Refinancing has been quite popular over the past several years, as mortgage rates have been far below the national average in many places throughout the country. As a result, mortgage lenders were prepared to offer excellent rates and promotions for borrowers who wanted or needed to save money with a refinance loan.

Refinance mortgage rates are generally a percent or more below the average mortgage rate, and therefore these loans offered extremely attractive interest percentages along with many other benefits. As home sales increase across the country, mortgage rates are beginning to slowly rise back to prior year rates and there is a fear among lenders that this may slow refinance leads.

Whether refinance mortgage will rise significantly remains to be seen, but judging from past performance it appears that they probably will. Refinancing is an excellent way for borrowers to pull out cash based on the amount of equity that they have developed in their home while in repayment of their original mortgage loan. So, not only were refinance mortgage rates attractive but so was the prospect of paying off other costly bills including high interest credit card accounts.

Refinance leads were not hard to generate for lenders with great rates, because the rates themselves did the talking to consumers. Once the rates increase, lenders will need to find new ways to generate leads and attract borrowers. This is a time consuming and often very costly situation for lenders who rely on a constant stream of refinance leads.

The hope is that as mortgage rates begin to climb, refinance rates will react slowly and there will still be many people interested in refinance loans. Even with slightly higher interest rates, refinance programs will continue to offer excellent advantages for borrowers looking to cut costs and lower their monthly payments.

The best mortgage leads are those generated as a result of marketing online. Lenders spend far less money with online marketing campaigns as there is no cost per individual contacted and once the work is done, it’s done. Lenders have had to make significant changes to their marketing techniques over the past decade as a result of the internet and the fact that most Americans are now doing almost all of their research for mortgages online.

Having access to hundreds of lenders who are trying to get their business with competitive rates and loan benefits means that consumers have definitely benefited from internet marketing campaigns. The goal is to catch the mortgage customer searching for the best rates available and to catch their attention immediately.

As interest rates have settled at a decade low in the past year, lenders are able to attract leads with these rates. Whether someone is looking to buy a home or refinance a current mortgage loan, they are looking for the lowest possible interest rate. The more a lender makes their rates known, the best mortgage leads they will generate.

A mortgage lead is what happens when a potential borrower first contacts a lender for information. This could be through a phone call, a walk in visit or through a request for more information form on a website. Lenders need to convert these leads to customers and they will work hard to get a borrower financed for excellent mortgage programs once they have made that first contact.

Low rates have been good for lenders, as they are able to convert more leads to customers than every before. This includes the number of leads they get for refinance as well as those from first time home buyers. Marketing campaigns will continue to expand, as lenders need to meet the expectations of internet users looking for quality loans at excellent interest rates.

These mortgage loan marketing strategies do not require a great deal of work, but the amount of payoff that you can receive for them is quite drastic.

1. Put a headline on all of you written media, whether it is posted online or it is printed in ink. This includes advertisements, greetings, and letters. The headline is what gets a reader’s attention. Without it, they are likely to simply ignore your message. The reason for this is fairly straightforward. They don’t want to read it because they don’t know what it’s about. Most people are just as busy as you are, if not more. They don’t want to waste their time reading something if they don’t know that it will be useful to them.

2. Anytime that you do something for a client, you should not be afraid to get a little boastful about it. If it took some negotiating in order to get a loan approved, don’t send a message to your client saying something boring like, “You loan was approved today.” Send them a short story about how you had to fight for them in order to get the loan approved. Customers want to know that you are actually providing a service for them. Don’t get arrogant about it, but anytime you do something for a customer, they should know it. They will have more respect for your mortgage loan marketing skills.

3. Make sure that you are sending thanks to at least one person everyday. It you aren’t doing this, you will be shocked at how much more success you will experience when you start sending out thank you notes. Don’t just send thank you notes to people that you think will earn you money. Send them out to everybody. Anybody who does something for you that you really should be appreciating in the first place, send them a note to thank them. In some cases, this can really make somebody’s day. Mortgage loan marketing becomes much easier when everybody respects you, and the amount of respect you will earn for such a small amount of work is immense.

