As the economy continues to show signs of impending recession the Federal government is working hard to stimulate it. The steps most relevant to the mortgage industry are:
- Recent Federal Reserve rate cuts, and
- The White House’s economic stimulus including increases to conventional loan limits
These actions naturally create an exciting opportunity for a mortgage industry looking for hope. Unfortunately, the opportunities are riddled with challenges for the mortgage broker or lender trying to serve this new market. How do I find borrowers eligible for conforming rates under the new Fannie Mae, Freddie Mac, and FHA guidance? How do I target borrowers most likely to be credit and LTV eligible? How do I get the opportunity to talk to these borrowers?
Focusing your marketing strategy online is most likely going to be your most efficient plan to attract these borrowers. Lead providers within our mortgage lead management network reported a huge surge in lead volume following the recent Federal Reserve rate cut. Lead providers are expecting another similar surge in consumer inquiries. As specific MSAs and regions are identified for conforming loan limit increases and the Federal Reserve follows closely with another rate cut consumers will again begin flooding to the Internet (not your mortgage office) for information. This repeating trend should lead you to ask, “what are lead providers doing to help me find these eligible borrowers?”
So, I asked the question for you and here are what a few have said they are doing to specifically target these unique customers for you:
Jeff Bartlett, of ConsumerTrack, said that they have made it simple for their lenders to target and adjust loan limit and geographic filters at no additional cost to begin pulling in these eligible borrowers as these new lending programs become available. ConsumerTrack seems to have some unique flexibility and agility in these dicey markets. Because, although they deliver qualified mortgage leads the company is designed and approaches their clients with a more personal touch, like an advertising agency would.
Mike Ferree, of ZipSearch, told me that they have really dug into all of the guidelines and nuances that surround the new FHA, Fannie Mae, and Freddie Mac programs and loan limit increases. And they are building and ramping there overall marketing strategies to focus on closely qualifying these Internet consumer inquiries. He emphasized that their balance between matching a highly qualified FHA borrower with a lender that can actually meet that borrowers’ needs will maximize both the mortgage borrower and the mortgage originator.
Matt Tillman, of Adchemy, also intrigued me with continued leverage of their unique “scientific” and “algorithmic” advertising platform. They continue to use a highly analytical approach to seek out and capture these niche mortgage borrowers.
As the market becomes increasingly complex it is not only harder to qualify the borrowers that are making an unprecedented amount of online inquiries, but to match them with lenders that can support these very specific mortgage loan programs. Fortunately, for mortgage borrowers and lenders the mortgage lead provider community is working overtime to connect qualified borrowers and capable lenders.
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