A mortgage lead is information taken from a potential mortgage consumer.
Many mortgage brokers use mortgage leads to have a better idea on
what are the loan specifics their customers want.
The Internet has become a significant tool for both mortgage seekers
and mortgage brokers alike. This is because the Internet serves as
a portal for mortgage consumers and brokers to get information that
are pertinent to mortgages. Online application for mortgages has become
a trend. And each form that a borrower fills up will generate thousands
of mortgage leads that mortgage brokers can use. These mortgage leads
are available to you by a variety of online mortgage leads generators.
Ensuring quality in your mortgage leads
A high quality mortgage lead does not necessarily mean a mortgage
lead that closes. Quality in mortgage leads is judged according to
three criteria: freshness/novelty, accuracy, and truth.
As a general rule, the fresher the mortgage lead, the bigger your
chances of closing that mortgage lead. At a minimum, a mortgage lead
that is less than 48 years old is still considered quality mortgage
lead. Anything more than that lessens your chances of closing the
Accuracy in mortgage leads is important. Getting accurate data from
users is one of the biggest challenges that mortgage lead generation
companies face. Several software programs have been developed to ensure
accuracy in mortgage leads. One of the more recent developments is
a program that uses telephone/location verification.
The third criterion to consider when looking for quality mortgage
leads is whether or not the mortgage lead is true. A mortgage lead
is considered only true if that mortgage lead was actually generated
by someone who is truly interested in getting a mortgage. This aspect
of mortgage leads is very hard to determine but with a little research,
you might just be able to pull it off. Some websites offer incentives
for users who will fill out mortgage lead generation forms. To get
a high quality mortgage lead, it is best if you stay away from these
types of mortgage lead generation companies.
Mortgage Lead Expectations
“Patriotism is often an arbitrary veneration of real estate above principles.”
- George Jean Nathan
Closing expectations of mortgage leads, especially those that are
available over the Internet, are low. Closing mortgage leads at a
rate of 8%-14% is already considered a good thing. Accurate data in
Internet mortgage leads is only expected at 80%.
Closing Internet Mortgage Leads
As outlined earlier, closing mortgage leads depends on how quick you
respond to a mortgage lead. The quicker you respond, the better your
chances of closing a mortgage lead. The first thing you do when you
get your mortgage lead is make contact with the one who generated
that mortgage lead. Base the questions that you ask on the mortgage
lead and obtain clarifications on what your client wants. Follow up
your questions with quotes, again based on the mortgage lead generated,
to keep your clients from dangling.
Mortgage Lead Companies
Below are three leading companies that sell mortgage leads to brokers.
Loanbright.com – This company generates mortgage leads using their
new, patent pending, mortgage industry specific Sales Force Automation
tool called RMS.
Mortgage-X.com – This is another company that provides lenders and
brokers with high quality real-time mortgage leads.
Leads2Results – This company offers mortgage leads that come directly
from self-motivated applicants searching for mortgage loans.
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