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.
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About the Author
Best Rate Referrals is an award-winning mortgage marketing firm and an industry leader in generating high-quality mortgage leads and driving inbound calls to mortgage lenders. The Best Rate Referrals team has broad mortgage market experience with proven lead generation practices that produce measured results for the lending and real estate industry. Best Rate Referrals has a long history of connecting high-intent consumers with a diverse network of lenders for a variety of financing products including Home Purchase, HARP, VA, FHA, Cash-Out, 203k, USDA, Conventional, Reverse Mortgage, ARM, Fannie Mae, Freddie Mac, First-Time Homebuyer, Jumbo and Debt Consolidation. The company's flagship website, www.MortgageAdvisor.com, is a one-stop mortgage financing shop that matches consumers with mortgage lenders and provides an array of online tools and information to educate potential borrowers on achieving their financing goals. Best Rate Referrals is a subsidiary of Digital Media Solutions.
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