Many lenders participate in mortgage lead generation campaigns to find prospects for loans and refinancing. When done correctly, mortgage lead generation can deliver a host of qualified mortgage leads all interested in obtaining a new loan. While many of these leads will be highly desirable, not all will be ready to apply for a loan right now. What’s a smart lender to do? While you could move on to the next lead in your list, a smarter choice is to move them into your sales pipeline for nurturing and management.
In order to manage these leads, consider using lending software with pipeline management features. By using a specialized mortgage lead management solution rather than traditional sales and lead management tools, you can centrally manage all aspects of the relationship including mortgage lead generation source, mortgage pricing, lock rate, status, and more.
Not only does this type of lending software create a complete solution, you can use the data compiled in the pipeline to evaluate the quality of your mortgage lead generation sources. For example, there are many ways to generate leads including buying them, including but not limited to: opt-in forms on your website, referrals, special events, walk-ins, and targeted advertising. Each of these methods has its costs and performance usually varies.
By using lending software to manage the pipeline, you can look at the success, cost, and profitability of each mortgage lead generation campaign and source (Source: NYLX Mortgage Lead Generation). If you find out that one source sends a high percentage of undesirable leads or leads that don’t convert, you may want to stop using that lead source. In contrast, you may discover that while one source has a higher upfront cost, it actually costs less per lead than another source due to better lead quality and higher conversion rates.
Make sure that your efforts pay off and get the insights you need to attract the best leads possible by using lending software with pipeline management tools.