Sales Lead Generation Guide » exclusive mortgage leads

Exclusive Mortgage Leads Are Your Best Bet To Increase Your Business In The Upcoming Year

Jes — Sun, 15 Nov 2009 06:15:26 +0000

Let’s face it. Sales lead generation is not as easy as it once was for mortgage professionals. The problem is not the same as it used to be, though. The mortgage market used to be flooded with brokers, bankers, and loan officers. It was almost guaranteed that every potential client that you talked to, even referrals, were going to be talking to another loan officer as well.

In order to find success in the boom market, lead generation had to be tailored to this kind of high-level competition. In those times, it became a simple numbers game. A good loan officer would buy the largest batches he could of mortgage leads and refinance leads and blow through them as fast as possible. The idea was that the more people you talked to, the higher the likelihood that they would choose your prospective loan over some of the others that they were shopping.

This was a good approach, and it found a lot of people success. In a time where hundreds of thousands of homeowners had higher rates than what were available, there were hundreds of thousands of refinance leads available.

These borrowers are still here. As of Friday, mortgage rates for a thirty year fixed rate on the FHA program were down to 4.5%. This is the lowest they have ever been. Despite the foreclosure crisis and the lending crisis, there are still many homeowners looking to refinance.

The difference now, however, is that there are not nearly as many loan officers or mortgage bankers left to compete with. If you have made it through the down times, you know that it just is not the same as it once was. This is a good thing for you. It now becomes a situation where you can go into ever conversation with a new lead feeling confident that the broker up the street is not calling them as well.

The problem is that, unlike before, most of these clients are going to be people that you cannot help. Between the tightening of lending guidelines and the serious recession we are currently in, there just are not nearly as many qualified borrowers left. So what do you do?

There really is only one answer. In this type of mortgage economy, you are going to make your best money from an exclusive mortgage lead. These borrowers have already been screened, so you know that you can help them. More importantly, however, is the fact that they are not going to be talking to anyone but you. These are the leads that will cost you less work to convert, and will allow you to have a much higher average fee as well.

The Best Return on Your Investment is a Mortgage Lead

Jes — Wed, 04 Nov 2009 21:15:40 +0000

They take a lot of work, but purchased mortgage leads are the best thing available for quick returns. If you’ve been in the mortgage business for any amount of time, you know that it’s not like it used to be. But why is that?

Is it because people don’t have financing needs anymore? Of course it isn’t. There are just as many people now in need of new mortgage financing as there were in the peak of the last refinance boom. The major difference is that the loan programs to get them all approved are no longer there. But, there are still plenty of loans that are moving along full steam ahead.

With the decline in sub-prime lending, something had to take its place. Between FHA loans, commercial loans, and reverse mortgages, there are still a lot of opportunities to help a borrower out of a bad spot. But, you can’t help these borrowers out if you aren’t talking to them.

Mortgage lead generation should be the easiest part of your business. 85% of all loan officers did not renew their licenses last year. But, there aren’t less people in the market for mortgage financing. So, why aren’t you talking to more clients than you used to? The answer is because you aren’t buying exclusive mortgage leads.

Mortgage leads aren’t like they used to be. At our peak, there were almost as many mortgage brokers and loan officers as there were borrowers. It was almost impossible to speak to any customer who hadn’t already been solicited by five other loan officers. But, there just aren’t enough of us left for this to happen anymore. A mortgage loan lead now is something completely different from what it once was.

If you buy commercial loan leads, the chances are incredibly slim that you’ll be competing against anyone else. These borrowers will be competing for you to get them approved. Absolutely anything you can do to help will create a client for life. Reverse mortgage leads will not only bet great mortgage loan leads in and of themselves, but will actually turn into a marvelous referral source on their own right.

If you aren’t already, and if you aren’t happy with your current level of output, you need to be buying mortgage leads. Within the first month, you’ll find yourself with a bigger pipeline than you can remember having.

Are Mortgage Leads Worth the Money?

Jes — Wed, 04 Nov 2009 20:33:15 +0000

If you have spent any time trying to work with realtors and hope for referrals, then you have put thought into the question of mortgage loan leads. Are they worth the cost? What kind of return will I see? Am I better off sticking with referral business?

Well, the short answer is yes. They are worth the cost. However, to make them work for you, you’re going to need to really commit yourself. A mortgage lead doesn’t work the same way that a customer referral or a realtor referral does.

For the typical loan officer, mortgage lead generation consists of calling past clients or calling realtors and asking for referrals. When those referrals come through, it is a slow process of soft selling, as the clients probably feel trust for you, because they were referred from a friend or someone they trust. With a mortgage loan lead, you must not let a minute waste. The minute that you get the leads, whether they are exclusive mortgage leads or if they are being shopped to other brokers as well, you need to get right on them. Every wasted minute that you don’t call is another minute that the customer has a chance to find other financing options.

The other big thing to remember is that you must be diligent. Many times, you will not reach the customer on the first phone call. In fact, in some cases it will take weeks of calling before you finally get contact with the customer. Therefore, it’s important to have some sort of contact management system in place. You need a daily remember to call the lead, and you need to take notes each day.

Once you’ve gotten in contact with the customer, they will be like every other mortgage lead that you’ve generated on your own. If you have a polished sales approach that has worked for you in the past, it will work here as well. You just need to get over the initial contact barrier.

Whether you are buying purchase leads, or debt consolidation leads, or commercial mortgage leads, or reverse mortgage leads, it will all be the same. Do your work, and do it right, and you will find a high level of success. Success with increasing your bottom dollar or profits is at the utmost importance. I hope this information was useful to you. Please use our Search feature to search for more articles.