How to Become an Affiliate for Loan Modification Company
A loan modification allows borrowers on a mortgage to work with their existing mortgage lender to alter the terms of the mortgage. A loan modification can lower the interest rate, monthly payment and term of the mortgage so it is more affordable for the borrower. Typically, a loan modification is granted by a mortgage lender or servicing company when the borrower has suffered a hardship such as a loss of a job, a death or an adjustable rate mortgage that has experienced a drastic rate hike. You can become an affiliate of a loan modification company and receive a commission on each customer who becomes a loan modification client of the company you're representing based on your marketing efforts.
Other People Are Reading
Instructions
-
-
1
Register with an affiliate network. There are affiliate networks established online that act as matchmakers between affiliates and businesses looking for affiliates. A few of these networks include Link Share and Commission Junction. You can register as an affiliate for free and then apply to businesses that offer loan modification services.
-
2
Apply on and off networks. You can apply to be an affiliate on an affiliate network by following the application process required by the company you're applying for. You can also find loan modification companies online or in the hard-copy phone book that covers your local area. Call or email these companies and ask if they offer an affiliate program for their services. Many loan modification websites have a link for those interested in becoming an affiliate so you can obtain more information and submit your application.
-
-
3
Research and obtain testimonials. Conduct a search online through the Better Business Bureau and online forums to check out the loan modification company. See whether any complaints have been filed against the company, either by consumers using the services or affiliates selling the loan modification services or program for the company.
-
4
Market the loan modification program online. Once you become an affiliate, there are a number of ways you can market the service to potential customers. Depending on the company you're an affiliate for, you may be able to market services online and offline. Online marketing allows you to put an affiliate link on your website or blog that directs customers to buy the loan modification program that helps customers request a loan modification from their mortgage lender. Your link has a special code so the affiliate company can track where the business comes from to pay you.
-
5
Market the program offline. Other programs allow you to sell the program offline as well. For this, you may create a brochure on your own or the loan modification company may provide you with marketing materials. Again, any loan modification customer who is referred by you earns you a commission. Commissions can range from 10 percent to 75 percent of the amount of the package sold to the customer you referred. For example, if the loan modification client you refer spends $100 and your commission is 50 percent, your affiliate payment will be $50.
-
1
Tips & Warnings
Some businesses may require that you have an establish website or blog related to the mortgage or personal finance industry in order to qualify as an affiliate. Some companies require that an affiliate has a minimum amount of visitors per month to an established website or blog. Applications can be approved or denied at the discretion of the company offering the affiliate program. You may want to establish a separate bank account to deposit your affiliate funds into to easily track your affiliate income and payments.
As with any business, it takes effort on your part to market the loan modification program to increase your sales commission. Simply building a website or blog is not enough. You have to continuously find ways to drive traffic to the site, then convert the leads into paying customers.
