Mortgage Leads Basics
First rule: Don't Get Ripped Off!
This rule sounds simple enough, but a lot of mortgage brokers are fooled into giving up their credit card very easily for mortgage leads websites.
The very first thing you need to check to make sure the mortgage lead company is for real is just looking around their website for a phone number.
Although just talking to a human voice on the other end does not guarantee anything. When you talk to them, ask if they have a non-1-800 or a non-1-888 number. Another information to look out for is the company's real address.
Shady companies often do not leave their real address. Just take the address listed and do a search on MapQuest as well as google to see if it actually exists.
Then, take the phone number of their direct line they give you and see if that matches up with the city and state. If it does, its a plus.
The last detail to look out for is perhaps the most important. When you are about to enter your credit card information, try entering false
information such as a fake credit card number that follows the credit card number algorthim. For instance enter: 4141 4141 4141 4141 and select Visa as the card type.
This tells you if their website actually checks against a real credit card system and not just a site that collects credit card numbers.
Also make sure there is a little lock on the lower right hand corner of your broswer. This tells you that the company has at least gone through Verisign, to protect
their customer's information by using encrpyption. A lot of fly by night companies won't even bother with that.
What is policy to return leads?
The first thing you need to know from a mortgage lead company is their return policy. Make sure you are comfortable with their return policy before you give them your credit card number. Just be aware that you will get bad leads; usually between 10% to 20% will be bad leads. This is just something you have to accept, which is why it is vital you are comfortable with a company's mortgage lead return policy.
In addition, make sure you find out what qualifies as a returnable lead. Remember that you aren't buying a guarantee closing lead, or else the mortgage lead companies would become lenders themselves. You are only purchasing an opportunity to close a loan, and it is up to you to use your skills to close the deal.
How many times is the same mortgage lead sold?
Most mortgage leads company will sell the same mortgage lead multiple times. Be sure to check with them just how many times the leads are sold. Some shady lead companies will sell the same mortgage lead 10 times, while some of the more reputable companies only sell their leads a few times.
Is buying exclusive mortgages a good idea?
I would suggest not buying exclusive mortgage leads. These leads tend to cost at least twice as much as a regular mortgage lead. The reason is that if a consumer fills out a form on one site, the chances are that the same consumer might fill out another form on a different site, which defeats the purpose of an exclusive mortgage lead.
How do you generate your leads?
This is a very important question that you need to find an acceptable answer for. Some of the lower quality mortgage lead companies generate their leads by spamming, while others even just hire someone to type in contact information from the phonebook. The best lead quality usually comes from mortgage websites. For instance, Eleadz uses a site called GoApply.com to generate their leads.