The mortgage liquidity urgency has hit independent mortgage brokers hard. Fewer consumers are qualifying for loans, and those who do are requiring more time to do so. In addition, home sales are declining in most areas, so the whole of new home loans is down. All of this means fewer clients and less company for the midpoint mortgage broker. Fortunately, new developments in the internet lead store are helping some brokers thrive, even in the reputation crunch.
Traditional mortgage leads are gathered from consumers who go online and request a quote for any kind of home loan: new, refinance, second, home improvement, and debt consolidation. The completed form-with the consumer's name, address, phone number, and other data-is sold to a broker as a sales lead. The company generating the lead "scrubs" the data to prevent bogus data from reaching the broker. The lead generator accomplishes the validation by "pinging" the data against assorted databases. The process is automated, so it takes only seconds to verify the accuracy of the lead. Because the validation process is instantaneous and the leads are immediately emailed to the broker, internet-generated leads are often marketed as "real time" leads.
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For the past decade, the industry has made only incremental improvements in lead validation and delivery. A few years ago lead generation companies introduced "live transfer" leads in which they call the consumer, verify interest in the loan, then change the call to the broker. Recently, however, some lead generation companies made improvements to the internet lead model that can only be described as revolutionary.
Taking advantage of newly formed strategic alliances, internet lead companies are not only accessing databases to verify the accuracy of buyer information, but they are also appending queried data to their leads to make them more essential to mortgage brokers. For example, iLeads.com of Newport Beach, California, has aligned with First American Financial CoreLogic to append detailed property and loan data to its mortgage leads at no added charge. Instead of receiving a "short-form" lead containing only the basics about the consumer, brokers buying leads from iLeads accumulate a long-form lead that includes detailed data such as property size, Apn code, the customary lender, appraised value, and first and second mortgage amounts. With this data at hand, the broker can rate the anticipation and adopt the suitable product before development the call.
The data appended to a mortgage lead solves an additional one problem that has vexed the internet lead industry: buyer inaccuracy. A study by Bankrate.com reveals that 34% of consumers do not even know what type of loan they have. Others know the type, but not details about interest rates or loan balances. As a result, the data they contribute often turns out to be inaccurate. Long-form leads with appended data remove the guesswork from the process. They replace erroneous buyer input with accurate data. This eliminates time-consuming question-and-answer sessions on the phone, allowing the broker to make more calls and close more deals. It also helps the broker gait with confidence, knowing there will be few if any surprises as they gait with the loan.
Long-form mortgage leads won't solve the reputation crisis, but they can help brokers work more efficiently and profitably.
Mortgage Leads With More Data Bankrate Mortgage Calculator
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