Before the financial crash that took the wind out of the financial market's sails, selling a mortgage loan was as easy as picking up a ringing phone. That's not true today and it certainly wasn't true in 2005 when our firm began offering mortgage banks, brokers and individual loan officers high quality mortgage marketing services and mortgage leads.
Today, competition for mortgage borrowers is stronger than ever, and it's only going to get tougher as more non-banks enter the financial services arena and smaller institutions get better at marketing mortgages to their existing customer bases.
To be competitive, mortgage lenders must improve their follow up with qualified borrowers and get their loan applications into the pipeline. The vast majority will hand this job off to a third-party vendor, and that's where many of them will get into trouble.
Marketing mortgage loan products is heavily regulated, and a mistake could potentially cost a company up to millions of dollars in fines. Even an accidental oversight becomes a major compliance violation when the piece is mailed or broadcasted to thousands or even tens of thousands of prospects. Federal regulators are watching this carefully, and lenders that don't choose the right marketing partner will face even higher risks.