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There are some key shortcomings of common information sources lead-gen companies use to identify consumers who may be interested in the purchase of a loan. We're going to focus on the top two mortgage lead generation mistakes:

  1. the use of lead capture forms
  2. trusting online shopping behaviors

Learning what each of these mistakes entails and how to avoid them will set you apart from the competition, saving you time and money so much so, that we are confident you'll be on your way to increasing volume and helping your entire organization thrive in a competitive environment. 

→Download Now: Intent Matters: Reading the signals of homebuying intent

Two Most Common Mortgage Lead Generation Traps

Lead Capture Forms

Lead capture forms are an intelligent strategy for pulling inbound visitors deeper into your sales and marketing funnel on your company website. Purchase Leads are different. They rely on consumers to self-report information that they might not actually know. There was once a time when mortgage purchase leads had their place, but a recent study performed by LendingTree stated that 60% of Americans are unaware of their credit score. A staggering 74% of adults between the age of 18-24 had even less awareness. So it’s highly likely that purchase leads contain inaccurate information and bad data.

Another problem with lead capture forms is that they are often drawn from a third-party company that can see and share sensitive information about consumers. For example, many lenders lean on loan payment calculators to guide customers toward calculating current interest rates and other metrics associated with the loan process Oftentimes, these calculations are relied upon as the first step toward the pre-qualification process. The borrower may intentionally (or even unintentionally)  include false information in these calculations due to a lack of awareness or understanding of the process; let alone access to accurate financial information at the time of the form fill. 

 

Trusting Online Shopping Behaviors 

As the average age of first-time homebuyers increases, it's common to find Millennials and Gen Zers sifting through Zillow, Trulia, or Redfin. They might be searching for their dream home (that they can't yet afford), conducting price comparisons in nearby cities, exploring the option of relocating to a new state, or looking for the value of their current home. 

Although customers might spend hours on these real estate websites, it doesn’t mean that they are ready and willing to act. Is it worth the risk of reaching out to a borrower that may not be ready to hear from you? You need more robust borrower intelligence before reaching out solely based on how much time someone visits your website. 

 

How do I provide loan officers with lead generation that works? 

So, you’re probably asking  yourself, “Where do I go from here?” 

Instead of relying on third-party lead generation lists, there is a good reason why lenders are now investing in an intelligence solution that provides results. An automated borrower retention solution will catapult mid-to-large size lenders to new heights. 

For example, a system like Sales Boomerang scours mortgage lenders' customer databases for missed loan opportunities, often identifying opportunities before the borrower is (a) even aware they are a candidate for a loan or (b) worst of all, has a chance to shop with a competitor of yours. 

Sales Boomerang alerts have enabled lenders to close more than $170B in additional loan volume that may have been overlooked as well as achieving retention rates of 3-5X over the industry standard. Being in the right place at the right time for the right customers is vital to business, so lenders must have a mortgage customer retention strategy. 

With a proven intelligence solution you'll be able to:

  1. Respond to leads in minutes
  2. Receive all alerts in a loan officer’s inbox - no need to log into a clunky, hard-to-use portal
  3. Pay on average less than $300 per acquired loan (instead of $1200+ per lead) 
  4. Close 20-40% more loan volume per month

Some of our favorite proactive alerts include: 

Predictive Alerts: Alerts lenders like you when a borrower is going through a life event that may change their household size or income. These alerts show loan readiness and can alert you when a borrower is actively looking for a new loan. 

Responsive Alerts: Alerts you when a borrower takes action—for example, applies for a mortgage with another lender. 

Prescriptive Scenarios: Leverages multiple criteria to provide a fuller picture of each borrower's needs and qualifications. 

Harnessing the power of a proven borrower intelligence solution will turn your “uh-oh” into a “hallelujah,” especially as the tides change in the market.

 Solving for Lead Generation Stress

Although there are lots of ways you can generate a lead, you'll want to not fall prey to putting all of your eggs in one basket. If you simply put your energy into lead generation forms, you'll be subjected to faulty leads that contain misinformation. Avoid focusing solely on the behaviors of those shopping for a loan online too, as this information doesn’t paint the full picture. Today, many people search for their dream homes on Zillow, even if they aren't actually in the market for a new home. Be prepared to serve borrowers by getting the full picture of their journey. Investing in a retention solution that actively tracks all sorts of metrics about the prospects in your database will be a surefire way to make sure your outreach is relevant and timely every step of the way, easing your mortgage lead generation woes and ensuring you create customers for life

 

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