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Mortgage loan leads for originators, brokers and
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Mortgage Lead News
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Updated |
Thursday, August 12, 2010 |
12:19 PM |
Texas
Time |
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Falling mortgage rates weren't enough to help LendingTree Loans match its "unprecedented" refinance production last year, while improving rates actually hurt the mortgage leads business.
LendingTree Loans closed 2,800 loans for $0.6 billion in the first quarter, Tree.com Inc. reported today.
Volume was barely changed from 2,700 closings for $0.6 billion the prior quarter.
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Campaigner recently wrote that loan originators can build value by using e-mail marketing, and they need to always be adding to their e-mail lists.
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Lead generation companies lure prospective borrowers using online calculators, smart phone applications and better disclosures. But firms that generate new business through trigger leads are subject to a new law in Vermont.
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A New Jersey appeals court has overturned a lower court ruling against an upstart company and its owners who are accused of stealing customer information from the lender that they previously worked for.
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Recent program updates to government-insured reverse mortgages include the elimination of a form and the addition of a new reverse mortgage agreement. A Maryland firm claims to be the biggest reverse mortgage lender in that state and the 10th biggest U.S. reverse lender, while a lead generation firm has increased the quality of its reverse mortgage leads.
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Mortgage fraud, mortgage compliance and reverse mortgage lending are among topics being addressed at mortgage conferences. Mortgage licenses, mortgage leads and mortgage legislation are the areas of focus at several other events. Much of the latest activity is happening in the nation's capitol.
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A bank that gave up on reverse mortgage lending at the beginning of the credit crisis has launched a new wholesale reverse lending channel, while another third-party lender hopes to help brokers focus more on the loan prospect's product education and less on sales. An originator and an issuer of reverse mortgages reported big growth, and a service provider is promoting a list of reverse mortgage prospects who are delinquent but have loan-to-values less than 60 percent.
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Tree.com is attacking an anticipated decline in refinance volume with an increase in originator capacity. Two more firms announced their participation in Google's mortgage lead service, and lead companies are fine-tuning their Internet technology for maximum traffic and conversion rates -- while others are offering free resources to generate prospects.
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Quarterly originations at LendingTree Loans edged higher and were up 30 percent from a year ago. Earnings from loan production now exceed earnings from its lead generation unit even though the average loan amount at the lead unit is up more than a third.
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Two loan pricing firms have aligned with Google Inc. to provide loan quotes to prospective borrowers who utilize search engines to find mortgage lenders.
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