Mortgage Loan Lead

How does a mortgage broker in today's economy find mortgage loan leads?  And once we do find a mortgage loan lead, what kinds of guarantees do we even have?  I mean really, what can we do to make sure the mortgage loan lead we receive is a valid one?  Here are some avenues I've found that have worked for me. 

First, eliminate all the mortgage loan lead companies in your rolodex that haven't provided you with one credible mortgage loan lead.  I know we all want to hold onto as many contacts as possible, but it's time to get out of that mindset.  You need to start asking yourself, what have these mortgage loan lead companies done for me?  If the answer is nothing or very little, ditch them.  Think of it this way, you'll clear up valuable time for important and serious mortgage loan leads.  By eliminating those stagnant, useless mortgage loan lead companies you'll find good ones to replace them.   

Next, search around for good mortgage loan lead generators.  We know that nearly every mortgage loan lead company claims to be the best out there.  With claims like this, how can we go wrong, right?  Wrong!  Ask for proof.  If a mortgage loan lead company is as great as they claim, surely they will have clients that share in this experience.  Ask them for names of clients you can contact to find out the validity of the mortgage loan lead company's claims.  Once you get the clients on the phone, make sure you ask them about their experience and about the mortgage loan leads they'd received.  Find out their success rate versus their failure rate in dealing with that company.  

Finally, ask the mortgage loan lead companies if they can offer a payment based on success of the mortgage loan lead.  Most companies that offer good mortgage loan leads are more than happy to accommodate this type of payment situation.  Watch out for mortgage loan lead companies that will not negotiate payment.  Most of the time they are reselling mortgage loan leads 4 or 5 times and don't care if you ever come back.  These types of mortgage loan lead companies are only interested in making a fast buck at your expense. 

It can seem like a big hassle doing so much research for mortgage loan lead companies, but trust me it is worth it.  When I started this adventure I too wondered if the long journey was worth it, if in the end all my hard work would pay off.  Well, it did!  Here I am, one month later with more mortgage loan leads than I know what to do with. I think any time you spend weeding out worthless mortgage loan lead companies is money in the bank!