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Mortgage Leads Times

Mortgage Leads TimesRecent loan lead business activity

August 27, 2008

By SAM GARCIA

The latest mortgage lead offerings include FHA trigger leads and loan modification leads. Among advancements in mortgage leads is a system that promises to convert dead leads into funded loans for $100 each. Other loan lead activity includes a lead powerhouse that has launched as a publicly traded independent firm and lawsuits against two firms that use telephone calls to generate loan prospects.

Trigger leads for FHA loan prospects are being offered by Wall Street Media. The company suggests up to 2,500 active refinance prospects are available in many markets. Live leads are generated through digital voice broadcast.

Wall Street also offers exclusive FHA preferred leads, which it says are leads that won’t be issued to another originator for at least 90 days. It says the leads “come from extensive data compilation areas with FHA loan approval indicators attached.”

Intellidyn Corp. said Tuesday that it won a Gold Award in MarketingSherpa’s 3rd Annual Email Marketing Awards for its lead incubation system. The system, which takes 60 to 90 days to implement, enables originators to cultivate prospects, prior contacts and former borrowers. It converts previously overlooked or cold prospects into funded loans over time with tailored e-mails.

“Many clients using Intellidyn’s Lead Incubation program are achieving month-over-month cost-per-funded-loan rates at or below $100,” the Boston-based firm said.

Kaleidico has integrated third-party automated mortgage pricing engines, loan origination systems and business intelligence solutions into a new release of its mortgage lead system. Text message alerts enable timely lead management interaction.

Loan modification leads are now being offered by iCreditLeads.com, an announcement this month said. The pre-foreclosure prospects are between 30 and 90 days past due, according to the firm — which has traditionally generated credit-repair leads.

Tree.com Inc. was launched as an independent company, publicly traded on the NASDAQ under the symbol TREE, after its spinoff from IAC last week, a news release said. The corporation is parent to LendingTree — one of the biggest lead generation companies.

The Charlotte, N.C.-based company, founded in 1996, reports facilitating 23 million loan requests and $185 billion in funded loans during its lifetime. Other Tree.com holdings include GetSmart.com, HomeLoanCenter.com and Domania.com.

Direct Leadsource and its Baltimore owner, Charles A. Ruppersberger IV, were sued in Commonwealth Court, Harrisburg, by Pennsylvania Attorney General Tom Corbett for alleged violations of Pennsylvania’s Do-Not-Call law and other statutes. The company, which also operated as Applied Financial and Financial Awards Center, allegedly contracted more than 500,000 sales calls to first- and second-mortgage prospects in Pennsylvania through a telephone call center in Gujarat, India.

“This is the most extensive campaign of telemarketing calls to consumers on the Do-Not-Call list ever investigated by my office,” Corbett said in the statement.

Direct Leadsource was cited for failing to register their telemarketing operation and failing to register fictitious business names. They also called after 9 p.m., including prospects who previously requested no further calls, and failed to identify themselves.

Also sued was Golden Apple Mortgage, Foote’s Inc. and New Equity LLC, as well as the State College, Penn., owner of the entities, Justin Harford. The defendants are accused of scouring court house records for first- and second-mortgage prospects then contacting them without regard for Pennsylvania’s do-not-call list. Programs touted included subprime and no-money-down.

The state seeks $1,000 per violation and up to $3,000 if seniors were involved.

“The companies … are accused of using illegal telephone solicitations to aggressively market mortgage products to consumers — including what Corbett alleges is the largest-ever systematic effort to violate the do-not-call program since it was created in 2002,” the state said.

more news about Do-Not-Call violations

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