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1. Buying Mortgage Leads Online – Facts You Must Know

Most lenders know that the less time and money they need to spend to generate new business, the greater time they will have left in dollar productive activities, such as pre-qualifying and closing.

The question has always been what is the most effective way to fill and maintain your loan pipeline? Although many use Call Capture systems and other technologies to generate greater effectiveness in their existing advertising, a large number of people are trying out the numerous mortgage lead companies that exist online.

But are the all the same? How do they get their leads? Are the Leads fresh?

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2. Lead Generation for 2003 – Buying vs. Generating

In the past, mortgage professionals have relied on expensive print advertising, direct mail, radio/television, telemarketing and other marketing campaigns to build and maintain their loan pipeline. Those that tried to avoid these marketing costs by networking often found that the time factor involved many times outweighed the cost to advertise. After all, if you are spending 80-90% of your time and resources to generate loan prospects, how much time is left to close deals and make money?

The two hottest trends to increase a lenders pipeline are using a 24 hour 800 Call Capture System and buying mortgage leads online. Each of the methods offers a much more effective way to increase ones business compared to the traditional approaches.

Call Capture is an innovative telephonic technology that is hidden within a standard toll-free number. Lenders can offer 24 hour verbal and faxed information to interested parties on their company, various loan programs, or consumer tips, such as “is now the right time to refinance” or “how to consolidate your debt into one easy payment”. The caller dials the toll free number and then selects his topic of interest. He then listens to the recorded information and can then select to directly connect to the lender, leave a voice mail message or get faxed information all at the touch of a button. But that’s not what is amazing.

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3. Focus Roundtable on Lead Generation

Question: What do you feel will be the most successful method of lead generation for mortgage brokers when the market starts to weaken?

Answer: With the refinance boom starting to slow, mortgage lenders have already begun seeking ways to maintain the mortgage pipeline and widen their scope beyond refinancing. There is no question that lenders will pursue automation in order to reduce the time and money spent on generating the leads, and increasing the amount of time for pre-qualifying and closing.

The lenders that currently advertise will adopt Call Capture systems in order to increase the effectiveness of their advertising. Using these systems, lenders can generate 3-4 times as many calls on the same size advertisement, as well as know exactly how cost-effective each campaign is. This eliminates wasteful advertising campaigns and allows lenders to focus their hard earned dollars on the most dollar productive ads. This technology also works well on consumer direct advertising, FSBO programs, and working together with other professionals, such as real estate agents.

Those that don’t advertise will begin looking towards the internet to purchase leads online. The ability to purchase different types of fresh leads within a specific criteria (location, area code, zip code, LTV, credit type, loan type, etc) for a relatively cheap price again allows lenders to focus their time more productively.

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