mortgage leads

It is finally here…

Our new video training series for those targeting the FSBO market as a source of fresh leads. We will release the videos at a rate of 2 - 3 per week. No strings attached to watch them either! Simply click on the link, press play, and you’re ready to see the curtains pulled back on a marketing niche that few have conquered… Once you have the proper elements in place, the FSBO niche can offer a steady supply of qualified, motivated, leads.

You can enjoy the first video in the series here: http://www.fsboleadportal.com/fsboleadportalintro/

Enjoy!

Chad Weber - www.loanofficermarketinglab.com

Is there anyone out there in loan officer land who does not want to generate more leads? Or maybe you have more than enough leads flowing in, but you would like to see something a bit higher on the quality scale.

Don’t miss our fast approaching teleseminar series “Get Leads Now.” We typically limit our sessions to just 100 participants, so please register now by clicking:

http://loanofficermarketinglab.com/blog/events-and-recordings/

Scroll down just a tad after clicking, and you’ll see the registration form. I look forward to seeing you on the call, and don’t forget these events are interactive, so you’re welcome to submit any questions you may have. There’s never a guarantee we’ll get to all of them, but we’ll sure try!

Chad Weber  - www.loanofficermarketinglab.com

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I was just spoke to a representative at a major lead aggregator whom many of you work with that will be left unnamed (we spoke off the record) and he mentioned that they are significantly slashing their payouts for affiliates that generate leads for them. Coincidentally, I just saw this article at Leadcritic.com and it appears Lowermybills.com has also significantly slashed its payouts from $20 per leads to $6 (70% cut) and lendingtree.com has followed suit as well, although I don’t have figures.

One explanation being offered is that the current Fed Funds cut / rate decreases have sparked intense interest in the public and mortgage inquiries are up so much that companies are simply ordering less leads as they supplement their purchased leads with naturally occurring inquiries regarding lower rates. The idea being that this is necessitating a reduction in payouts by lead aggregators due to reduced revenue from mortgage companies. I’m not sure I buy this as a complete explanation as this reduction in demand for mortgage leads by mortgage companies is nothing more than a short term event, as long as there continue to be mortgages and mortgage companies needing to originate mortgages. I think there is probably an underlying issue of decreased revenues in play as well and this can also be affected by lead aggregators long term media buys and contracts that they are locked into and have to honor.

What does this mean to you? It means that now is the time to renegotiate with your lead providers, you may have significantly more leverage than you did even a month or two ago.

Author: Trace Richardson is the CEO of TraceCapital.com which provides No Closing Cost Refinance loans.

For mortgage brokers or loan officers looking to generate their own mortgage leads online, choosing a website design company is the first step in establishing an online presence. This means that one of your biggest concerns is being able to generate the most leads possible by having the highest internet mortgage lead conversion rate possible.

If you are like most people, you may not even know where to begin in making such a decision as to what website may have the highest conversion potential and so it is likely that you will rely on the advice of mortgage website designers you speak to. One common theme you will see among mortgage website design companies is that virtually all of them tout their “Secure Full 1003 Online Application” as a benefit they can offer you, so it makes sense that you would trust this to be the best choice for converting your website visitors to leads. Unfortunately, this is not the case, and as such, the customers of such mortgage website design companies have two things in common: 1) They employ the Full 1003 Application on their mortgage website 2) they are unable to generate mortgage leads. Why? The Full 1003 doesn’t work. It’s that simple.

Full 1003 Mortgage Application + Mortgage Website = FAIL

The results of our A/B testing, feedback from hundreds of Mortgage Brokers, and my personal experience is that having a Full 1003 Application on your mortgage website will significantly reduce, if not eliminate mortgage lead generation on your website. Borrowers are not willing to take the time necessary to fill out a Full 1003 and are even more unwilling to divulge all of their personal and financial information until they have built a rapport with a loan officer or mortgage representative. In fact, as a mortgage broker, I prefer to have the basic short form mortgage application information so that I can get information about assets, social security numbers, detailed credit information, etc. when I am building a rapport with the client anyways.

The bottom line is that the Full 1003 is a proven non-starter. The most rewarding confirmation is when one of our clients calls us in excitement in their first week using an Ipagio mortgage lead generation website to tell us that they are generating leads for the first time in years. I always explain to them that our website is simply converting their existing traffic, which their previous website with the Full 1003 was unable to do. The implication is that if you are using a Full 1003 application, you are not only losing valuable leads from online prospects, but are losing leads you could be converting from your marketing activities in other mediums (direct mail, radio, flyers, etc.) when those prospects visit your website to build trust in and learn about your company and are not converted.

The Solution

If not the Full 1003 application, then what application should I use to generate internet mortgage leads? To find out which application obtains the optimal amount of borrower information while obtaining the highest possible conversion rate, look no further than the most successful lead aggregators in the world such as lowermybills.com, mortgageloan.com, lendingtree.com, etc. You will notice a common theme in that these companies have come to the same conclusion on what type of application converts the best as they all use a very similar, if not identical, 4 Page Short Form Application on their websites (Sample High Conversion Short Form Application). These companies spend hundreds of millions of dollars annually driving traffic to their sites, so it is essential that their conversion rates are as high as possible.

It works for them, so why not you? The hands down, single most important change most mortgage professionals can make in improving their website lead generation ability is eliminating the Full 1003 application from their website. Do not follow the blind leading the blind in mortgage website design industry, make exclusion of the Full 1003 a top priority when you build or update your mortgage website.

Author: Trace Richardson is the CEO, of Ipagio.com a Mortgage Website Design company.