Small mortgage brokers need to find cost-effective methods to find prospective homeowners who need their loan services. There are several ways to acquire home mortgage loans. Some mortgage brokers look for direct sources of supply. Other brokers use internet leads generated from their own website or radio ads, and some seek third-party leads that they buy online.
Mortgage brokers and home lenders can get leads directly from internet companies like Lending Tree, Smartlending, or mortgage companies that pool and sell leads, like leadpoint.com. Lending Tree markets its internet leads directly to mortgage lenders who have to compete with 4 or 5 other mortgage lenders for the mortgage loans.
SmartLending.com sells its internet leads to mortgage brokers. They advertise that they provide thousands of mortgage professionals with new leads each month, and their main goal is to provide low-cost leads that increase borrower funding. According to Pat O’Connell, “Leads are like gasoline to a race car driver. In order to finance loans and grow my business, I need a reliable source of mortgage leads.”
Internet mortgage sites offer the direct sale of mortgage bundles by type to brokers or financial institutions. The credits are grouped into groups of 25 by type, purchase leads; Refinance leads, debt consolidation leads, second mortgage leads, home equity leads, etc. One website lists 18 different types of leads.
Many mortgage lenders have set up websites to monetize leads directly, but it’s no easy task. It is very difficult to get potential borrowers to find your website these days as the search engine environment competes with millions of websites. This is important as more and more borrowers turn to the internet in their search for lenders. In order to get good results from Internet leads, small businesses need to commit for a long time and carefully consider all available options and decide to work with companies that will help them meet their needs.