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Step 1
Connect with other mortgage lenders. Specifically, it's in your best interest to communicate with successful mortgage brokers, whether associated or not associated with your company. These people have a good eye for leads that have a strong possibility of closing mortgages.
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Step 2
Research a variety of companies. Prices for mortgage leads--especially from online companies--can vary dramatically. A high-priced batch of leads may be worth the investment and it may not; it's up to you to determine the effectiveness of a particular company.
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Step 3
Use the Better Business Bureau to determine the legitimacy of a lead-generation company. There are some scam operations that are out to steal hard-earned dollars from mortgage brokers. Never buy leads from a company that has an "F" rating on the BBB's website.
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Step 4
Join an online lending company. Companies such as LowerMyBills and LendingTree offer leads to mortgage brokers and lenders at a reduced rate if they pay for membership.
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Step 5
Research the market in which you operate. You may have a large percentage of adjustable rate mortgages in your area. In this case, you'll want to buy adjustable rate conversion leads (customers interested in fixed rates). However, if you live in an area where there are mostly fixed rates, you may want to buy home equity loan and second mortgage leads.
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Step 6
Purchase small numbers of leads from a variety of companies and test different strategies. Track the results. Going forward, purchase more leads from the company where you see the largest number of customers closed based on the lead-investment made.
