Servicing Mortgage Leads
October 18, 2011 – 10:09 amWhen you are servicing a mortgage lead the most important thing is to be extremely organized. This is primarily due to the fact that you are going to need to have a substantial amount of documentation as you seek to secure capital on behalf of your clients. Additionally, you are going to need to provide agency agreements to any individual that you intend to work with as it relates to obtaining a mortgage. There are many laws, many of which are state based, that you will need to comply with as it relates to servicing mortgage leads.
One of the primary issues that come with mortgage leads is that they are extremely expensive. In some instances, a qualified lead can cost upwards of $100. As such, it is extremely important that you that you are able to effectively provide the highest level of service to your client as closing rates for mortgages have dropped significantly over the past four years. It should be noted that the more qualified the borrower, the more expensive the lead will be. Most sub prime leads are now very inexpensive due to the fact that many banks and finance companies will not provide them with the capital that they need to buy homes and properties.
As you can see, a mortgage broker needs to have every marketing tool available to them in order to effectively service a loan lead. Through many of our discussions, we will continue to discuss how to properly market your mortgage brokerage or banking firm so that you can substantially reduce the cots associated with obtaining new clients. As you become more established, one of the things that you will notice is that you will generate a substantial amount of traffic to your business from referrals. As such, and again, it is imperative that you provide a client with an impeccable level of service.
In some cases, providing the best possible service to your client includes taking a smaller fee but placing them with a finance facility, loan, or mortgage that is more affordable and has flexible terms. In the long run, while you may not have made as much money servicing this lead, you will find that you can gain a number of clients through strong word of mouth. As such, you can look at providing great service as a strong return on your time investment as you work with individual clients.
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