Why Select Your Lead Source for Your Mortgage Leads?

Unfortunately, there have been many disreputable Lead Providers in our Industry. Above, all, you need to make sure you are dealing with an established, reputable firm with a proven track record.

Nothing says reputable and trustworthy more than clients who repeatedly re-order Mortgage Leads from the same company week after week.

We take great pride in knowing our clients are experiencing great success with our borrower-initiated Mortgage Leads. Our own success and growth is a direct result of their success.

ALL MORTGAGE LEADS ARE NOT CREATED EQUAL If we have learned one thing, Mortgage Leads have value; some more than others; some a great deal more than others.

Some Important and critical factors to consider when considering purchasing Mortgage Leads include the Source, the Quality, the Age of the Lead, and the Number of Times the Lead has been Sold.

These factors will determine the ultimate value of the Leads. How efficiently they are contacted will determine a Client's success with them.

CONSIDER THE FOLLOWING SCENARIOS:

EXAMPLE 1:

Lead Provider "A" sells Mortgage Leads for $8 per Lead in blocks of 500: The SOURCE is a list of homeowners who have been in their current home for 8-12 years. Having purchased when interest rates were higher, one may assume they are candidates for a refinance. The AGE of these leads is unknown.

The NUMBER OF TIMES these Leads have been SOLD is also unknown.

The Contact ratio is in the 20% range.

PROBABLE SCENARIO: Your Loan Officers will spend weeks trying to contact all 500 prospects. 100 will actually be contacted. 85% of those prospects will have already refinanced (some more than once). Of the remaining 15 contacted, 9 will have sufficiently paid down their mortgage to a point where refinancing makes little sense. The other 6 have already been contacted by dozens of other clients and the likelihood of closing is remote.

Assume 2 of the 500 are closed. The average cost per lead sold is 500 x $8 /2 = $2000.

If your Gross profit per close is $3000, your gross return is $6000 on your $4000 Lead investment ($2000).

Not a lot of Value there, as the lost opportunity to focus your LO's on quality prospects is immeasurable, both in terms of business income, as well as the lost productivity and low job satisfaction amongst your LO's.

EXAMPLE 2:

Lead Provider "B" sells Mortgage Leads for $40 in blocks of 500:

The SOURCE is derived from a proprietary on-line Mortgage application targeted at individuals who have already indicated an interest in obtaining a Mortgage

The AGE of these Leads is less than 24 hours.

The NUMBER OF TIMES these leads will be SOLD is FOUR to 4 lenders simultaneously.

The Contact Ratio is in the 70-75% range.

PROBABLE SCENARIO: Your Loan Officers WILL spend far less time in contacting these pro-active, borrower-initiated consumers. (they are more than prospects as they have initiated the Mortgage Loan process).

Your LO's will be responding to, not initiating contact, and depending upon the effectiveness of your LO's, the number of closings will be significantly higher, and much easier to close.

Assume 70% are contacted immediately. Your LO's will be working 350 Leads from Consumers who have asked to be contacted.

Assume 20% of those 350 will be closed = 70 closings.

The cost per lead sold is the $20,000 (500 leads x $40) divided by 70 closed Leads = $285.

Using the same $3000 gross profit per close figure, your profit from these Leads is $210,000

$210,000 minus your $20,000 investment = $190,000 profit.

Certainly Value Here, and your productive LO's will have additional time to secure more business.

HIGHER QUALITY LEADS DO COST MORE TO PRODUCE

Does a higher price per Lead guarantee a higher quality or a higher closing ratio? Absolutely not. Does it cost a Lead Generating Company more to deliver higher quality Leads? Yes. Targeted Advertising aimed directly at individuals interested in a Mortgage has associated expenses, but captures quality prospects.

WHAT TO LOOK FOR IN A LEAD PROVIDER

There are many Lead Providers vying for your business - What should you look for in choosing one to help you with your business?

First, and foremost, know the SOURCE of the Leads being offered. The Source and the Quality often go hand in hand. If a Mortgage Lead company is obtaining its Leads from a state of the art on-line Mortgage Application site, you know the quality is high. The prospects themselves are originating the inquiry and are looking to do business now.

Does the Mortgage Lead provider have a dynamic filtering capability to allow clients to set their own parameters as to what types of loan products they prefer, what States they are looking to Loan in, Which LTV ratios they desire, What Mortgage amounts they prefer, Which types of Properties they Loan against, What types of Credit do they work with, or not, and similar sets of requirements.

Does the Lead Provider charge additional Fees for Filter Criteria parameters?

Does the Lead Provider have the ability to electronically deliver these Leads in a Format preferred by the Client?

Can the Lead Provider deliver Leads in REAL-TIME?

To how many Clients will these leads be sold to? Does the Lead Provider have a Semi- Exclusive option (ie; selling Leads to ONLY four Clients)? This feature is an extremely attractive option!

What are the ages of the Leads? If that question can not be answered, stay away. Even if those Leads are offered at $1 each, the work effort to produce anything meaningful will cost you much in lost opportunities. If the Age is now, immediate, within the hour, or even today, the value of those leads is great. A client would be foolish not to contact those prospects immediately.

Set up fees may or may not be required, but does the Lead Provider charge Maintenance Fees, and Back End Fees? Are these additional fees pervasive? Are there High Quality Lead Providers who do not charge any Front End, nor any Maintenance, nor any Back End fees?

Does the Lead Provider require an up front Contract?

Does the Lead Provider require a Marketing agreement or perhaps a credit application?

If a client is happy with an existing Lead Provider, current closing ratios, and cost of the Leads, does that mean that Lender couldn't close more business sooner by working with another Lead Provider? Certainly not. It may be worth a trial test with a limited number of Leads from another Provider to learn if your current success rate can be expanded. If you do choose a trial test, consider putting your best LO's on the test leads and ensure they respond immediately. Otherwise the test may not be a true reflection on the Lead quality.

Ideally, a Lead Provider should meet all of these parameters:

- Has a State of the Art Electronic Sourcing direct from individuals

- Is Able to deliver HOT leads immediately in REAL-TIME

- Is Able to filter leads based on Client Preferences without charging EXTRA for Lead Filters.

- Offers semi-exclusivity of Leads

- Can Deliver Quality Leads with high Contact ratios

- Offers Competitively priced Leads,

- Does not charge Front End, Maintenance, or Back End Fee

- Does NOT require a contract.

- Does NOT require a Marketing Agreement or Credit Application.

- Does NOT require payment up front.

Not so coincidentally, Your Lead Source fits this profile.

Your Lead Source is a mortgage lead generation company supplying quality leads to mortgage companies nationwide. Using state of the art internet technology, we bring mortgage lenders together with potential customers.

Our Participating Lenders tell us we have some of the best leads in the business. We would appreciate the opportunity to prove it to you.

Your Lead Source is currently generating thousands of leads daily, from all 50 states. These leads are available to you immediately via email. All are looking for a Lender to contact them NOW.

We bring Lenders and Borrowers together in minutes!

We do not Telemarket.

We are not a Mortgage Lender

We Bring Lenders and borrowers together. Our leads can be customized to fit your business needs and filtered by type (Purchase, Refinance and Equity/Debt consolidation) and can be classified (and filtered) by Prime and Sub-Prime. You can also specify within a range LTV and loan amount that is best for your business. (at no additional cost or fees)

Of course we can't guarantee your closing ratio, but we can guarantee our Leads are highly motivated potential purchasers and refinance individuals.

Like our current participating Lenders, once you have immediately contacted, and closed many of these leads, you will want to order more.

If you are ready to: Spend less time Prospecting, Lower your Cost of Sales, and Start Closing More Business: