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Free Mortgage Leads competitors discuss service

June 26, 2007


photo of Paula Parisot
Paula Parisot
A lead generation company is providing loan prospects to member originators for free. But an inadequate amount of prospect data is collected, according to competitors — who also noted that customers don’t necessarily get matched with the best mortgage company or the best deal. claims to simplify the shopping experience for prospective borrowers by forwarding their request for mortgage information to its professional mortgage members. The prospects can view a list of mortgage professionals or post their mortgage search as a project for mortgage companies or brokers to bid on.

The Bend, Ore.-based company also generates leads for dozens of other industries, including insurance, tax services and real estate. Its Web site ranking, based on Internet activity tracked by Alexa Internet Inc., is very low.

Once registered, consumers provide details about what their loans are for and when they expect to move forward.

Member mortgage brokers and originators receive the leads for free but can increase the volume by paying “nominal” monthly fee, the announcement said.

The fee, $9.95 per month, entitles the member to 2.5 times more leads, according to’s Web site.

But a drawback to this type of service is that it neglects to ask for the necessary loan parameters so the consumer is directed to a mortgage company that offers loan programs that will actually fit the consumer’s needs,” said General Manager Matthew Connelly.

“In the infant stages of and with so few listings in the mortgage loan category, a consumer would be better suited to use an online business listing of their area such as SuperPages or a service such as ours,” he told

“It doesn’t ask for any loan specifics,” Connelly noted. “So how would they put a consumer in touch with someone who can do something for them?”

Lead generator Services-On-Tap Director of Marketing Greg Harris agreed.

“Match making sites that connect buyers and sellers are great, but for the mortgage industry it’s crucial that a mortgage lead be both qualified and exclusive,” Harris told “Generating a mortgage lead requires a strong understanding of what it takes to qualify and close a loan.”

And one competitor sees bidding as essential to an efficient mortgage lead market.

Bidding on consumer business fosters good business and almost always ensures the consumer gets the best deal, David Schneider, founder of Internet mortgage lead provider ZipSearch, told

“Connecting borrowers with credible lenders and brokers, the power of the Internet has always been essential,” he added.

Once consumer’s register with they select a category and create a project title; mortgage loan search, for example. They post the status of the project; either ready to get a loan or in the planning stage, when they propose to take action and a short description of the “project.”

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