Loan Mod Marketing

Author

Previous Topic | Next Topic

samurai

692 Posts

Posted - 08/14/2008 : 3:50:43 PM

I have been searching for a lead source and have talked to several companies. They all claim their internet leads are sold to only 4 other companies. I have been testing them by filling out their forms online pretending to be upside down and interested in a loan mod. Within 30 minutes of submitting their forms between 10 to 12 mortgage brokers have been calling and e-maling me trying to refinance a 120% LTV loan! WTF?

I am wondering if I should stick with generating my own leads via direct mail. It has been costing me an average of $15 per lead but the conversion rate has been only around 3% to 5%. Some people are telling me internet and telemarketing leads for loan mods should convert at 10% or better. Is this true?

Does anyone know of a reputable company selling mod leads? I know of all the ones advertising on BO so I am wondering if there are any other good ones out there.

raymondb

4184 Posts

Posted - 08/21/2008 : 8:38:21 PM

I would prefer mailers over internet leads any day of the week. When consumers go to a website they are in putting information for several companies to call them. When they call you off of a mailer they are calling YOU, and you can target your audiaence a little better this way as well! You have an exclusive shot at that moment in time when they call YOU.

Let me know if you need any help with your mail campaigns or lists....we also generate leads out of our call center if that could be of worth to you, Telemarketed leads do work pretty consitently! You can read about these here is you have any questions...

http://www.bestratereferrals.com/loan_modification_leads.html

quote:
Originally posted by samurai

I have been searching for a lead source and have talked to several companies. They all claim their internet leads are sold to only 4 other companies. I have been testing them by filling out their forms online pretending to be upside down and interested in a loan mod. Within 30 minutes of submitting their forms between 10 to 12 mortgage brokers have been calling and e-maling me trying to refinance a 120% LTV loan! WTF?

I am wondering if I should stick with generating my own leads via direct mail. It has been costing me an average of $15 per lead but the conversion rate has been only around 3% to 5%. Some people are telling me internet and telemarketing leads for loan mods should convert at 10% or better. Is this true?

Does anyone know of a reputable company selling mod leads? I know of all the ones advertising on BO so I am wondering if there are any other good ones out there.

homebroker@sbcgl

3538 Posts

Posted - 08/21/2008 : 10:17:20 PM

Raymond's leads are great, and he is very trustworthy!!

Hustler12

1293 Posts

Posted - 08/22/2008 : 02:00:08 AM

quote:
Originally posted by samurai

I have been searching for a lead source and have talked to several companies. They all claim their internet leads are sold to only 4 other companies. I have been testing them by filling out their forms online pretending to be upside down and interested in a loan mod. Within 30 minutes of submitting their forms between 10 to 12 mortgage brokers have been calling and e-maling me trying to refinance a 120% LTV loan! WTF?

I am wondering if I should stick with generating my own leads via direct mail. It has been costing me an average of $15 per lead but the conversion rate has been only around 3% to 5%. Some people are telling me internet and telemarketing leads for loan mods should convert at 10% or better. Is this true?

Does anyone know of a reputable company selling mod leads? I know of all the ones advertising on BO so I am wondering if there are any other good ones out there.

Sam - PM me offline, I have many opions for us. Raymond has the GlenGarry stuff if you want to go direct.

raymondb

4184 Posts

Posted - 08/24/2008 : 7:16:46 PM

"Glen Gary stuff" now those are some serious kudos, thanks bud. I would consider my loan mod leads some of the best warm leads we have ever generated in 5 yrs of business. The urgency is enhanced as the demand for this service is very high form both consumer and bank. From a marketing stand point this makes my job much easier.

quote:
Originally posted by Hustler12

quote:
Originally posted by samurai

I have been searching for a lead source and have talked to several companies. They all claim their internet leads are sold to only 4 other companies. I have been testing them by filling out their forms online pretending to be upside down and interested in a loan mod. Within 30 minutes of submitting their forms between 10 to 12 mortgage brokers have been calling and e-maling me trying to refinance a 120% LTV loan! WTF?

I am wondering if I should stick with generating my own leads via direct mail. It has been costing me an average of $15 per lead but the conversion rate has been only around 3% to 5%. Some people are telling me internet and telemarketing leads for loan mods should convert at 10% or better. Is this true?

Does anyone know of a reputable company selling mod leads? I know of all the ones advertising on BO so I am wondering if there are any other good ones out there.

Sam - PM me offline, I have many opions for us. Raymond has the GlenGarry stuff if you want to go direct.

raymondb

4184 Posts

Posted - 09/04/2008 : 6:22:37 PM

Thank you Brian for the positive words. I am really looking forward to helping you set up your call center so you can do these inhouse. Keep me posted boss. Let me know when your ready to get that started. ANyone that wants to know aout call center set ups read this.....

http://www.bestratereferrals.com/mortgage_lead_generation.html

For any one looking to ramp up their loan mod lead generation I can show you how to generate 1000 Exclusive inhouse TM leads per month.

quote:
Originally posted by homebroker@sbcglobal.net

Raymond's leads are great, and he is very trustworthy!!

raymondb

4184 Posts

Posted - 09/14/2008 : 08:41:04 AM

For all you loan mods guys here is a redicuous deal on your marketing data....

http://www.brokeroutpost.com/loans/brokers/forum/topic.asp?TOPIC_ID=225193&whichpage=3

