Mortgage Loan Leads: Tips for Mortgage Brokers

There are many organizations dedicated to providing loan officers with mortgage loan leads to call, which helps them generate more business and close more sales. These companies obtain leads from a variety of different sources.

You have a few options in regards to how you buy your leads and what kind of leads you buy. Sometimes, leads are sold in large groups, whereas other times, you may purchase individual leads upon examining some of the details. Another option you have is to request the leads generated for you to fit a certain set of criteria.

How much you pay for mortgage loan leads is more often than not affected by the quality of the leads you will be given. Two terms often used to distinguish the quality of a mortgage loan lead are "recycled lead" and "real time leads". Recycled leads are lower in quality and often very cheap because they are exactly what they are called - recycled. This means the same leads are sold to several mortgage companies, so by the time you get to them, the best have already been picked through by previous loan brokers, usually resulting in fruitless sales efforts. Instead, it is recommended you purchase real time leads, which are fresh leads that are sent as soon as they are generated.

The going rate for recycled leads is pretty cheap at about 2 leads for each dollar. The reason why they're so cheap though is because these prospective leads are being sold to many other mortgage companies. So the price you pay for cheap leads can really end up costing you more time and money as many of them have possibly already applied and have even been approved for mortgages with other companies.

The alternative to buying recycled leads is, of course, real time leads. Although, you will only get roughly ten to fifteen leads for a couple hundred dollars, you can be sure these leads are brand new and have not already been bombarded with mortgage loan sales calls. It is much more productive to have only a few really solid prospective clients as opposed to making hundreds of dead end calls.

A time may come where you begin calling your leads and find some of them have been approved for mortgage loans well before you even purchased your leads from the lead company. These leads are "bogus", meaning they have no chance of success for whatever reason. You can usually get a refund for these.

Not only do you want to avoid having to document and request refunds for bogus leads, you want to avoid purchasing them altogether! The best way to do this would be to make the investment into real time targeted leads.

If you want to buy your mortgage loan leads from a company where you can see where the leads are coming from, or at the very least buy leads that aren't recycled a thousand times over, your best bet is to go online and fill out an application on a lead generation website.