Most banklers and loan officers will won’t be shy about telling you that working California mortgage leads is more challenging then it has been it past years.  Nationwide reported that San Diego mortgage rates were lower for VA and FHA loans.  The Lead Planet, a San Diego based mortgage lead generation company indicated last week that the volume for California mortgage leads was up 20% in July.  The mortgage lead generator also reported that California mortgage refinance leads were up nearly 13% from the previous month and that California purchase leads were up over 8% from the previous month totals.  Over the last ten years, California refinance leads have been the most popular lead requested by loan companies in all 50 states.  by Many brokers have been resistant to work with California purchase leads in the past, but mortgage refinance leads are so difficult to qualify for that lending companies are becoming much more open minded to work with new home buyers. 

The Mortgage Lead Vault offers a wide variety of loan leads in all 50 states.  Presently our inventory of California mortgage leads is the highest in the nation.  We also have a high volume of Virginia, Florida and Texas mortgage leads.  Loan companies can select from same-day, live mortgage leads.  We also offer aged mortgage leads and loan modification leads for companies looking for a fresh mortgage marketing strategy. 

Choose the following California Mortgage Lead Filters >  California Refinance Leads>  Purchase Leads in California >  California Jumbo Leads >  FHA Leads in California >  California VA Leads >  California Loan Mod Leads

 

Mortgage lenders and brokers have had a difficult time working California leads because so many homeowners are under-water.  Top loan originator Beau Hollingsworth who works for iServe Lending, a direct mortgage lender who is headquarters reside in San Diego California, said, “I have been originating home loans in California for over a decade now and I have never seen so many good borrowers under-water with their mortgage.”  Hollingsworth continued, “We have access to government programs like the Home Affordable Refinance Program, but so many homeowners do not meet all of Fannie Mae or Freddie Mac’s guidelines.”  The experienced mortgage executive said that she likes working with California mortgage leads, because she really feels for the West Coast borrowers and she well-versed on the state real estate laws, in addition to the licensing she has obtained. 

Rumor has it that HUD is rolling out the FHA short refinance program nationally and this may really help loan companies originating in California because so many loan applicants are coming up short on home value that is preventing them from qualifying for traditional home refinance programs.

 

Some of the best kept marketing secrets for loan mod leads have been revealed recently.  Foreclosure prevention companies and loan modification companies continue get great results buying aged mortgage leads and mortgage turn-down leads.  In most cases, applicants that were turned down for a home refinance are often the best candidates for a loan modification.  Many marketing sources for loan modifications like direct mail have fallen short with response rates in recent months. 

The Mortgage Lead Vault offer the following types of Loan Mod Leads:

• Live Loan Mod Leads
• Vintage Mortgage Leads
• Bad Credit Mortgage Leads
• Aged Loan Leads
• Exclusive Loan Modification Leads

 

With bankruptcies and debt settlement becoming the two most common debt relief solutions, more and more financial companies are seeking debt leads for their sales team to call on.  A few years ago debt consolidation leads were all the rage, but with the home equity loan market disappearing times have changed.  Homeowners had an advantage because they could always consolidate their debt with a second mortgage.  Now that the credit crunch has eliminated most equity loan products, owning a home no longer affords people the luxury of lowered payments from a debt consolidation loan.

Debt settlement has become the preferred solution for consumers that want to eliminate their credit card debt.  Debt settlement leads are in high demand because millions of consumers are searching online for debt relief companies to assist them in debt negotiations to reduce credit card interest and high rate bills.  Similar to the way loan modification leads have helped finance companies, debt leads provide another revenue stream for mortgage companies that are running out of niches.  Debt settlement and debt reduction services help consumers save up enough money over 12-18 months and then they pool their debt legally with other consumers to settle with credit card companies for less than agreed.  For people with a lot of unsecured debt who want to avoid bankruptcy, debt settlement is a viable solution.  If you are seeking debt settlement leads, debt consolidation leads or mortgage leads, the Mortgage Lead Vault has several popular lead buying programs to jump-start your sales.

 

In Los Angeles, California, Kelly Media Group, introduced a mortgage lead special in which the mortgage marketing agency is matching direct mail marketing campaigns with voice broadcasting.  The minimum direct mailing is 20,000 mail pieces that do not have to be mailed all at once.  The new KMG lead generation offer is available for loan modification, debt relief and mortgage lead campaigns.

In Aliso Viejo, Calif., the Citywide Mortgage Corporation, which previously brokered Alt-A and subprime mortgages, last year became a loan modification company, USMAC. The loss mitigation company has not received a cease and desist order, but complaints on numerous consumer Web sites assert that it fails to deliver.  “I’m saving homes,” said the company’s president, Scott Gimbel, who claimed a success rate above 70%.

