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Mortgage lead may or may not be a term you have heard before. The definition of the term is exactly as it sounds -- a mortgage lead on someone who wishes to obtain a loan.
Mortgage lead is a term that you need to be familiar with if you are interested in a job in the loan business. Often the lender you work for will automatically find a lead from another broker or service.
There are mortgage lead companies who deal strictly in mortgage leads. These mortgage lead companies try to sell leads to the mortgage lenders and brokers.
The most difficult part of the process is that, with advancements in technology, lenders have access to a wide variety of mortgage lead companies and can pick and choose from a large variety.
As a lender with access to the internet, you can find a company willing to sell mortgage leads. Of course, mortgage leads donít always mean a sale if you are the broker or lender purchasing the leads.
Usually a mortgage lead company will specialize in finding different types of loans; a second loan, a first time homebuyers loan, VA loans, conventional loans, and the list goes on. This means your company will be well versed in searching for a loan that is suitable for you, the broker.
Depending on which state you plan to become a lead generator, you will need to check on their requirements for the position, but most often a high school diploma and some financing experience will qualify you for the job.
The main form of lead generation is providing names of persons who need to obtain a loan and selling those mortgage leads to brokers.
Putting the client and the loan together is what mortgage leads are all about.
The Mortgage Business
Mortgage Industry Jobs
Becoming a Mortgage Broker
Obtain a Mortgage License