What Type Of Mortgage Marketing is right for your company

Product

Pros

Cons

Hot Transfer

A pre-qualified person on the phone. Great for experienced and mid-career LO's, especially if the lead is solid and well qualified.

Highest cost to create / purchase, quality of pre-transfer information can be poor. Shopping rate by client is not significantly lower.

Phone Call from Ad

An incoming call is always a great way to attract business, brand and trust are usually instant with this type of lead.

Not always a qualified mortgage lead, many are shoppers or people looking because they have been turned around elsewhere, test different media and format to optimize this investment.

Internet and Telemarketing Leads

Generally a responsive lead, purchased internet and telemarketing leads are usually in the market and have spoken to more than one lender. They are looking for a good deal.

High priced and the self-reported information can be manipulated and incorrect, especially if clients are looking to target specific credit grades. Most are extreme shoppers and work hard to get the very best deal.

Trigger Leads

Low Cost for a Response Lead, Trigger is 24 hour Mortgage Credit Inquiry. Very competitively priced for their cost, trigger leads are true response leads because they have actually had their credit run for a mortgage application.

They have not expressly asked to speak with you nor do they necessarily want to speak with other lenders. However, most are willing to entertain a second opinion.

Custom Courthouse Data

Real time entries of note riders and other deed of trust/trustee information that allows people to see exactly details like arm expiration dates, FHA Mailing Lists etc.

Can be costly to test with untapped markets. Requires a long term commitment to receiving a little bit of data each day.

Actual Scored Data

Most bureaus offer almost anything you could find on a credit report including score, consumer and mortgage actual debt amounts and payments, late payment status, etc... This data is also updated bi-weekly which makes it the most up to date mortgagor database on the market.

Priced at the high end of the data spectrum, this data requires good marketing follow through and is also great for training new telemarketers on how to approach someone that does meet certain credit/risk qualifications. Compliance is thorough on this data as well.

Modeled Scored Data

Cost effective, good for targeting specific credit demographics combined with mortgage demographics. Not as flexible as

County

Recorder

Tax Assessor Data but half the price of actual scored data.

Ranged Scores are not actual and thus are not good for credit score specific programs. Extra costs are added for mortgage related information and this file is usually not as robust as the county recorder / tax assessor data.

County Recorder/Tax Data

Lowest Cost, flexible selection criteria and usually has the largest quantity of data.

Accuracy is not as high as Consumer Finance Leads. Mortgagor selects have high inaccuracy rates (15%-25%).