Mortgage trigger leads can cost between $20 and $150 depending on their quality, exclusivity, location, and competition. Leads that require a lot of follow-up and selling usually cost somewhere between $20 to $50 per lead, whereas leads that are ready-to-buy cost between $100 and $150.
In this post, we’ll explore what mortgage trigger leads are, how they’re defined by conversion rates, and how to get them to increase your conversions.
What Is a Mortgage Trigger Lead?
Now, what are mortgage trigger leads? A mortgage trigger lead is just like any other trigger lead–they are collected by a company or credit bureau when a consumer applies for a mortgage, and their contact information is then sold to mortgage lenders to help the consumer compare the best deals and rates.
Mortgage trigger leads are completely legal under the Fair Credit Report Act, and are usually ranked by their conversion rates. A 2% to 4% conversion rate indicates a lead that may be more affordable, but will require more sales and work from the lender to secure the deal. A 5% to 10% conversion rate signifies a lead that is ready to buy and will need less work from the lender.
However, just because you pay more for a lead doesn’t mean it’s a done deal. You won’t always be the only lender to receive the lead depending on where you bought it from, which means you still have to compete to get the sale. You still need to promptly contact the lead, possibly follow up, and make an effort to show you’re the right lender for their mortgage.
How to Get Mortgage Trigger Leads
Mortgage trigger leads can be created when a lender pulls a borrower’s credit report after they’ve applied for a mortgage or seeked pre-approval. The credit bureaus typically sell this information to other lenders as trigger leads. Many types of companies purchase these leads, including:
- Auto lenders
- Credit card providers
- Personal loan providers
- Car dealerships
- Mortgage lenders
Remember, all of these leads are generated from a hard inquiry on a consumer’s credit report. This means that they are either in the process of or seriously considering shopping for a mortgage.
Because these leads are people who are already actively seeking a mortgage, they’re the easiest target for a sale. In short, they want what you’ve got. With mortgage trigger leads, you don’t have to worry about awkward cold calls–these contacts are already interested.
The FCC and Mortgage Trigger Leads
How are these trigger leads different from the annoying robocalls and spam calls consumers deal with every day? High quality mortgage trigger leads aren’t private information that’s been leaked to thousands of lenders or other companies–they are the contact information of consumers who opted in to have their information shared on comparison-sharing websites.
In December of 2023, the Federal Communications Commission (FCC) ruled that any comparison shopping website or lead generator must “obtain consumer consent to receive robocalls and robotexts one seller at a time,” rather than have one consent signature apply to multiple companies or marketers at once.
So, what does this mean for you? It means that the leads generated through a high-quality trigger lead generator specifically wanted their information shared with you, not just hundreds of other mortgage lenders. This means prospective clients aren’t annoyed and inundated with dozens of spam calls and texts, and you aren’t aggressively competing with just as many competitors.
Mortgage Trigger Leads: Warm Leads with IPA
Mortgage leads can add up fast. Even if you have the means to invest in leads with higher conversion rates, you can easily spend hundreds of dollars without making a single sale. This is where Insurance Pro Agencies (IPA) comes in.
With IPA, you can unlock the power of free mortgage leads by joining our Referral Partner program. By joining this unique system, you can receive up to three to five no-cost, high-quality mortgage leads each week. Partners in our program typically close on one to three extra deals each month as a result of these leads!
Our lead generation services result in high-quality leads that are exclusive to you–no competitors, not even within our program. We only supply you with high-intent home buyers through our reliable insurance partners to help your clients and assure mutual success between mortgage brokers and insurance agents.
Say “goodbye” to cold calls and “hello” to interested buyers. We know you’re ready to leave complicated search engine optimization and advertising tactics behind and to start helping real people buy homes. Contact us today to get started!
