|A California company has started policing the mortgage lead industry.
The company, LeadPolice, said its founders, a group of marketing and lead generation industry professionals, have taken part in more than one million lead transactions over the last 10 years.
“In using our knowledge and building upon our experience, our goal is to inspire confidence and to restore a positive image to the lead-generation industry,” LeadPolice vice president Melissa Rosno said in a recent announcement. “We educate lead buyers, screen and authorize lead sellers, and offer a community in which all members will benefit from the rewards of doing business with honesty and integrity.”
Almost all the registered lead companies were referred by someone who has had a positive experience with that company, Rosno told MortgageDaily.com. The application process includes a review of 25 data points supplied by the lead company and a proprietary approval system designed by LeadPolice.
Once approved, authorized lead companies must agree to adhere to set policies that include “Can Spam” and “Do Not Call” compliance,” Rosno said. They are then able to display the LeadPolice dynamic seal on their Web site.
Annual membership fees begin at $99 and include search capabilities on the Web site, member discounts and dispute resolution services, the company said.
Lead generator ProspectZone’s spokesman Jeremiah Desmarais told MortgageDaily.com that Prospect Zone recently joined LeadPolice.
“We wholeheartedly support efforts done in the mortgage lead community to create a sense of integrity and accountability,” Desmarais said. “Having the seal on our site will show prospects that we’re serious about this industry and constantly improving our quality.
“There are many lead companies that have crashed and burned because of shady practices, taking with them brokers who have been burned,” he said in an e-mail statement. “Having a neutral third party channel that gives both buyers and sellers a chance to make and defend claims is good.”
There is plenty of room within the industry for a true unbiased company, Desmarais said, but “what remains to be seen is how many agents are willing to pay for the unbiased information.”
eLeadz president Matthew Connelly told MortgageDaily.com he thought the concept was a good idea but also questioned the fortitude of such an organization.
“I think a customer advocacy group is great, and if it gets traction that’s wonderful,” Connelly said. “The big thing is it fosters communication; however, I’m not certain that it’ll have the legs to keep it going.”
Connelly added that the eLeadz is “exploring the opportunity to register with LeadPolice.”
Long Beach, Calif.-based LeadPolice announced Thursday that its launch in September has been an overwhelming success, and it has expanded its product offerings as a result.
Paula Parisot is a MortgageDaily.com feature reporter and a blogger at CloserBlog.com who has also worked in the mortgage industry.
e-mail Paula at: PaulaParisot@MortgageDaily.com
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