Mortgage Daily

Published On: May 21, 2008
Inside Mortgage LeadsRecent loan lead activity

May 21, 2008

By SAM GARCIA

One of the biggest mortgage lead generation companies will be spun off by its parent company. Another not-so-big lead company has been labeled a “suspicious site” by an Internet research service. Meanwhile, one company is promising to enhance existing leads.

After LendingTree is spun off from InterActiveCorp, it will operate as part of Tree.com, a filing with the Securities and Exchange commission said. Other entities within Tree.com will include LendingTree Settlement Services and RealEstate.com.

Buyers of mortgage leads can improve their conversions by using LeadXL, according to iLeads.com. The LeadXL suite of services adds up to 72 fields of real-time actionable data to leads, including the current lender, equity and property ownership. In addition, leads are scored based on the probability of conversion, while lead providers are rated based on actual fundings.

iLeads.com noted its analysis of 1 million leads found that 90% of leads do not fund with any lender within 180 days after they are generated. The company claims its services identify old leads that may still be available for recapture.

Commercial Leads is touting a service that provides unlimited commercial mortgage leads for just $49.95 per month. The company claims thousands of leads are loaded into its system daily, while each lead is downloaded a maximum of five times.

MortgageDeals.com has been listed as a suspicious site in an article by FindingDulcinea.com, an Internet research site. The site promises prospective borrowers, who are encouraged to complete an online loan applications, that it will help them find local lenders who will provide the lowest available rates.

“Filling out the online loan application at MortgageDeals.com is little different from dialing an 800-number you find in the Yellow Pages,” the author wrote. “While MortgageDeals.com is promising you the ‘lowest rates’ and an ‘easy’ loan, it is also promising lenders ‘fresh mortgage leads.’ MortgageDeals.com exists solely to collect contact information from potential borrowers to sell to mortgage lenders.”

The story went on to criticize the lack of company information on the “About Us” page and suggested that an IP address authentication used by MortgageDeals.com was just a hoax.

“MortgageDeals.com needs to be up-front about where your personal information is going and how it’s being used,” the article concluded. “It also needs to be more transparent about its relationship with Etrafficers and make it clear to site users that the mortgage lenders provided are those that have paid to receive your contact information. And it should stop claiming to get you the ‘lowest rates’ or ‘easy’ loans; those claims are just plain wrong.”


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