Enjoy access to a free NMLS renewal class when you attend an in-person event.
We all want quality leads right? Why is it so hard to find a good quality lead? It’s FHA streamline season again and now is the time to capitalize. Here is 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 (DNC), it is 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 has become almost impossible to find an Internet lead that will close any higher than five percent to eight percent. Even if you pay for premium leads, there’s a good chance they are being generated or sold by a company that’s also a licensed mortgage lender. How effective are you at buying secondhand leads? It’s no wonder they don’t work as well as they used to. Leads used to be bought from lead generators. Now they are being sold by your competitors! And these are the leads that we depend on to grow our business?
So, here is a tip that all the nation’s leading mortgage lenders do not want you to know about: Traditional marketing methods, such as direct mail and telemarketing, are working again. And here’s the trick to making sure it works: Use them together! Send your mail to everyone that matches the new guidelines for FHA MIP removal and call the people who aren’t registered to the DNC List. One hundred phone calls will produce at least one closed loan. One thousand letters will produce at least one closed loan. Get the data, get it in the mail, and get to work. There is 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 customer spotlight: Zack M., a Nevada mortgage lender
Each month, we talk with our clients to see how their campaigns are performing. Here is what we heard from Zack M., a mortgage lender from Nevada.
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 worked well
“Ease of the process. Everything from ordering, to taking calls takes little effort on my part.”
Highlights of the campaign that may appeal to others
“One-stop shopping with proven results. I would recommend it 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 May 2015 print edition of National Mortgage Professional Magazine.