Mortgage Telemarketing Techniques

Mortgage telemarketers use various tactics to lure in customers.

With restrictions placed on telemarketers, tactics and techniques for mortgage telemarketing are constantly being developed. By getting leads from credit bureaus, telemarketers might be part of a financial network working on a refinance or they may contact you when you visit a website and provide contact information so they can receive information about a product or service.

Cold Calling

One telemarketing technique that mortgage telemarketers use is simply to call you on the phone. When you pick up the phone, the representative usually says that their records indicate that you might be interested in refinancing your home or that you're looking to move into a new home. If you're actually looking at refinancing or moving, your name may have been provided by someone in the mortgage industry, such as a mortgage loan specialist. You might believe you're speaking to a mortgage specialist, but you might simply be speaking to a telemarketer who's calling you off of a list provided by the credit bureau --- a practice known as "cold calling."

Getting Leads

Effective mortgage telemarketing relies upon getting solid leads for the company. These can be found with "trigger leads." Trigger leads are usually provided by a credit reporting agency whenever a mortgage company pulls your credit history. A representative from the agency puts your name on a list, which is then sold to a mortgage lender or to a telemarketer. In certain states, however, it's illegal for a credit bureau to provide your name and information to anyone without your express written permission. If you live in a state where it's prohibited by law from releasing any of your information, you can file charges with the attorney general's office.

Preparation

Preparation is an important part of any mortgage telemarketing technique. Knowing what to say before the call is made is vital, since sales are usually not made if the telemarketer doesn't have answers to questions that potential clients might ask. Telemarketers often use scripts to keep themselves focused and to make sure that any important information needed to be passed along is provided.

Fees

A common technique used by mortgage telemarketers is to obtain an upfront fee from a client, prior to actually beginning any paperwork. In certain cases, fraudulent telemarketers call a person claiming to be from a mortgage lender that can get them a reduced rate for a processing fee --- then they're never heard from again. It's prudent to hold off on paying any fees until a contract is actually produced and you can perform a basic background check on the company.

References

• Pantagraph: Mortgage Telemarketing Under Microscope
• Lending Tree: Credit Bureaus and Trigger Leads
• IFA Online: Ark Financial Leads Launches Protection and Mortgage Lead Service
• LoanSafe.org: Owner of San Diego Loan Modification Firm Sentenced to 5 Years, 3 Months Prison
• Sales Resources: Effective Telemarketing Techniques