| Small mortgage brokers must determine cost | | | | O'Connell, "leads are like gas to a race car driver. In |
| effective methods for finding homeowners prospects | | | | order for me to fund loans and have my company |
| who need their loan services. There are several | | | | grow, I need a reliable source of mortgage leads." |
| options for acquiring home mortgage leads. Some | | | | Internet mortgage sites offer to sell bundles of |
| mortgage brokers look for direct source leads. Other | | | | mortgages by type to brokers or financial institutions |
| brokers utilize internet leads that were generated from | | | | directly. The loans are bundled into groups of 25 by |
| their own web site or radio advertising, and some will | | | | type, purchase leads; refinance leads, debt |
| seek third party leads that they buy online. | | | | consolidation leads, second mortgage leads, home |
| Mortgage brokers and home equity lenders may | | | | equity leads, etc. One site listed 18 different type leads. |
| receive leads directly from Internet companies such as | | | | Many mortgage lending institutions have set up web |
| Lending Tree, Smartlending or mortgage companies | | | | site to market leads directly, but this is no easy task. |
| who bundle and sell leads, such as Lending Tree | | | | Getting potential borrowers to find your site is very |
| markets their internet leads directly to mortgage | | | | difficult these days because of competitve search |
| institutions that must compete with 4 or 5 other | | | | engine environment that ranks millions of websites. This |
| mortgage institutions for the mortgage loans. | | | | is significant as more and more borrowers are turning |
| sells their internet leads to mortgage brokers. They | | | | to the Internet in their search for lenders. In order to get |
| advertise that they provide thousands of mortgage | | | | good results from interenet leads, small companies |
| professionals with fresh leads each month and their | | | | must be committed for a good duration and carefully |
| primary goal is to provide cost effective leads that will | | | | research all of the options available and choose to |
| increase borrower fundings. According to Pat | | | | work with companies that help meet their needs. |