What is the best way to aquire mortgage leads?

Answer 1

It depends on what kind of loans you prefer to work. For A paper loans one of the best ways I know of is to use direct mail targeted at specific homeowners who you know have a loan with poor terms. If you are familiar with other lenders loan terms you can target the worst ARM loans out there and refi them into fixed rates. With rate increases being a certainty there should be some unhappy ARM loan borrowers out there. You can find the existing lender from public records, and if you know the history of that lender you can target time periods when they offered particularly bad loans. Using this method I have seen as many as 10% of refi mailings turn into positive reponses. You can also target areas you know well and avoid appraisal problems up front simply by not mailing to problem properties like small condo complexes, condo conversions, mixed use neighborhoods, etc. I suggest writing a personal letter with the homeowners name and the name of their lender. Let them know that you know what the terms and balance of their existing loan are and that you want to discuss it with them. Be careful about quoting a rate though- make them call to get that.

If you are more interested in B paper you can look for existing hard money loans and try to bring them up a step. Chances are the credit has improved since the hard money loan was made. Some hard money is commonly used for rehab loans and these always need a permanent refi. Again, using public records you can pick these out and only approach borrowers that you know have a need.

Another method is to specialize in a certain property type that other lenders avoid or don't understand. Some lenders like to loan on small businesses. Many condo's don't have FNMA approval and need a specialized lender.

Finally, always ask for a referal. Every loan you close should get you another loan. Good luck.

Answer 2

go to lendingtree.com