Chris Mozilo, nephew of Angelo R. Mozilo, the former chief executive of Countrywide Financial a name synonymous with the subprime disaster — recently started a new business, eModifyMyLoan. The loan modification software company enables homeowners to apply for a loan modification online.  Chris Mozilo worked at Countrywide for 16 years. “I’m very proud of my career in mortgage lending,” he said. “We helped millions of people achieve the goal of homeownership.”

 

According to Southern California mortgage brokers, the average interest rate on a thirty-year mortgage loan with a fixed rate dropped last week back down to the 5% range.  Mortgage rates declined down from the 5.25% to 5.5% range last month as the U.S. unemployment rate hit 9.5%.  Lead Executive, Dan Ambrose of the Lead Planet, a direct mortgage lead provider that specializes in high quality internet leads, said that, ”The demand for mortgage and loan modification leads increases every time the rates decline in the marketplace for consumers.” 

A soft economy means investors buy U.S. Treasuries for their safety, which drags down their yields and indirectly leads to lower fixed mortgage rates. California borrowers with good credit today can get a 30-year conforming, VA, or FHA mortgage as low as 4.875% with 0.625-point fee, said Jeff Lazerson, head of online brokerage Mortgage Grader in Laguna Niguel. That’s for “conventional” loans up to $417,000 that can be sold to Fannie Mae or Freddie Mac.  In most cases, these mortgage loans carry the lowest rates on the mortgage market. “Interest rates are lower because putting lipstick on a pig only works until you take a closer look…it’s still a pig,” Lazerson said. “In other words, the government and the Wall Street gatekeepers have been hyping that the economy is getting better. It’s not getting better. Some say, California consumers aren’t spending because they are worried about their jobs, if they haven’t already lost their jobs.” 

 

KMG announced another promotion with free internet leads for live transfer lead plans purchased from now until July 1, 2009. The lead generation company continues to facilitate successful direct marketing campaigns with promotions that help stimulate lead generation for companies ranging from start-up to fortune 500.

They manage their own IVR telephone marketing system and voice broadcasting software that enables companies the ability to utilize phone blast campaigns that dial data and transfer hot live leads to sales reps who are ready to take the calls.

For more info on live transfer campaigns, please visit, Free Mortgage and Loan Modification Leads >.

 

Local Lenders from Wells Fargo and Bank of America have reported a surge in FHA refinance applications and new home purchase inquiries for short sale and bank owner REO properties.

Focus on FHA Mortgages and Foreclosure Prevention

According to Bryan Dornan, founder of the Lead Planet, a mortgage lead generation company that provides real time internet loan modification, refinance and FHA leads said, “Mortgage lead volumes are up again, with interest rates hitting record low’s and borrowers becoming more comfortable taking out home loans as the real estate market is getting near the bottom.”

Here is an overview on loan modification, FHA mortgage lending and foreclosure prevention legislation: Lender loan workouts have helped hundreds of thousands of homeowners renegotiate a lower rate in an effort to make their home loan more affordable.  The banks are overloaded with foreclosures and the uncertainty in the housing market has made the lenders debate on loan modifications, a no brainer.

California Mortgage and Loan Modification Law Updates

In November 2007, Gov. Arnold Schwarzenegger and several lenders announced a voluntary agreement meant to encourage loan modifications for borrowers facing foreclosure.

SB 1137: Created a 30-day waiting period before lenders could file a notice of default; required lenders to maintain foreclosed properties; notification for renters in foreclosed properties.

AB/SB 7 (Second Extraordinary Session): Enacts a 90-day foreclosure moratorium, except for mortgage lenders and loan servicers that have entered into a loan modification program.

Government level

FHA Secure looked good on paper but failed miserably because mortgage lenders refused to adapt to the FHA refinance program that was designed to bail out distressed homeowners who could not afford their adjustable rate mortgage.

Hope NOW: Program created in 2007 to encourage lenders to work with struggling borrowers. A mortgage industry group said the program has helped 2.3 million people avoid foreclosure.

President Obama’s plan: The $75 billion program aims to help 9 million struggling buyers refinance or obtain loan modifications. But many Inland homeowners may not qualify.

Pending state bills

AB 34 (Nava, D-Santa Barbara): Contains new licensing and regulation requirements for mortgage originators.

AB 260 (Lieu, D-Torrance): Imposes restrictions on subprime loans and new rules for mortgage brokers and real-estate lenders.

AB 329 (Feuer, D-Los Angeles): Creates new disclosure rules for reverse mortgages.

AB 603 (Price, D-Inglewood): Prevents for one year the eviction of renters living in a foreclosed property.

SB 94 (Calderon, D-Montebello): Prohibits advance fees for loan modifications.

SB 120 (Lowenthal, D-Long Beach): Creates protections for renters living in foreclosed homes, such as return of security deposits.

SB 239 (Pavley, D-Agoura Hills): Creates a new crime of mortgage fraud.