Mortgage trigger leads are a notice that a consumer is looking for a mortgage loan and they are created when a lender accesses a consumer’s credit report. Their information is collected and sold to mortgage lenders and brokers so they can connect with potential clients and offer them the best deal.
These leads can be a helpful tool in increasing your clientele, reaching warmer leads, and boosting your conversions. Many lenders want to learn how to automate mortgage lead generation on their own to increase their return on investment (ROI). However, with programs like Insurance Pro Agencies, you won’t need to learn how to automate those leads on your own.
In this post, we’ll define where mortgage leads come from, how they’re priced, and their benefits.
Where Do Mortgage Trigger Leads Come From?
Leads can come from a wide range of places, depending on where you purchase your leads from. Some lead generation agencies use referral programs, while others pull them directly from credit bureaus.
There are three main credit bureaus that create and sell trigger leads: Equifax, Experian, and TransUnion. They sell these leads to companies based on the company’s desired consumer.
Is This Legal?
Trigger leads are completely legal under the Fair Credit Reporting Act (FCRA), but new rulings say that consumers must only opt-in for one company to receive the leads at a time, rather than have their information sold to several companies all at once.
This not only helps prevent mass spamming for consumers receiving the robocalls and robotexts–it also benefits lenders because it means they aren’t competing against dozens of other lenders for the consumer’s attention.
Understanding Pricing
So, how much do mortgage trigger leads cost? How much a lead costs depends on the quality of the lead and if it’s being sold to many other lenders. An average-quality lead can cost between $25 and $50 depending on the area, but these leads also tend to require more working and following-up from the lender.
Leads that are ready-to-buy tend to cost more. These are buyers who are very seriously looking for a mortgage and will require fewer follow-ups. These leads usually cost between $100 and $150 per lead.
Benefits of Mortgage Trigger Leads
Mortgage trigger leads can help you speed-run your sales process. Most lenders and brokers will pay for high-quality leads when their books need a boost or they’re starting out. Advertising can be just as expensive, and building a reputation through in-person networking and search engine optimization tactics can cost you more time and money.
Here are a few reasons why mortgage trigger leads might just be the solution you need:
High-Quality Leads
When you’re collecting leads the old-fashioned way, it’s difficult to gauge how serious a buyer is. Sure, you could spend hours cold-calling folks locally, but you’ll likely run into a lot of folks who aren’t interested in a mortgage loan or aren’t shopping for a new home.
With trigger leads, you get what you pay for. You can pay a higher rate for leads that are actively searching for a mortgage loan and are already in the process of purchasing a home.
Higher Conversion Rates
Your return on investment is much higher with trigger leads. For example, Google Ads can cost up to $10,000 per month, and this doesn’t guarantee that you’ll call the right people or that anyone will call you. If you invested even a fraction of that amount into a mortgage trigger lead, you have an instant, higher chance at converting the prospect into a client.
Happier Clients
Thanks to recent regulation updates regarding trigger leads, the people you call have already opted in to hear from you! Instead of being overwhelmed by dozens–sometimes, even hundreds–of robocalls, they will only hear from representatives from your company. This means they’re less likely to feel burnt out or annoyed when you reach out.
Free Trigger Leads with IPA
Is paying hundreds of dollars for a handful of quality leads holding you back? At Insurance Pro Agencies, our Referral Partner Program is designed for mortgage brokers just like you! When you join our program, you can receive three to five high-quality, exclusive mortgage trigger leads.
Mortgage brokers in our program see an additional one to three sales per month because of us! And we’re more than just lead generation–our program is equipped with experts who can help you cultivate and grow your business with confidence. You can consult professionals with decades of experience working with agents, lenders, and more. Ready to get started? Contact us today!
