A common theme in recent marketing by mortgage lead services is the improvement of conversion rates. Several service providers are offering diverse systems and novel ideas to do just that. Meanwhile, a recent report says consumers are migrating to lead-generating Web sites that increase their control of the process.
The advent of transparent models from well-known online brands like Google has changed the landscape of lead generation and enabled prospective borrowers to control how they purchase online, according to a recent study from Leads360. Google comparison ads were considered the best quality among 450 mortgage lead providers studied.
“The success of Google comparison ads is indicative of the increased demand by many consumers to control their interactions and safeguard their personal information,” Leads360 said. “For example, with Google comparison ads a consumer enters his/her mortgage purchase requirements but not his/her personal information.”
The report indicated that Zillow ranked No. 1 in mortgage lead volume. El Segundo, Calif.-based Leads360, which announced in February that it was named a Lenders One preferred vendor, attributed Zillow’s strength to growing demand for a consumer-directed buying process.
LendingTree’s mortgage leads had the second-best lead conversion rate.
At the 2011 LendingTree Partner Summit in Las Vegas last month, the Charlotte, N.C.-based company recognized its top clients. Among customers acknowledged at the event were Quicken Loans, Charter One and partner of the year First Choice Bank.
Also at its partner summit, LendingTree LLC introduced the next generation of its loan marketplace, LoanExplorer. The latest iteration of the system promises to increase conversion rates because loan prospects are “informed and motivated.”
“This tool will dramatically improve customer acquisition economics for lenders,” Lending Tree Vice President of Business Development Bruce Cook said in the statement. “What’s more, media partners and publishers should dramatically improve the monetization of their site traffic with this content advertising.”
LendingTree says it has facilitated more than 28 million loan requests and $214 billion in closed loan transactions. The volume of matched requests sank to 235,400 in the fourth-quarter 2010 from 313,600 three months earlier and 279,300 a year earlier, according to earnings data from parent Tree.com.
Mortech Inc. recently said that it has collaborated with RealXReferral to integrate a referral program for real estate brokers into the Marksman platform. The program is designed to cut down on lost business from real estate agents and brokers who refer their clients to a competitor after the loan originator has already pre-approved the prospect.
“Real estate agents have the opportunity to network with reputable mortgage lenders and gain new business opportunities,” Mortech, a Mortgage Daily advertiser, said in its news release. “Similarly, mortgage lenders can further expand their national presence by making connections with more real estate agents all over the country.”
The March 1 launch of PrecisionAds enables lenders to target prospective borrowers with more relevant offers, LeadPoint announced. The ads provide higher conversion rates because users choose lenders based on a comparative shopping session while never leaving the Web site where they first saw the ad.
Nearly two months earlier, LeadPoint announced the rollout of its LeadClass Quality Scoring System for mortgage leads. That offering segments mortgage leads based on their expected level of performance and allows mortgage lead buyers to bid on the individual segments.
A new cost-per-lead lead-generation platform announced Tuesday by MobileLeads.com enables originators to buy live inquiries through wireless mobile devices.
An online training program from XINNIX helps loan originators to improve their lead conversion. Two 90-minute Webinars provide a step-by-step approach on executing an optimal response strategy. The company claims that originators will gain the ability to identify buying signs, implement active listening strategies and implement a process to confidently speak to clients.
More than a thousand mortgage leads were generated by MortgageMatch.com in its first month of operation, the Campbell, Calif.-based company announced. Total visits were nearly 100,000. The company attributed the strong initial performance to its pre-qualification engine.
LenderStreet announced in January that it was going live with its new relationship engine, which it described the “eHarmony of home lending.”
Two new Web sites from CMG Equities LLC are expected to generate leads for sales prospects who are seeking 10-year mortgages and five-year adjustable-rate mortgages. Another site, Mortgage Refinancing Home, targets refinance prospects for its advertisers.
