For a free search engine marketing consultation, Call 888-271-9581 ext- 103

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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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Christmas Mortgage Lead Special

By · December 21, 2009 · Filed in Lead Generation News, Lead Generation Technology, Lead Planet Incentives · Comments Off

Lead Planet is pleased to announce a new Holiday special for mortgage leads.  your best mortgage marketing source providing quality mortgage leads, loan modification leads and debt leads for broker, lenders and mortgage bankers.  We specialize in the home financing industry for the past 12 years and have become the leader mortgage marketing online in the United States. 

Take advantage of our Christmas lead specials that include 10 free leads with every order of 50 or more internet mortgage leads. Call 619-600-5720 to get started with quality mortgage leads that convert.

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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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Comparing Non-Exclusive and Exclusive Mortgage Leads

By · November 16, 2009 · Filed in Lead Generation News, Lead Generation Technology, Mortgage Lead Buying Tips · Comments Off

Be prepared to pay more for exclusive mortgage leads, but verify with your account manager that you are getting an exclusive lead that their company actually generated the lead. (rather than buying a brokered lead that could have been sold ten times.)  In some cases non-exclusive mortgage leads can be cost effective as well as long as the lead is not sold more than four times.

Consider the cost per funding rather than the cost per lead. Companies offering cheap leads but have a high cost to funding ratio will not help you as much as the company that charges more up front per lead, but offers a lower cost to funding ratio.  Lead Planet President, Bryan Dornan continues to recommend having multiple marketing sources and visiting the Lead Planet for exclusive and non-exclusive mortgage leads.

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