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Mortgage loan leads for originators, brokers and
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Mortgage Lead News
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Updated |
Friday, June 26, 2009 |
05:50 PM |
Texas
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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.
Comptroller of the Currency John C. Dugan issued a June 8 warning that reverse mortgages pose significant compliance risks, and more regulatory standards need to be adopted to provide consumer protections.
He noted that 90 percent of all reverse mortgages are insured by the U.S. Department of Housing and Urban Development.
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Mortgage leads companies are using new technology to increase activity, improve efficiency and boost customer retention. A growing number of lead providers have added loan modification leads to their menus.
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Prospective customers are being given one month to try out the loan pricing technology of one provider. Another offering enables originators to provide a loan search function on their own Web sites -- a feature that generates mortgage leads. A California company claims its pricing technology helps loan officers maintain mortgage compliance.
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Two businesses are offering mortgage leads for free, while several other companies are touting services that improve conversions and productivity.
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A reverse mortgage originator has been arrested for allegedly stealing 56,000 reverse mortgage leads from his former employer.
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A branch operation that had ranked as the second biggest mortgage lender in San Diego collapsed following the loss of its warehouse lines-of-credit. Its chief has joined another net branch company. The failed firm is one of seven companies accused in a lawsuit of stealing mortgage leads from LendingTree.
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Earnings and lead volume were down last year at mortgage lead generation companies. But loan modification leads, reverse mortgage leads and refinance leads are helping to turn the business around this year.
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Several organizations agree that loan modifications have failed so far -- though barometers vary. Bank regulators plan to use new data to analyze the level of success. Meanwhile, an online merger is expected to increase the supply of modification leads and a number of firms are courting delinquent borrowers with help.
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A class-action lawsuit has been filed against Countrywide Financial Corp. and some of its affiliates over personal customer data that was stolen and sold by a former executive. More than 2 million customers could potentially join the case.
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Mortgage industry lead generation now includes loan modification prospects. One firm has reported a surge in demand for its leads while another claims its customers are getting more mileage out or their lead budgets by utilizing its low-cost offering.
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Fresh off an initial public offering, LendingTree LLC's parent said its business model is strained as business is limited to only conforming conventional loans or mortgages insured by the Federal Housing Administration.
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One new lead service delivers live telephone calls and only charges for the lead if the call lasts more than 30 seconds. Other advancements in mortgage lead generation include guaranteed mortgage leads and a letter campaign for self-generated leads.
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