How to Self-Generate Mortgage Leads by Building a Custom List
If you’re a new loan originator (L.O.), starting a mortgage company, running a branch, or want to capitalize on the refi boom, what do you do? You know there are consumers in need of your help, saving them thousands if not hundreds of thousands of dollars over the life of their loan, but how do you find them?
Everyone knows the best time to secure a client is before they enter the marketplace. Here we share some of the best ways we’ve found to self-generate more mortgage leads.
How to Stay RESPA Compliant
Today, consumer protection is taken very seriously. While in a competitive industry where you’ll need to set yourself apart, you need to make sure you stay in compliance with all industry standards too. Being RESPA compliant is highly important for new LOs and those who have been in the mortgage field for a while.
For those new to the industry, the Real Estate Settlement Procedures Act (RESPA) is a consumer protection statute, first passed in 1974. RESPA covers property loans secured with a mortgage placed on a one-to-four family residential unit. This will include most purchase loans, refinances, property improvement loans, assumptions, and equity lines of credit. HUD’s Office of Consumer and Regulatory Affairs, Interstate Land Sales/RESPA Division enforces RESPA.
RESPA Requirements
RESPA compliance requires that borrowers receive disclosures at certain times of the lending process. These disclosures explain the costs associated with the settlement, outline lender services, review escrow account best practices, and describe business relationships between settlement service providers (ex. mortgage lenders and title companies).
As a loan originator, you’ll need to be in communication with borrowers:
- at the time of the mortgage loan application
- before the settlement (AKA closing) occurs
- at the time of the settlement
- after the settlement
But all of these disclosures tend to come once you have found a qualified lead – let alone converted them into a client…
How We Help Mortgage Loan Originators Self-Generate Leads
At True Concept Title, our national title and escrow team has a RESPA compliant system capable of helping you reach potential clients at the start of their search. With this technology, loan originators can identify homeowners by loan type, rate, equity, loan amount, home value, household income, and hundreds of other filters.
The best part, once you complete your list, you own the data. You can export your custom list, smile, and dial or use a program to help you, forward to a mailing company for direct mailers, write articles like this one, and/or set up your custom list of Facebook Ads. This helps you to communicate with potential buyers before they enter the market and are potentially inundated with outreach by other LOs.
Set yourself apart; by self-generating new and consistent mortgage leads, you can help increase your conversions and get in front of the competition. We’re here to help you be more successful; learn more best practices by contacting our nationally respected title company at 813-263-7168.
