How To Generate 27 Qualified Subprime Mortgage Leads Per Day

How To Generate 27 Qualified Subprime Mortgage Leads Per Day

How to​ Generate 27 Qualified Subprime Mortgage Leads Per Day
There are several benefits to​ focusing on​ subprime mortgage leads .​
One good reason for generating subprime mortgage leads is​ that the​ borrowers are less likely to​ shop your offer .​
Also,​ the​ commissions on​ subprime mortgage loans can be quite lucrative.
I’ve found that one of​ the​ best ways to​ generate subprime mortgage leads is​ by direct mail .​

So let’s look at​ the​ steps involved in​ putting together a​ profitable direct mail campaign to​ generate subprime mortgage leads.
Prospect List
There are two sources I​ recommend for obtaining your mailing lists – list companies and credit agencies.
Here are two sample criteria to​ request from list companies in​ order to​ target subprime borrowers:
1) Get a​ list of​ home owners who have just filed a​ chapter 13 bankruptcy .​
Do a​ cash out refinance and pay off their chapter 13 bankruptcy.
2) Get a​ list of​ people who originated a​ loan with a​ subprime lender at​ least 2 to​ 5 years ago .​
Their pre payment penalty will be expired and they will be ready to​ refinance.
Here are two list ideas when working with a​ credit agency to​ obtain your subprime mortgage lead mailing list:
1) Find homeowners who need help with their finances .​
Get a​ list of​ homeowners who are currently 30 days late on​ their first mortgage loan .​
Or,​ get a​ list of​ home owners who have a​ certain number of​ consumer lates 30,​ 60,​ or​ 90 in​ the​ past 6 to​ 12 months.
2) Select borrowers with a​ low credit score .​
you​ select the​ credit score range based on​ your loan programs.
Combine these with other criteria to​ better target your prospects .​
Here are two more list criteria ideas:
1) Homeowners with $15K to​ $50K outstanding revolving debt
2) Properties that have an​ LTV of​ 80% or​ less
Mail Piece
Here are a​ few important basics you’ll need to​ incorporate into your mail piece:
Personalized content
* Give sample payments .​

* Tell them how much money the​ new loan will save then monthly and over the​ next 5 years.
Tell them about your unique selling propositions (USP’s)
* 1% mortgage loan options
* No closing cost options
* No payment for 2 months
* Are they already approved? If so,​ let them know in​ the​ letter
Be sure to​ comply with the​ state banking regulations in​ your area .​
Include the​ following in​ your mail piece:
* Equal housing lender logo
* State license number
* Disclose APR’s
Share some personal information about yourself under your signature
Your title
Years in​ the​ mortgage business
Awards you’ve received
Degrees or​ certifications you’ve earned
Here are examples:
Your Signature
Your Name
Senior Mortgage Planner
10 Years Mortgage Experience
Licensed Financial Planner
Married with 3 children
Single mother of​ two
Youth basketball coach
To get a​ complementary refinance letter that has produced more than $2,​500,​000 in​ mortgage commissions over the​ last 12 months visit:
Use Split Testing to​ Improve Your Conversion Rates
Now that you​ have a​ list of​ prospects and a​ mail piece,​ it’s time to​ mail .​
the​ secret to​ direct mail success is​ testing .​
If you​ test different elements of​ your direct mail campaign,​ you​ will find ways to​ increase conversion rates .​
Over time,​ you​ will have a​ mail campaign that will generate huge returns.
How to​ conduct Split Testing
Instruct your printer to​ separate your list into 3 groups:
1) Group 1 will be 80% of​ your list
2) Group 2 will be 10% of​ your list
3) And group 3 will consist of​ the​ last 10% of​ your list
4) Make sure the​ groups are randomly selected
1) Mail your original letter to​ group 1
2) Make ONE very small change to​ the​ original letter and mail it​ to​ group 2
3) Then,​ make another very small change to​ the​ original letter and mail it​ to​ group 3
4) Track your results and see which version of​ the​ letter had the​ highest number of​ calls,​ applications,​ loans originated and loans funded.
5) Make the​ winner your original letter and start all over again
Do you​ see what you​ have just done? It’s called split testing .​
If you​ do this consistently,​ you​ can continue to​ increase your conversion rate,​ get more leads,​ fund more loans and make more money!
Here are some ideas for changes:
* Use a​ website address instead of​ a​ phone number
* Use a​ website address with a​ phone number
* Add a​ heading
* Change one paragraph.
* Experiment with the​ PS
* Offer a​ coupon or​ something for free (appraisal,​ processing,​ etc)
* Add Red Headlines to​ your letter
* Use different envelopes
* Talk about different and unique USP’s
Be sure to​ only make one small change at​ a​ time .​
If you​ make massive changes you​ won’t know what specific change affected your conversion rate.
Don’t underestimate the​ power of​ this testing .​
If you​ mail 2,​500 letters a​ week,​ a​ 1% increase in​ response will give you​ an​ extra 25 calls per week .​
That’s an​ extra 100 calls per month .​
At a​ measly 10% conversion rate,​ that’s an​ extra 10 loans per month .​

That could easily equate to​ an​ extra $50,​000 to​ $90,​000 in​ commissions every month!
I am confident that a​ strong direct mail campaign will help you​ generate more subprime mortgage leads .​
Try these tips and you’ll be amazed at​ your results!
Please feel free to​ reprint this article as​ long as​ the​ resource box is​ left intact and all links are hyperlinked.

How To Generate 27 Qualified Subprime Mortgage Leads Per Day

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