Loan originators can generate mortgage leads through e-mail marketing, their own Web sites and paid lead generation services. One lead provider only charges for leads after an application is generated, while another is training loan officers how to get more out of the leads it sells. A Minnesota firm said it helps mortgage Web sites land on the first page of search engine results, and a reverse mortgage lead provider is touting a recent move that increased the quality of its leads.
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. E-mail addresses of prospective borrowers should be requested at the end of the initial call. In addition, real estate agents should be included on the lists so that the originator’s name remains in front of them.
Other tactics to grow e-mail prospect lists include offering some free information, conducting surveys and holding contests. Campaigner also suggests using social media, friends and family to generate e-mail addresses. In addition, incentives should be established for office staff to collect addresses.
Mortgage companies can increase mortgage leads from their own Web sites using Get Local 123, a recent news release said. The St. Paul, Minn., firm claims it helped a Minnesota lender get on the first page of Google search results.
“Most Web sites are not designed to capture leads and most businesses do not know how to drive traffic or generate leads,” the statement said. “Get Local 123 has positioned hundreds of small companies on the front page of Google.”
Loan originators who are looking to learn about how to be successful as part of the LendingTree network will have access to LendingTree University, which has been re-launched. The Charlotte, N.C.-based company hopes to train 5,000 loan officers on the proper technique to engage a client in a transparent manner.
One LendingTree customer reportedly saw sales triple and average loan revenue increase 158 percent as a result of the program. LendingTree partnered with Vermillion Consulting Inc. to make the training available nationally.
LenderStreet was recently launched as an online mortgage relationship search engine. The new site enables mortgage customers “to experience the mortgage lending process locally” by enabling them to view profiles of the loan originators. It also enables prospects to choose between the telephone, e-mails or Web sites as their mode of communication. The pilot program was offered for free to hundreds of loan originators in 20 markets on June 18 and ends July 23.
In the news release, LenderStreet Founder and President John McGuire called the service the “eHarmony of the mortgage world.” He recalled how when he was the divisional president at First Horizon Home Loan Corp., 150 sales people from a call center would “assault” loan prospects generated from LendingTree.
“Even LendingTree admits, their model is to sell leads to five different lenders, so every customer is going to get hit by five different people,” according to McGuire, who got his start in lead generation with the acquisition of the phone number 1-800-ONE-LOAN in 1998. “We locate and direct purchase transactions toward them, and we help actually get people to their Web site.”
Customers of LeadPress can now manage their leads through Leads 360 as a result of a recent integration between the two firms. The alliance promises to increase conversion rates and increase return on investment in marketing.
Loan applications generated by leads from Mortgage Marvel increased 66 percent between 2008 and 2009, the Mequon, Wis.-based company reported. The increased volume was the result of a 142 percent jump in traffic. The anonymous lead generation service only charges for a lead once an application is taken.
Mortgage Marvel quoted an executive with Pentagon Federal Credit Union as saying that as saying that its leads have resulted in a whole new channel of business. Other credit union executives reportedly said that the service has boosted their profiles. A bank executive praised the high quality of loan prospects from Mortgage Marvel.
A new loan-to-value filter at Reverse Mortgage Directory LLC is expected to improve lead quality. The filter was added as a result of the U.S. Department of Housing and Urban Development’s lowering of principal limit factors for home-equity conversion mortgages by 10 percent.
