Mortgage Lead Generation
There are many Mortgage Lead Generation companies on the internet today. They differ mostly in the type of advertising, questions asked and most importantly the quality of their online form.
All of the lead generation websites basically work the same way. The prospective borrower goes on a search engine and types “Mortgage Refinance”, finds a website that offers refinance, fills out a questionnaire about the loan request, property info, personal finances and contact information. Based on this information the Lead Generation Companies match the borrower with a potential lender that can provide cheaper loan and better term.
Developing the questionnaires, or mortgage forms, is a complicated effort because 2 major factors need to be considered:
- The more questions are answered the more effectively the lenders are selected and can quote prices more accurately.
- On the other hand, long questionnaires discourage some borrowers — especially those with short attention spans and especially if questions seem irrelevant to their mortgage.
Lead Generation Sites send the information provided by the borrower to up to 4 lenders except in the case where the lenders choose to acquire Exclusive Mortgage Lead. Most Lead Providers ex: SiteTools.com provide the ability for the lenders to choose the type of information that best fits their company and lending standards.
For example, a borrower with fair credit who wants to purchase a house would not be referred to a lender who has setup a Real-Time Mortgage Filter to only get A-quality borrowers purchasing or refinancing a single family home. Not only that, with SiteTools.com lenders can select minimum loan amounts, LTV(Loan To Value) and if the borrower can provide full income documentation.
Internet Mortgage Lead Generation improves lender selection process and it’s valuable to both, the lenders and borrowers, as it eliminates challenging features, such as poor credit, negative equity, no income documentation or not enough cash.
The ability for borrowers to talk to more then one lender provides some protection against falling into the hands of lender scams or mortgage brokers out to extract as much revenue as possible from the borrowers.
If you are a Mortgage Broker or Lender you can sign up with SiteTools.com to receive Mortgage Leads