There are generally two types of mortgage leads, those that are sold exclusively, and those that are sold non-exclusively. Of course, exclusive leads are generally more expensive and in theory should stand a better chance of closing. In reality however, often times borrowers shopping for a loan fill out applications at many different web sites and there will be competing mortgage brokers for most loans. To offset the difficulty of having so much competition, it is usually wise for mortgage brokers to apply as many filters as they can to the leads they receive to at least ensure that leads are worth their time to following up on.
Mortgage leads are a great way to get additional business. But the big question for a mortgage broker is how many of these leads will close. Quality mortgage leads must be delivered in a timely and honest fashion. Many supposed lead generation business purchase their leads and resell them under the guise that they are the originators of the leads.
Some mortgage brokers have thrown up their hands with buying mortgage leads online and have decided to launch their own web sites. However, launching a web site makes no guarantee of visitors, and without visitors, there will be no applications save for the occasional referral. Popular search engines charge a pretty penny for clicks from users searching for mortgages. And unfortunately unless you are licensed in multiple states, you will probably receive mortgage leads for states you are not even licensed in.
Mortgage leads generated through Expo Financial are delivered through LeadsExpo.com. LeadsExpo.com offers programs for setting up brokers with their own mortgage sites in which leads they can be serviced by them go solely to themselves.
It was estimated that last year over 7% of mortgage leads were originated online. This number is expected to continue to rise sharply in the future as borrowers become more and more comfortable with using their browser as a form for personal information. As it stands today there are only a handful of firms delivering mortgage leads solely generated from search engine traffic (organic results) and paid advertising (Google AdWords). For this reason, it is important to ask any lead supplier who their source is and to see the site with your own eyes. In this way you can verify that the leads are not in fact telemarketing leads or leads purchased from a third party. Of course there is no way to be certain, but at least by asking these questions you can get a feel for how well your supplier responds. Often times avoiding a bottle of snake oil is up to your instincts about how convincing the supplier is. We recommend trying sample leads and starting out with small orders before investing serious time or money.