If you are a mortgage lender and you purchase internet mortgage leads, you know that not every lead turns into a loan. At iLeads.com, we process over 2 million mortgage leads per month and we see that about 25% of the leads are NOT homeowners and that another 14% have negative equity, a notice of default or a foreclosure.
That said, this channel DOES perform well. A recent study by iLeads.com and the LeadsCouncil found a 5.2% funding rate when most lenders are happy to see a 1% to 2% funding rate.
So, how can a lender improve their funding rates on mortgage leads? One quick and affordable solution is to utilize data and analytics from iLeads.com to help identify which leads are the winners. We have many solutions for lenders, but some of the most popular are:
GateKeeper: Analyzes and enhances any lead source with current up-to-date title, lien, tax, valuation, sales history, comparable sales, property characteristics, and much more in about one second. It then uses that information to analyze, grade, sort and route leads in real time, so lenders know which lead to work first and what product to offer the lead.
Revive: Very similar to GateKeeper, but provides up-to-date collateral analysis and dispositioning of old mortgage lead lists or a customer database for remarketing.
Performance: Provides the actual value of a mortgage lead list by determining if a lead funds and with whom. This helps lenders to evaluate lead sources and internal operations for areas of improvement.
Improve your funding rate on mortgage leads by calling iLeads.com at [phone](877) 245-3237[/phone].