Sales Lead Generation Guide » mortgage refinance

Now Is The Best Time To Purchase A Mortgage Broker Lead

Jes — Thu, 19 Nov 2009 18:55:18 +0000

The world of mortgage marketing is a constantly evolving one. It has gone through more changes in the last couple of years than most industries have seen in their lifetime. For an individual loan officer or mortgage broker to be successful through all this turmoil, he or she needs to have very large levels of sales lead generation.

Mortgage broker leads become much more important than the sales leads of other industries, because they serve more purpose than just putting a broker in contact with a prospective client. The rules and guidelines of mortgage lending change on a very regular basis, and do so more than any other industry out there. This makes it very hard for a loan officer to be able to know exactly how the underwriting process works for a particular niche of product. The only way to learn how changes affect lending is to actually go through the process of getting a loan approved under the new guidelines.

This makes for a large problem, because the only way for a broker to do this is to have a very large pipeline and loans in many different scenarios. This is why mortgage leads are so much more important that life insurance leads or other types of sales lead.

A mortgage broker who is running a good campaign of purchasing mortgage refinance leads will be in contact with a much greater number of clients on any given day than one who is not. This greater level of contact will lead to a greater level of lead generation, and this will, in turn, lead to a much greater knowledge and understanding of recent underwriting guideline changes.

The traditional forms of lead generation are still important for a successful mortgage broker, and need to be in place to compliment a good sales lead campaign. But, without the purchase of internet leads, telemarketer leads, and trigger leads to go along with email campaigns, postcards, mailers, and past client follow up, a mortgage broker stand no chance for success.

Mortgage refinance leads are prevalent enough on the internet that it is easy to find a lead generation company that has strong pricing. If a broker tailors a good internet lead campaign, return on investment is not only strong, but also happens very quickly. In a matter of weeks, a broker will start to see results.

If you have not made the switch to mortgage broker leads, it is not too late. Make the decision now and watch your pipeline grow exponentially.

Purchasing Loan Leads Is A Great Option In Today’s Market

Jes — Tue, 17 Nov 2009 16:41:30 +0000

A mortgage loan lead is an important part of any originator’s business strategy. There are many different methods of sales lead generation, and it is sometimes hard to determine what the best route is.

The important thing to remember is that you need to get as many loans as possible with the least amount of time spent on obtaining your mortgage leads. Some methods of obtaining new clients seem like they are a great idea until you step back and look at how much time you had to spend in order to get each of the new mortgage loan leads.

Whether you specialize in mortgage refinance, purchase business, or loan modification, you need to streamline your lead generation into the most efficient vehicle possible. Every minute wasted is another that could be used to garner more clients.

Many originators forget about this rule and spend disproportionately large amounts of time targeting customer bases that simply do not yield the highest number of leads. Examples of this are calling past customers, creating email newsletters, and cold calling lists of homeowners. These methods do, in fact, produce leads, but the amount of time needed for each can be much better spent if you are simply buying mortgage loan leads.

Unlike the other forms of sales lead generation, purchasing mortgage leads requires almost zero time from the actual loan officer. Initially, there will be some time spent tailoring the correct level of leads and creating the right campaigns. However, once this has all been ironed out, the only thing left to do is sit back and watch the phone ring.

The other big benefit to purchased loan leads is the level of warmth received from the actual clients. Unlike the clients that you get from cold forms of solicitation, the clients you speak to from purchased loan leads will be very interested in talking with you about their mortgage situations. These customers are leads because of the fact that they have actively been researching mortgage options and looking for help. Especially in today’s market, if you are able to offer a loan program to them, they will be more than receptive.

If you are trying to thicken your pipeline, it is time to stop wasting time on ineffective sales lead generation. Find a good lead provider, spend the time it takes to custom make a campaign that fits your sales approach, and sit back and watch your sales grow.

Reverse Mortgage Leads Are Your Entry to the Next Level of Origination

Jes — Thu, 05 Nov 2009 20:20:45 +0000

It is not news that it’s become more difficult to get a borrower approved. The programs that used to be there for you don’t just have tighter underwriting guidelines. They don’t even exist anymore.

With the death of Sub-Prime lending, a gap was filled by the FHA program. The FHA program had high LTVs, no credit score requirements, and most importantly, had amazing interest rates. But, this has all changed. A cash out mortgage refinance is now limited to 85 percent LTV. Almost all of the FHA banks have implemented at least a 620 score minimum. But, most frightening is the new adoption of the HVCC guidelines. Come January, FHA loans are going to be just as hard as any other loan out there to get approved.

But, this isn’t the end. There is still a great customer that has almost certainly been overlooked by you up until now: the reverse mortgage lead. The problem in the industry right now is not the mortgage leads. There are still as many available customers as there have ever been, there just aren’t the programs to get them approved. But, the guidelines for reverse mortgages haven’t changed at all.

These mortgages are not only a great service to homeowners, but they are incredibly easy to close. For the most part, the processing will be handled almost entirely by the bank itself. You are able to make strong fees on them with minimal work. But, the problem with them is lead generation.

This is not an easy market to tap into. A borrower must be at least 62 years old in order to qualify for a reverse mortgage. By this phase of someone’s life, typically, they have already found all the professionals that they rely on. If you aren’t already that professional, it is going to be very hard to become him.

But, fear not! It’s almost certain that the same companies you have been buying your refinance leads from also sell reverse mortgage leads. And, rest assured, these are good leads. Typically, these are not internet shoppers. These clients have expressed an interest because they actually have one, and they will be happy to hear from you.

So, call your account executive and ask them if they can walk you through the process of originating reverse mortgages. It will be one of the best decisions you will make in your originating career.