4. If you have a receptionist answer the phone for you, have them tell callers that you are working with a client and that they will see if you can get in touch with them. This says a couple of things. It sends the message that you are busy, and clients want to know that you are busy working for them. In addition to this, if you take the time to communicate with them, it sends the message that the client is important to you. This makes them feel that they are getting the attention that they deserve, which is a major contributing factor mortgage loan marketing.

Next Wave Marketing Strategies: Email Marketing

Aged leads are a cheap way to add a few easy refinance deals to your pipeline this month. Here is a really quick 4 step email marketing strategy that will help activate those old leads and turn them into fresh refinance mortgage leads.

1. Segment, if you can. When you first get your batch of aged refinance leads take a close look at them and see if there are any obvious segments–region, loan amount, interest rates. Then break apart those categories and craft an email campaign to directly appeal to their most probable interest or concern. For example, if you have a high mortgage rate segment–hit the historically low mortgage rates theme; if you have a jumbo mortgage segment–play up special jumbo mortgage programs you may offer or even ARM programs that might lower the payment long enough to sell.

2. Build anticipation. Don’t just send one email. Build a campaign that creates value and anticipation for what you can offer them. Tell them you will keep them tuned into a very volatile market, you will alert them to any mortgage rate changes, and you will get them the inside track on any new government incentives or special mortgage programs.

3. Deliver on expectations. If you tell them you are going to do something (like deliver regular updates) make sure you show up. An email marketing campaign only works if you are consistent, valuable, and ongoing. Set expectations for what value you are going to offer them and then make sure you show up in their email on message and on time.

4. Make a phone call. Picking up the telephone and making a direct connection is powerful! Having seen you in the inbox and seeing a bit of the value you can provide–a personal phone call from you can push the deal over the edge. It gives them the real feeling that you care.

Do you need some aged refinance leads to try this strategy on? Or maybe you just want to talk through some other marketing campaign you have in mind using aged leads? Contact Next Wave Marketing Strategy and let’s chat about your mortgage leads.

Over the past three-years during the recession the majority of the mortgage firms have gotten smaller. Many mortgage brokers and debt consolidation firms are doing more with less. Cost controls looking for ways to reduce expenses given limited market growth is more critical than it’s ever been. From automated customer relationship management databases trying to milk every last drop out of each sale to the tougher effort of finding credit worthy borrowers with equity.

Among the challenges that face mortgage broker’s everyday is the task of finding a steady flow of qualified leads in an unprecedented down market. Now more than ever the science of targeted marketing is the key to success.

Luckily, Internet mortgage leads with the help of advanced technologies such as data mining can produce amazing results.

Here are a few reasons buying Internet mortgage leads is a smart return on investment.

Remember, according to PEW Center research now 79% of all consumers look online to price shop for financial and retail deals. The days of using the yellow pages are long gone as the Internet has surpassed print newspapers and radio reaching millions more consumers.

Don’t bother reading your printed local newspaper anymore. Today, most newspapers have seen 50% to 70% declines in readership as millions flock to online social media and digital media channels. These Internet channels automatically collect vast amounts of information that are data mined and sorted into category lists available for mortgage brokers and others to buy.

Price shopping is rampant online. Now homeowners looking for top mortgage rates have instant access to the lowest rates and top quality services. Within minutes they can often get a precise read on the best mortgage refinance options.

However, Internet has also in some respects made it harder for sellers due to vastly increased competition online. Now borrowers can shop nationwide for the best option.

Many Internet advertising services such as search engine optimization and pay-per-click seo might help but buying high quality leads ensures it’s worthy.  Generally, it is recommended to employ a mix of various Internet marketing options when implementing your sales plan.

If you are able to hit on a quality lead provider than stick with them in order to boost your sales pipeline. Stop wasting your money on low quality print media advertising and instead focus on increasing revenues using powerful lead buying services.

