According to recent mortgage news, the Home Loan Wholesale blog posted an article about the negative impact that the Dodd-Frank mortgage reform bill will have on mortgage originators across the country.  loan originator may not receive any origination fee, whether or not a YSP, except from the consumer, and any person who knows that a consumer is directly compensating a loan originator may not pay an origination fee. (Bona fide third party charges that are not retained by the creditor, mortgage originator, or an affiliate of the creditor or mortgage originator are not considered origination fees).

Section 129B further directs the Board to write lending regulations to prohibit:

• loan originators from steering a consumer to obtain a home loan that the consumer lacks a reasonable ability to repay;
• originators from steering a consumer to obtain a loan that has predatory characteristics (such as equity stripping, excessive fees, or abusive terms);
• loan originators from steering a consumer from a “qualified home loan” for which the consumer is qualified to a home mortgage loan that is not a qualified home loan;
• abusive or unfair lending practices that promote “disparities” among equally creditworthy borrowers based on race, ethnicity, gender, or age;
• home loan originators from mischaracterizing a consumer’s credit history or the available loans or mischaracterizing or suborning the mischaracterizing of the appraised value of the property securing the loan; and
• if a loan originator is unable to advise or recommend a loan that is not more expensive than the loan for which a consumer qualifies, discouraging a borrower from seeking a mortgage from another loan professional.

Read the entire article, > How the Dodd-Frank Bill Will Impact YSP and Broker Compensation

 

In a recent blog posting, the Home Loan Wholesale revealed their insight for breaking home mortgage trends in 2011. They noted the challenged that consumers and loan professionals will have with higher home loan rates and new mortgage laws that could tighten loan guidelines even more. 

At a time when foreclosure rates are sky-rocketing and the process for funding a loan has become ridiculous — Is this what we need to escape the housing crisis? I think not, but nonetheless, the article puts forth the home loan programs they see playing a role in financing and home mortgage refinancing in 2011.  When buying mortgage leads consider these trends and adjust your marketing accordingly.

• FHA Loans – These government home loans will continue to help new home buyers because of the small down-payments needed to buy a home. Forget about the rising insurance costs and FHA rates, FHA is the only program the average consumer has available to buy a home.
• VA Loans – This program remains accessible to vets and active military personnel with flexible guidelines that can’t be beat.
• Conventional Mortgages – If the rates continue with their current trend, most mortgage lenders will be bored in 2011 for the lack of business.

Loan professionals may have some challenges ahead of them, so buying mortgage leads that perform is more important than ever.  Make sure that you are evaluating marketing and mortgage lead performance more than ever. Read the complete article from the Home Loan Wholesale Blog > 2011 Home Loan Programs

 

Over the last twenty years mortgage broker leads have shifted from direct mail to internet mortgage marketing.  In 2010, U.S. Consumers are more likely to go online to search for mortgage brokers to help them get the best rate for refinancing or home buying.  If you would have told me that in 1995, when I started originated that people would prefer to go online to apply for a home loan I would have fell out of my chair laughing.  Back then, direct mail consistenly delivered quality mortgage leads, but a few years later everything changed with the advent of the internet.  Now consumers go online 24 hours a day and apply for a mortgage at their convience.  At the same time, loan professionals can now get internet mortgage leads 24 hours a day. 

We offer a wide range of live mortgage leads nationally.  Mortgage brokers can choose from the following types:

• FHA Leads
• VA Leads
• Streamline Leads
• Purchase Leads
• Refinance Leads
• Home Equity Leads

MLV is a mortgage lead provider that generated loan leads online for thousands of brokers and lenders every day.

 

Mortgage lead sales continue to rise as many loan companies are looking to expand their market-share while interest rates are at record lows.  According to Lead Planet founder, Bryan Dornan, “Consider the cost per funding rather than the cost per lead.  Many lead brokers sell cheap mortgage leads but at when you evaluate the results, that company ends up having a higher cost to funding ratio. So why focus on buying leads solely because they are cheap?  Buying cheap leads from brokers will end up driving your loan officers’ nuts and drives up your credit report bills.  It is clearly more cost-effective to get better mortgage marketing and buy mortgage leads that cost a little more up front, but actually offer a reduced cost to funding ratio.

Some other tips for purchasing home loan leads that Dornan recommends are predicated on developing a good relationship with the lead generation company that provides stellar customer service.  Call 888-271-9581 to get a free evaluation on mortgage lead buying.  Our account managers will assess you needs, niches and then make a recommendation for buying mortgage leads.  There is no cost or obligation for the lead generation consultation so you have nothing to lose.

 

More and more brokers are buying Ohio mortgage leads in last quarter because the conversion rate is higher than most states.  Ohio consumers go online in high volume searching for Ohio mortgage companies to help them finance a home or refinance their current mortgage. 

According to Lead Planet, a direct lead provider that generates leads nationally, “Ohio mortgage leads have turned around over the last few months, because Ohio residents are finding jobs and Ohio housing is more affordable than ever.”  FHA leads continues to be the most popular lead type because the guidelines are more flexible for credit and equity.

 

Mortgage Lead Vault announced in a recent press release that volumes for mortgage refinance leads had risen significantly.  New opportunities are available for mortgage brokers and lenders seeking quality refinance leads from a company that generated 100% of their own leads. 

Mortgage Lead Vault continues to roll out new websites that produce exclusive mortgage leads online.  We specialize in internet mortgage leads and are leads are sold to no more than 3 mortgage companies.  Increase your conversion ratios on mortgage leads and call Scott Deal at 619-600-5720.

 

Mortgage Brokers Network specializes in recruiting and lead generation for results for brokers, lenders and banks nationwide. If you need to stimulate your business’s sales with increased origination activity and more fundings, they can help.  Mortgage brokers Network understands loan origination, recruitment and lead generation.  They are one of the few networks that truly understand the mortgage industry from the inside out and are the only B2B marketer that can guarantee results with every campaign. As an industry leader in recruiting for the banks and net branches, Mortgage Brokers Network provides the largest network of loan officers and active net branches in the country.  MBN helps loan professionals find the lender or bank that best suits their needs and financial goals.

*    FHA, VA, Reverse, Conventional Lenders
*    Loan Modification Law firms and Affiliates
*    Mortgage Training and Loan Officer Education
*    Mortgage Lead Generation
*    Loan Processing and Compliance
*    Mortgage News Alerts and Updates for Regulatory Bodies
*    Recruiting for Net Branches
*    Net/Virtual Branch Specialists
*    Mortgage Marketing with Direct Mail
*    Custom Web Design for Mortgage Companies
*    Debt Settlement Companies
 
Mortgage Lead Vault considers Mortgage Brokers Network a value added resource for companies looking to brand their business in the Mortgage Marketplace. Mortgage Brokers Network wants to maximize your mortgage or real estate B2B campaign so you can spend more time originating.  Visit MBN online at http://mortgagebrokersnetwork.com  or call them at 815 -230-9867 to get more information.