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Converting Mortgage Leads to Loans

Converting Mortgage Leads to LoansRecent mortgage leads activity

April 10, 2008

By SAM GARCIA

As a growing number of mortgage lead services target prospects for loans insured by the Federal Housing Administration, several companies are touting how they can help mortgage originators turn more leads into loans.

Kaleidico announced today that its icoSales lead management solution enables automated sales feedback in real time to lead generation companies on the quality and performance of leads. With the help of ZipSearch!, Kaleidico links specific lead generation campaigns, lead identifiers and sales results. Deployment is in the process of being finalized.

“In the past, we have had to burden clients with requests for data and status updates on leads we provide, and often the data was too old to be effective in adjusting our campaigns to benefit them,” ZipSearch! Chief Executive Officer David Schneider said in the release. “Now we are able to tune each of our clients’ lead quality in real-time.”

In another announcement Wednesday, MediaWhiz claimed its acquisition of LeadROI’s lead management system makes aggregating, distributing and converting leads from multiple sources more efficient and profitable.

Intellidyn Corp. issued a press release touting how its direct response marketing and multi-channel database marketing systems help its customers to generate more FHA leads than other systems. The Boston-based company said it is currently developing FHA stimulus plans for several clients and has already begun mailing based on recently increased FHA limits.

“Our ITA FHA models have produced 0.5 percent response rates, while response rates for customer-centric FHA pre-approved models range from 1.5 to 3.5 percent in the best deciles,” Intellidyn CEO and President Peter Harvey said in the statement. “We understand that the faster lenders can respond to market conditions with the right offers directed to the right borrowers, the more likely they are to fund the loans.”

Data Warehouse said it has developed a database of more than five million U.S. borrowers who now qualify for jumbo FHA loans. The Florida-based company said it sources public records, demographic and credit data utilizing automated valuation models to create customized prospecting lists.

Loan originators can gain credibility with mortgage prospects with a for-sale-by-owner marketing system announced by GainClients Inc. and FSBO Lead Portal. The companies claim the service also automates the initial sales process and follow-up.

“Successful sales and marketing is not so much about what you say but, rather, how much of what you say is believed by your prospects,” FSBO owner Chad Weber said in the statement. “An effective marketing campaign needs to strike a delicate balance between selling, building trust, moving the sales process forward and providing calls to action.”

Zillow.com announced last week that it generates mortgage leads by enabling prospective borrowers anonymously to seek bids from mortgage companies. Borrowers are also able to rate registered lenders they choose to contact from Zillow Mortgage Marketplace.

“Borrowers do not provide any personally identifiable information to the lender — no name, address, phone number or Social Security number,” the Seattle-based company stated. “While identity is omitted, lenders are provided enough detail to generate quotes with real rates, customized to the borrower’s circumstances.”

Zillow claims it uses an independent third party to verify an originator’s identity, licensing, employment and complaints. The cost to register is $25, and a public profile that includes prior customer feedback is maintained.

Reliantleads.com reported that it has gone from selling leads to other lead companies for resale to selling leads directly to loan originators. Customers can browse real-time leads, which are “usually no more than minutes old,” and review data including credit rating, location, loan-to-value and loan amount. Bad leads can be returned.

The Virginia company claims it has signed up more than 3,000 new registered members during the past 60 days.


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