So much discussion surrounds getting mortgage leads we often forget how to properly manage these leads once we get them. If your sales pipeline database system is automated then it can be a very time consuming job. If done correctly, a lead management database that automatically alerts you to scheduled call back or important dates ensures a smooth continuous flow of leads daily.

The benefit of a sound lead management system enables an experienced mortgage agent to make good use of mortgage lead management tools.

Increased sales conversion rates as each mortgage branch obtains new mortgage leads from various sources like websites and marketing lead providers. These leads are pre-sorted to include prospects with varying qualifications such as self rated credit, LTV, or loan amount. By qualifying leads i.e. filtering the data correctly seasoned agents can prioritize their time.

First they focus on closing the most valuable leads then work their way towards the bottom of the list. In this fashion the often cumbersome task of following up on genuine leads becomes more efficient always increasing the conversion sales rate.  A mortgage company with a solid lead management system should be able to close 20% more leads.

Remember good leads do not get lost, not even those considered aged leads. Be organized in the approach. Have an automated workflow system in place to earmark the leads and any documents to the appropriate file i.e. digital files can make searching very quick as opposed to leafing through endless paper file draws.

Highly efficient database searches for quality leads generated can be differentiated in terms of zip codes, loans required, area codes, credit history, etc. Such digital cataloging of the leads simplifies the follow-up and tracking of these leads. Many mortgage companies make their lead management database password accessible via Internet applications so that sales reps on the road can dial-in to grab new leads even accessing the information on a cell phone.

Digital lead management systems accessible remotely accelerate better sales closing response time. On average studies prove online systems save 35% to 45% off things such as travel, materials and lodging across the board while generally accelerating the rate of sales.

Ideally, the mortgage agent should theoretically never have to step foot in the office. He should be able to access all sales related leads, materials and educational training online while on the road – out-in the field making hopefully closing sales.

Although physically, the leads are maintained at the office on a computer network server, it should allow the data to be pushed out from the office over the Internet for authorized sales agents to access 24/7.

Since the database is maintained centrally it can be quickly updated with new materials or changes necessary to key documents etc. The sales lead management applications offered to the sales agents in the field should be easy to use and robust.

Whenever we talk about potentially sensitive insurance or mortgage financial information, it is necessary to ensure multiple security features are built into the system. A solid security system is also a sales benefit that can make sales prospects feel confident that your running a top quality organization that is dedicated to their success.

By implementing an intelligent mortgage lead management system you will be able to produce better customer service and data security for the sales prospect, efficiency and profits for the mortgage firm.

Image by woodleywonderworks via Flickr

The debt and mortgage leads market is a highly evolved one with plenty of Internet lead providers vying with each other to give lenders a ready database of prospects to pursue. These leads are marketed at exorbitant rates with the price of each fresh lead varying from $20-60 or even higher. This means you have to be a financial giant or wizard to get a reasonable return out of your lead buy. Why do I make this claim? Because no matter how good a sales person you are you are not going to close all of these leads. So, you have to ask yourself after you have burned through thousands of dollars purchasing debt and mortgage leads–can you close enough leads at this price?

If you are Tired of Paying too much for Debt and Mortgage Leads, it is time to learn to get them cheaper:

1. Source from a credible company – Your debt and mortgage leads need to be bought from an Internet leads provider who has been in the business of leads generation or aggregation for a few years. Look at the lead provider’s track record, their conversion rate, debt lead return policies and the sales support they can provide you with if a lead turns out fake. Chances are that your debt and mortgage lead conversion ratio will be high and you will save marketing dollars. The end result will be a higher ROI in relation to your investment in turn reducing your overall marketing costs.

2. Classify leads according to your budget and sales ability – If you classify your debt leads based on the type of products and services you offer, you will be able to narrow down and purchase only those debt leads that matter to you. Good debt lead management skills are called for to shrewdly purchase debt leads whose credit history you can handle. If your budget permits you can purchase in bulk and be eligible for super discounts. Try to get the discount in the form of extra genuine leads instead of dollar savings.

