Exclusive Versus Non-exclusive Mortgage Leads
There is no doubt about it that the mortgage market is hopping right now
. Between first time buyers hoping to take advantage of the low interest rates and high availability of desirable homes to existing borrowers looking to refinance, lending institutions are writing record numbers of loans every day. Many of these loans will be originated from a mortgage broker. A mortgage broker is an individual that helps a prospective borrower find the best match in a lender for their needs. Unlike a bank loan officer, who can only influence applications to their bank, a mortgage broker is able to "play the field" and shop around at many different lending institutions for the best rates and terms for each borrower.Although some leads will come in to a mortgage broker on their own, for the most part, in order to stay busy and competitive, a mortgage broker will need to purchase leads from a loan lead generation service. Mortgage leads come in many basic styles. There are those that are just refinances, those that are vintage, those that are first time home buyers and those that are for older "vintage" loans. Regardless of the style of borrower, the mortgage leads themselves are one of two varieties - exclusive mortgage leads and non-exclusive mortgage leads. An exclusive lead is one that will be sold to one mortgage broker, rather than to multiple brokers. A non-exclusive mortgage lead may be sold to a multitude of brokers, each of which will then vie for the borrower's business.
For a mortgage broker, finding good, solid leads is the key to staying in business. Exclusive mortgage leads provide a mortgage broker with the best opportunity to succeed. If they are the only broker that has the lead, then they will be the only broker that will contact the borrower. The broker can then form a relationship with the borrower, getting to know what they are looking for and what they need, and ultimately helping them to find the best loan for them.
Regardless of what type of loans a mortgage broker chooses to specialize in, they will need mortgage leads to keep their business growing. Whether they choose to pay a little extra for exclusive mortgage leads, or take a gamble and buy non-exclusive leads, there are a number of services out there that can help. Don't hestitate to find out more! Get started today!
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