Mortgage Leads With More Accurate Data

The mortgage liquidity crisis has hit independentalliances, internet lead companies are not only
mortgage brokers hard. Fewer consumers areaccessing databases to verify the accuracy of
qualifying for loans, and those who do are requiringconsumer information, but they also are appending
more time to do so. In addition, home sales arequeried data to their leads to make them more
declining in most areas, so the number of new homevaluable to mortgage brokers. For example, of
loans is down. All of this means fewer clients and lessNewport Beach, California, has aligned with First
business for the average mortgage broker.American Financial CoreLogic to append detailed
Fortunately, new developments in the internet leadproperty and loan data to its mortgage leads at no
market are helping some brokers thrive, even in theadditional charge. Instead of receiving a short-form
credit crunch.lead containing only the basics about the consumer,
Traditional internet mortgage leads are gathered frombrokers buying leads from obtain a long-form lead
consumers who go online and request a quote forthat includes detailed information such as property
any kind home loan: new, refinance, second, homesize, APN code, the original lender, appraised value,
improvement, and debt consolidation. The completedand first and second mortgage amounts. With this
form-with the consumer's name, address, phoneinformation in hand, the broker can evaluate the
number, and other data-is sold to a broker as a salesprospect and select the appropriate product before
lead. The company generating the lead "scrubs" themaking the call.
data to prevent bogus information from reaching theThe data appends solve another problem that has
broker. The lead generator accomplishes thevexed the internet lead industry: consumer
validation by "pinging" the data against variousinaccuracy. A study by reveals that 34% of
databases. The process is automated, so it takesconsumers do not even know what type of loan
only seconds to verify the accuracy of the lead.they have. Others know the type, but not details
Because the validation process is instantaneous andabout interest rates or loan balances. As a result, the
the leads are immediately emailed to the broker,information they provide often turns out to be
internet-generated mortgage leads are ofteninaccurate. Long-form leads with appended data take
marketed as "real time" leads.the guesswork out of the process. They replace
For the past decade, the industry has made onlyerroneous consumer input with accurate data. This
incremental improvements in lead validation andeliminates time-consuming question-and-answer
delivery. A few years ago lead generation companiessessions on the phone, allowing the broker to make
introduced "live transfer" leads in which they call themore calls and close more deals. It also helps the
consumer, verify interest in the loan, then transferbroker proceed with confidence, knowing there will
the call to the broker. Recently, however, some leadbe few if any surprises as they proceed with the
generation companies have changed internetloan.
mortgage leads in a way that can only be describedLong-form mortgage leads won't solve the credit
as revolutionary.crisis, but they can help brokers work more
Taking advantage of newly formed strategicefficiently and profitably.