Read my last post on this thread and see the best marketing list deal in the industry!

homebroker@sbcgl

3538 Posts

Posted - 09/14/2008 : 09:45:25 AM

Thanks Raymond, looking forward to the call center! I will be in the REO conference this week in Dallas, I want to come out to Vegas and check out the call center I have to schedule two others into the mix when I get back.

quote:
Originally posted by raymondb

Thank you Brian for the positive words. I am really looking forward to helping you set up your call center so you can do these inhouse. Keep me posted boss. Let me know when your ready to get that started. ANyone that wants to know aout call center set ups read this.....

http://www.bestratereferrals.com/mortgage_lead_generation.html

For any one looking to ramp up their loan mod lead generation I can show you how to generate 1000 Exclusive inhouse TM leads per month.

quote:
Originally posted by homebroker@sbcglobal.net

Raymond's leads are great, and he is very trustworthy!!

raymondb

4184 Posts

Posted - 09/17/2008 : 08:29:59 AM

Have fun in Dallas, I'll be in LA at a conference as well. Getting ready to head out now. I look forward to speaking with you when I get back.

samurai

692 Posts

Posted - 09/17/2008 : 08:59:01 AM

Here is an update. I have been getting close to a 3% response from my mailers. It costs me around 45 cents per piece including data so the ROI is very good.

The trick is selling the service during the first call.

ritabradley01

3228 Posts

Posted - 09/17/2008 : 09:01:53 AM

quote:
Originally posted by samurai

The trick is selling the service during the first call.

I think you are right about that.

gc46

398 Posts

Posted - 09/17/2008 : 09:52:16 AM

I work for a modification during the mornings and early afternoons, then work at a mortgage company late afternoon to evenings.

At the mortgage company, they have "Piles, Stacks" of old leads to go through.

Instead of paying someone to give you leads, work part time at a mortgage company still selling loans, but offering another way if borrowers cant qualify for a refinance.....

ritabradley01

3228 Posts

Posted - 09/17/2008 : 09:57:45 AM

quote:
Originally posted by gc46

I work for a modification during the mornings and early afternoons, then work at a mortgage company late afternoon to evenings.

At the mortgage company, they have "Piles, Stacks" of old leads to go through.

Instead of paying someone to give you leads, work part time at a mortgage company still selling loans, but offering another way if borrowers cant qualify for a refinance.....

I know right? I just telemarket for loans and meet plenty of people who need mods. Makes me mad when I think of all the unqualified "apps" I threw away this year-people I could have helped.

samurai

692 Posts

Posted - 09/17/2008 : 10:12:54 AM

I have found that only 20% of people are truly motivated to get help. The rest will come up with every excuse not to do anything.

raymondb

4184 Posts

Posted - 09/19/2008 : 06:43:40 AM

Depends on the target audience you go after. If yoiu target the loan mod criteria (lates, upside down, etc...) you will see much more receptiveness. Im sure that the number decreases when it comes time for payment but truly we see people literally begging my TMs to find them some help. The other day one of my older TMs (her name is Kat) started crying becuase of the story some home owner in Ca told her. The demand from the consumers to get help is pretty high if the audieance is correct.

Now if your going after credit select to ensure you can get loans done...then you run into fall out it could be harder to convert them to loan mod. Again, from my experience, it just all depends on the audience in your marketign efforts.

quote:
Originally posted by samurai

I have found that only 20% of people are truly motivated to get help. The rest will come up with every excuse not to do anything.

darkstar

18311 Posts

Posted - 10/05/2008 : 06:54:19 AM

Nowadays you can just work on your loans, what you can't refi more than likely needs a mod, targeting one, targets them both, sadly...

I find HIGH CLTV(125%+) ARMs that have adjusted within the last 30-90 days so the people are out of denial, work very well for mods if that's your only target...

raymondb

4184 Posts

Posted - 10/05/2008 : 07:18:27 AM

Your right those do work well. The ARMs are just one major database you can target and have success with these mods as well as refi. If your really good you will find a bunch of short sales in this database as well. I mane heck check out how many of these things are coming due form now until the end of 2009.....it's a lot of them..

Check out the remaining counts from now until the end of 2009!

Current count for all 2008 RECASTING ARMS!!!

Month - Mailable- Callable
Sep ------------97,390------------ 11,683
Oct ------------89,210------------ 10,339
Nov ------------84,980------------ 9,917
Dec ------------72,585------------ 8,613
TOTAL 2008 --------344,165-------- 40,552

Current count for all 2009 RECASTING ARMS!!!

NATIONWIDE COUNT BY MONTH OF RECAST!

Month - Mailable- Callable
Jan ------------73,862------------ 8,521
Feb ------------60,573------------ 7,498
Mar ------------65,184------------ 7,169
Apr ------------70,193------------ 7,521
May ------------69,723------------ 6,984
Jun ------------65,098------------ 6,805
Jul ------------62,597------------ 6,418
Aug ------------49,805------------ 5,232
Sep ------------45,191------------ 4,271
Oct ------------43,790------------ 4,180
Nov ------------47,394------------ 4,320
Dec ------------49,381------------ 4,629

TOTAL 2009 --------702,791-------- 73,548

If anyone needs a count by state let me know!

Previous Topic | Next Topic