Declining home equity and resetting exotic mortgages are leaving many homeowners with increasing payments and no refinance options. This is putting loan modifications front and center in this market. So, how do you find this increasing market of distressed homeowners to help? Many of my clients are having success with aged mortgage leads.
Let’s get specific on what is working…try these mortgage lead filters:
- 80% LTV and above
- No poor credit
- $200,000 mortgage balance/loan amount and above
- Adjustable rate (where provided)
- High interest rate (where provided)
- States in the most pain (FL, CA, IL, MI, OH)
- Behind on payments (where provided)
Why aged leads and not the new loan modification leads?
Simple–loan modification leads have only been available and in the lead generation game for about 3-4 months. Chances are both consumers and marketers are just figuring out what loan modifications are–this leaves a lot of loan modification prospects dropping into the aftermarket or unserved category of aged leads.
As it is very hard to find loan modification leads over 3 months old, that means buying loan modification leads will mean having to pay a higher cost per lead and some call centers need tremendous volume for pennies and this is why refinance leads that suggest someone likely to be a good loan mod candidate are often the solution. While we do not sell them, aged payday loan data and triggers are another way call centers are keeping their cost per lead at just pennies.
This strategy works particularly well if your business model uses thousands of leads to feed a dialer sales organization or call center. Meanwhile, you get to keep your costs to $0.01-$0.25 per lead for 3 month to 3 year old mortgage data.
These filters will help you to target homeowners making refinance inquiries on the edge of trouble. This is the classic profile of someone likely to experience hardship, but has not yet declared bankruptcy or received a notice of default.
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