3. Purchase quality aged debt and aged mortgage leads – The best way to get cheap debt and mortgage leads is to purchase aged debt leads and mortgage leads. These leads are available for as low as a couple of cents to a dollar. Extremely cheap means, you can buy plenty of these valuable leads. Though a couple of weeks or months old, they are a mine of untapped information. They may contain debt leads of persons who have not yet reached a financial solution and need your assistance. Purchasing aged mortgage leads is especially a great idea as a lot of homeowners do take time to take refinance decisions on their homes and that’s why end up in the aged leads list.

4. Obtain data from a provider who sources data directly – The subprime crisis has thrown up thousands of homeowners who need better mortgages and lower interest rates. The cheapest way to get to them can be buying debt leads from an Internet leads provider who has firsthand data on these clients.

5. Go for SEO services – If you are an enterprising sales person or company and have your own website or blog, use it to attract additional leads to offset lead buying. Using good content and some basic SEO strategies you can target a smaller or more local mortgage and debt customer niche.

There is no golden rule to get the cheapest leads. Being prudent and knowing how to maximize ROI is important. The cheapest leads in the end are the ones which get you the most ROI and not based on the price at which you bought them.

We often hear, “look for the pain point” in learning to sell. Is that always the magic to getting the sale? Skip Anderson, of Selling to Consumers is not so sure.

Looking for More Than Pain in Mortgage

What About Debt Settlement?

Sure, that is fine for mortgage, but all debt customers are coming with pain right? Maybe not. In fact, I would venture to guess many of your debt settlement prospects don’t even know they have pain yet. That is why aged refinance and loan modification leads are so profitable for debt settlement companies.

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Whether you are in the mortgage or the debt settlement business–loan modification leads are a good bet for prospects. If you think about it loan modification implies a crushing debt problem. Assuming that a homeowner is holding one of the largest debt burdens an average customer will encounter, a loan modification lead is someone in real debt relief need.

Why Loan Modification Leads?

If you are in the debt settlement business you may be wondering why I would recommend loan modification leads. The answer has a lot to do with detecting the intent of the person inquiring and how close they may be to taking action.

As you know most debt leads are people very early in knowing (or admitting) they have a debt problem. That means you are spending much of your time convincing them that they need to take care of their debt problems now.

To the contrary, someone who has inquired about a loan modification knows they have a crisis on their hands. They also are probably a bit more sophisticated, in that (believe it or not) most consumers still don’t know what about loan modifications.

Opportunity to Set-up Mortgage Referrals

It is also a fair bet that if someone is having problems paying their mortgage they are there because of credit problems, credit card debt, installment loans and the like. Sounds like the perfect person for you, in the debt settlement business, to help.

Ultimately, getting them into a stronger financial situation to support that mortgage payment.

However, you might not have the expertise or licensing in your debt settlement practice to solve the mortgage issue. Never fear, this is a perfect opportunity to set up a referral relationship with a mortgage broker or loan modification specialist.

Ideally, these loan modification leads will not only get you some more debt settlement deals, but they may also get you some referrals flowing from mortgage partners.
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• TASC to FTC: Debt Settlement Better Service for Many Consumers (prweb.com)
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The Obama Administration seems to be tired of having the mortgage crisis hanging around their neck. They want these troubled mortgage loans modified and borrowers back on their feet towards recovery. At least that is the message being sent by Treasury Departments’ three man “SWAT Teams” being deployed to eight of the largest servicers to monitor their work.

“In an effort to shame the companies into doing a better job, Treasury will publish a list next week of the mortgage companies that are lagging. While big lenders like Citigroup and Wells Fargo have made double-digit gains in the percentage of eligible borrowers they have signed up for trial modifications, other companies like Ocwen Financial and American Home Mortgage Servicing have only increased their borrower participation by 6 percentage points or less since July.”

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• Wells Fargo Introduces An “Interesting” Mod Strategy (hsh.com)