Marketing for FHA-MIP-REMOVAL
We all want quality leads right? Why is it so hard to find them? Its high tide again on FHA streamlines and now is the best possible time to capitalize. Here’s what top companies around the country are doing to close FHA streamlines with the new guidelines in place.
With as much at 97 percent of the population on the Do-Not-Call List, it’s becoming increasingly difficult to generate leads via telephone. Until 2013, telemarketing was a major contributor to the mortgage industry. Telemarketing was used to generate interest and also to verify leads and ensure accuracy. With the new Telephone Consumer Protection Act (TCPA) guidelines in effect since 2013, telemarketing is much less cost-effective, and in some cases, it’s even illegal.
Internet leads are losing their luster. Somehow it’s become almost impossible to find an Internet lead that will close any higher than five to 10 percent. Even if you are paying for premium leads, there’s a good chance they are being generated or sold by a company that’s also a licensed originator. How good are the leads that you throw in the trash? These are leads that are sold nationwide by lead companies. It’s no wonder they don’t work as well as they used to. You used to buy them from lead generators. Now you’re buying them from direct competitors.
So here’s the tip that all the nation’s leading marketers don’t want you to know: Direct mail and trigger leads are working better than ever. Go back to direct marketing and you’ll close more loans. Send a letter to everyone that matches the new guidelines for the new FHA streamlines and call the small percentage of them that still allow it. One hundred phone calls will produce at least one closed loan on the books. On thousand letters will produce at least one closed loan on the books. Get the data, decide how you want to market to it, and get to work. Companies started marketing for the new FHA guidelines before the new guidelines were even announced. So if you’re just getting back into it, hurry up. There’s plenty of business to be had. Make sure your marketing director knows the right qualifications you need and let them go to work for you!
TagQuest Inc. customer spotlight … Zack M., a Nevada mortgage lender
Each month, we talk with our clients to see how their campaigns are performing. Here’s what we heard from Zack M., a Nevada mortgage lender.
►Marketing method: Direct mail
►Volume: 14,000 pieces dropped bi-weekly
►Results: 0.85 percent response rate (30 percent application rate on inbound calls)
Highlights of the campaign that work well for you
“Ease of the process. Everything from ordering to taking calls takes little effort on my part. Even the free tracking helps ease the time tracking down information. It has been that way for two years now.”
Highlights of the campaign that you think might appeal to others in your industry
“One-stop shopping with proven results. Would recommend this to anyone.”
Based in Medford, Ore., TagQuest Inc. is a full-service marketing firm developed throughout the ever-changing mortgage industry. Utilizing industry knowledge, marketing expertise, and technology we implement any or all aspects of your marketing and/or advertising campaigns. With a proven track record, more than 10 years in business, and decades of experience TagQuest knows what it takes to produce unprecedented results in today’s fast-paced mortgage environment. For more information, call (888) 717-8980 or visit www.tagquest.com.
This article originally appeared in the February 2015 print edition of National Mortgage Professional Magazine.
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