26th Feb 2010
Hidden Reverse Mortgage Leads
When I was an active mortgage broker, the lead did not just land on my door step. If the broker is working at a banking institution, then a relationship with a Realtor is very easy. But what about the broker or mortgage officer who works in an independent setting? One of the biggest hidden source of leads is the private individual or non-corporate firm that provides financing for current home owners facing issues. For example, a homeowner who owes taxes and the home is set for a tax sale will not have strong enough credit for tradtional bank loans. But even today there are loans for homeowners that have a middle credit score at 600. This investor also will be buying destressed homes and then placing them for sale by owner. I closed more than a few loans with a relationship such as what I have described. The partnership bought the homes, remodeled them and used their own real estate company to sell the property. In addition, I refinanced homes that the firm had carried on contract for deed for a period of no more than two years. By then the majority had cleaned up the credit report enough to get a loan on their own.
Buying leads is not profitable. The best lead is to ask a satisfied borrower if they have at least three names to give you. Amazingly, I found that all the relatives are looking for just one good deal and then they all get on board. So, do not be afraid to ask for names and phone numbers.
Name recognization will get more top mortgage leads. If you are an independent broker think about a franchise office. In bigger areas especially, each unit has an individual owner, but the name on the front of the building will build trust, which will build more closings.
The mortgage industry was never for the faint of heart. Now especially, creativity is more important than ever. What does not work besides buying leads is open houses, home buying seminars, and adds in the newspaper. A well designed professional web site with substainal crawlers will produce more leads and better qualified borrowers.
Making the most of time spent on leads will make money. Know when to walk away from a dead lead. A successful mortgage person should have a written, well thought out business plan to start with. Revise the plan as needed and use what works, do not spend time on what does not work, and always look for a new avenue to explore.
Offering information on reverse mortgage leads and top home business leads.
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