The Mortgage Leads Network is a marketplace found on the Internet that serves the mortgage industry. With thousands of registered providers, lenders and consultants, the network offers businesses and consumers alike with exceptional choice and convenience.
The network differs from other mortgage referral sites online in terms of several ways. They do not charge any fees to lenders and borrowers; furthermore, they need not pay fees when closing a transaction. The company only charges lenders a data transmission fee based on how many leads have been purchased.
In this mortgage lead network, lenders can freely sign up and enter the criteria for lending, some of which would be the geography, the loan types (this should be indicated for purchase mortgage leads along with refinance, commercial and second mortgages), the borrower’s credit rating, the ratio of loan-to-value and the minimum loan amounts. Lenders can only purchase leads which correspond to their lending criteria.
Consumers can enter mortgage request information online and is then distributed automatically to a maximum of three lenders in real time when exact matches are found. This is done on a first come, first serve basis. Exact matches refer to that point in time when the customers’ borrowing criteria accurately matches the registered loan officer’s lending criteria.
If three exact matches cannot be found, the data will be posted to the website’s member area where registered users can take a look at the mortgage lead data excluding the contact information and they can select leads individually.
The network’s web site is entirely automated while lenders and borrowers are allowed to conduct business with no human intervention. Lenders pay for every mortgage lead. Prices depend on the time that the lead had been submitted by the customer and eventually decreases over time.
Moreover, mortgage leads are instantly delivered, when consumers fill up specific forms and applications such as the mortgage quote request forms or the loan modification applications. The leads are sold with a maximum number of three times. If a mortgage lead is distributed three times, then it will not come out in the database any more. On the other hand, exclusive leads can only be sold once.
The internet mortgage leads that Mortgage Leads Network offers are produced from different online advertising like search engines, email and banner ads. After that, they would feed into many mortgage web sites that are connected to a central database.
Also, you can spend all your time communicating with borrowers instead of just dialing the phone. Live mortgage leads are prospects that can be directly transferred to you.