|As a host of mortgage lead programs and updates were launched, one lead generation company is getting into loan originations to compete with its customers — many who have recently collapsed.
NameYourLoan.com announced it recently launched and is waiving per-lead costs to all participating lenders through March 31, 2008.
The self-proclaimed “world’s first online mortgage auction” works by prompting borrowers to complete a free online registration and sending an e-mail notice to lenders when there is a loan request that meets their specifications. Lenders then place a loan offers online. All competing bids are displayed to allow lenders to improve their offer in an effort to win the lead. NameYourLoan.com said its patent-pending online service differs from many online lead sites that offer “comparison shopping” and sell low-quality “waste of time” leads.
NameYourLoan.com said it will remove lenders receiving adverse ratings from borrowers to ensure lenders meet the highest ethical standards. Participating lenders do not pay monthly or upfront fees, and long-term contracts or obligations do not apply. The system reportedly enables the weeding out of dishonest lenders.
LeadBull.com currently has 50 slots open for its new Smart Choice program, which provides a “solid mix” of fresh Internet and vintage mortgage leads, and owner and renter household records, according to an e-mail message by the company this month. The program provides access to unlimited same-day leads, data and mailing list for $995 per month at a minimum of three months, according Leadbull.com’s Web site.
Clients originating in at least three states are guaranteed at leas 50 same-day online leads per week, originators serving a minimum of 10 states are guaranteed 75, and those serving 25 or more states get 100. Fresh leads are screened and sent to only five lenders, LeadBull.com said.
The company says it has a database of over 5 million vintage leads, which range from 20 days to three years old and are sold for $0.25 to $1 on its site, data on 66 million U.S. households, and a list of 1.3 million real estate agents nationwide. The Smart Choice program will be adding new unlimited data feed that will include trigger mortgage leads and co-registration data feeds.
LendingGateway.com recently announced it is now licensed to originate mortgages in 17 states.
The San Diego, Calif.-based company was previously solely a leads generator by doing online advertising for lenders licensed in 14 states. State listings start at $60.00 per month and can generate as many as 200 leads per month, while banner and text ads that generate traffic to lenders’ Web sites start at $50.00 per state, according to LendingGateway.com.
“With many of our lending partners going out of business it was the right time for us to get licensed,” LendingGateway.com said in the announcement.
DoublePositive Marketing Group Inc. announced that it closed on $4 million in venture funding that it will use to diversify into new Internet lead-buying markets.
LeadPoint will exclusively power Debt.com’s lead generation platform to enable debt settlement companies to bid on pre-qualified leads generated by Debt.com, specifying the exact price they’re willing to pay for each lead.
The new platform allows for debt consolidators to filter leads by criteria such as current income, debt amount, days past due and location of the consumer, and allows them to change their bids in real-time based on the conversion of purchased leads. Debt.com’s free referral service for consumers creates leads for mortgage lenders and other financial service providers that can help manage or consolidate debt.
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