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Turning the Sub-Prime Mortgage Disaster into Leads and Sales
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Turning the Sub-Prime Mortgage Disaster into Leads and Sales
Risk is defined as the exposure to injury or loss. If you or your company operates in the mortgage market, this term is probably at the forefront of your thoughts.
Anything worth having in life requires risk. Sometimes we come out on top, sometimes we do not and the sub-prime mortgage market is an excellent example. However, there is a light at the end of the tunnel. Take action with programs offered by the federal government.
What is the Federal Housing Administration and Why Do I Care?
The first step to business success is to gain an understanding of the Federal Housing Administration, or FHA. The FHA is a division of the U.S. Department of Housing and Urban Development.
Formed as result of the Great Depression in the early 1930s, the purpose of the FHA is to minimize the risk for mortgage lenders by offering mortgage insurance. In fact, due to the sub-prime mortgage problem, the FHA predicts record revenues as it helps people recover. So here is your opportunity to get some leads!
What is a Sales Lead?
Before we go out looking for sales leads, we first need to understand what characterizes a sales lead. In the mortgage industry, sometimes there are just phone numbers, a name and knowledge of the fact that a particular person has a mortgage loan. Randomly reaching out to people with such limited knowledge can often result in a dead end. We need to look for those with EXPRESSED INTEREST in our products or services.
Who Do We Offer Help?
In today’s market, we should be seeking to help two specific scenarios with FHA programs. The first scenario involves folks with a changing loan-to-value ratio in accordance with dropping housing values. Next, are those who purchased something they simply could not afford.
Two Types of Effective Sales Leads
Since we as mortgage professionals only want to talk with people who are interested in improving the current situation, it is important to pre-qualify them. Two of the best methods are direct mail and Internet marketing.
Internet marketing companies are a great source of leads because they will market your ability to help with FHA programs. They will then take the two crucial steps of accepting a potential borrower’s information and then verify by voice that the person is interested. These two steps offer you the opportunity to talk to a “warm-lead,” someone who is aware you are going to be contacting them.
Direct mail is another good option for finding leads, as potential borrowers will either call you directly or go through the aforementioned marketing company for pre-qualification.
In the current market of sub-prime after effects, the ability to offer an FHA approved mortgage product will help those who need a lower down payment, reverse mortgage or simply a good product and sound advice on housing financials. Helping people in this ethical manner will generate more leads. So, be sure to offer extraordinary service because the best leads are those who are word-of-mouth advertised!
Turning the Sub-Prime Mortgage Disaster into Leads and Sales
Risk is defined as the exposure to injury or loss. If you or your company operates in the mortgage market, this term is probably at the forefront of your thoughts.
Anything worth having in life requires risk. Sometimes we come out on top, sometimes we do not and the sub-prime mortgage market is an excellent example. However, there is a light at the end of the tunnel. Take action with programs offered by the federal government.
What is the Federal Housing Administration and Why Do I Care?
The first step to business success is to gain an understanding of the Federal Housing Administration, or FHA. The FHA is a division of the U.S. Department of Housing and Urban Development.
Formed as result of the Great Depression in the early 1930s, the purpose of the FHA is to minimize the risk for mortgage lenders by offering mortgage insurance. In fact, due to the sub-prime mortgage problem, the FHA predicts record revenues as it helps people recover. So here is your opportunity to get some leads!
What is a Sales Lead?
Before we go out looking for sales leads, we first need to understand what characterizes a sales lead. In the mortgage industry, sometimes there are just phone numbers, a name and knowledge of the fact that a particular person has a mortgage loan. Randomly reaching out to people with such limited knowledge can often result in a dead end. We need to look for those with EXPRESSED INTEREST in our products or services.
Who Do We Offer Help?
In today’s market, we should be seeking to help two specific scenarios with FHA programs. The first scenario involves folks with a changing loan-to-value ratio in accordance with dropping housing values. Next, are those who purchased something they simply could not afford.
Two Types of Effective Sales Leads
Since we as mortgage professionals only want to talk with people who are interested in improving the current situation, it is important to pre-qualify them. Two of the best methods are direct mail and Internet marketing.
Internet marketing companies are a great source of leads because they will market your ability to help with FHA programs. They will then take the two crucial steps of accepting a potential borrower’s information and then verify by voice that the person is interested. These two steps offer you the opportunity to talk to a “warm-lead,” someone who is aware you are going to be contacting them.
Direct mail is another good option for finding leads, as potential borrowers will either call you directly or go through the aforementioned marketing company for pre-qualification.
In the current market of sub-prime after effects, the ability to offer an FHA approved mortgage product will help those who need a lower down payment, reverse mortgage or simply a good product and sound advice on housing financials. Helping people in this ethical manner will generate more leads. So, be sure to offer extraordinary service because the best leads are those who are word-of-mouth advertised! |
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