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Mortgage loan leads for originators, brokers and
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Mortgage Lead News
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Friday, November 06, 2009 |
01:06 PM |
Texas
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Several recent offerings promise increased quality, quantity and return on mortgage leads, while two lead firms hope new owners will enhance their business. But one former lead generation operator -- who charged originators around $20 for each loan lead -- has been convicted for peddling worthless data.
In 2003, Gregory Cooper telephoned mortgage brokers in multiple states about buying lists of live leads, according to U.S. Attorney Preet Bharara. He collected more than $700,000 for the lists, which were sold for $3,000 each at a cost of around $20 per name.
Prospective borrowers, according to Cooper, had expressed an interest in speaking with a mortgage broker about refinancing their homes in response to a "massive telemarketing and survey effort."
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The parent of mortgage lead provider LendingTree has scored a warehouse line for its origination unit.
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Google has launched a mortgage lead generation service.
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As pricing engines are integrated with loan origination systems and point-of-sale systems, they are being packed with compliance and mortgage lead management offerings. Recent updates to product and pricing engines also address secondary market objectives.
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Just three weeks after filing a lawsuit over a deal between Google and Mortech Inc., LendingTree LLC is backing away.
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An Atlanta firm has launched an automated service that helps lenders find local downpayment assistance programs. The offering also acts as a lead generation tool.
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Issues addressed in recent mortgage lawsuits include lending discrimination, mortgage fraud and political contributions by two of the country's biggest mortgage firms. In another case, a former employee of a failed reverse mortgage lender who was accused of stealing 56,000 mortgage leads has pleaded guilty.
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Despite a rough two years, some mortgage-related firms made the list of the fastest growing private companies. Among the top 500 were two origination firms, a default service provider and a lead generation company. Revenues at the highest-ranking mortgage-related company soared from less than $0.5 million in 2005 to $22 million last year.
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One of the country's biggest lead providers is hosting a Las Vegas conference for its customers.
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Regulators and reverse mortgage lenders hope to relieve pressure on borrowers who feel obligated to purchase ancillary financial products in order to close on their reverse mortgage. A trade group has addressed lead generation practices in developing reverse prospects, and Fannie Mae is discontinuing an adjustable-rate home-equity conversion mortgage program.
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