Identifying Solid, Qualified Subprime Mortgage Leads
There are a few ways that any mortgage broker can collect high quality subprime mortgage leads that are likely to convert. Whether you are generating leads on your own or you are working with a reputed list seller, knowing what to look for in an ideal lead will enable you to choose the targeting criteria that will be applied to individual names that are collected. Each company’s ideal keyword searches may differ slightly, but the basic set of qualifying criteria will be standard across the industry, regardless of how large or small a company is and where its base of operations is located.
Narrow down your contacts by credit score. There are a few ways that these searches may be conducted. Some targeting companies will run their own credit checks, providing mortgage lenders with the exact credit score of each potential applicant. When this is the case, list buyers must simply provide them with the range of credit scores that their company is willing to approve. If information on the specific scores is not available, simply search for those whose self reported credit is either average, below average or poor. Keep in mind that those with good credit, though they will almost certainly be approved, are not within your target demographic.
Search by geographical area. If you are only licensed to work with those who are buying in a particular state, make sure that all the leads you gather are making their home purchase in the state in which you operate. This is particularly true for companies who offer interest rates that may rise above the maximum allowable by law in certain areas. Not only will this help with the legal ramifications of lending, it will also help you organize your agents’ coverage by territory.
Include as much other application information as possible in your search. If you require that homeowners have a certain income in order to gain approval, or if they are required to make a minimum down payment, try to suss out whether any leads with which you are provided meet these standards. This will reduce the changes that a prospect responds to your outreach positively, but still cannot be granted a mortgage because their application is not approved.
Being more selective about the subprime mortgage leads you accept will ensure that your agents’ time is spent with prospects who are qualified to become clients.
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