As we head into the 2017 year, change is in the air.
A new president is expected to possibly make at least a few changes to mortgage programs that could result in more people buying a house.
Mortgage rates are expected to increase from their lows experienced in 2016.
Yet, while these changes are happening, one thing is still constant: mortgage lenders are looking for more consumers who are interested in being matched with a lender to get qualified for a mortgage.
What Mortgage Lead Programs Are Hot in 2017?
What are the most common requests of 2017 as it relates to mortgage lead programs? While it’s still early, its safe to say that some of the hottest mortgage lead programs lenders are requesting include:
- Purchase leads
- FHA streamline leads
- VA streamline leads (IRRRL)
- Cash-out refinance leads
- HARP refinance leads
- Subprime leads
- Bad credit leads
Mortgage Purchase Leads
Starting in late 2016, we saw a noticeable shift in lead program requests from lenders – many lenders that we have worked with for years on refi-only lead programs started asking things like “hey, do you guys have purchase leads?”
The answer to that question is Yes.
Through our network of websites, we have thousands of consumers each day requesting to be matched with a lender who can help them get qualified for a mortgage to buy a home.
The most common delivery for these lead programs has traditionally been a data post, but recently warm transfer programs have been on fire. Lenders have discovered that for only marginal more cost, they can get a consumer who is interested in getting qualified for a mortgage on the phone with one of their loan officers – rather than have their loan officers spending time dialing through data.
FHA Streamline Leads
The FHA streamline lead program has had strong demand for years and it appears that 2017 will be another hot year for this program.
Consumers who indicate that they are currently in an FHA loan and want to refinance on their initial inquiry fit into this lead program.
After speaking with the consumer, it is possible that the right loan for the consumer is actually a Conventional loan, a cash-out loan or even a VA loan – but by simply having the information that the consumer is currently in an FHA loan and wants to refinance the loan officer knows that an FHA streamline refinance is a great possible option to save the consumer money.
FHA streamline lead program delivery is done via either data post or warm-transfers from our call center. We also have some limited availability for live inbound phone calls and featured lender placements on our FHA streamline websites (FHAStreamlineMortgage.com is one example).
VA Streamline / IRRRL Leads
Similar to the FHA streamline lead program, the VA streamline lead program has been popular for years.
We don’t expect 2017 will be any different for this program.
Currently, we process thousands of consumer inquiries per day asking to be matched with a lender and approximately 5% of these inquiries indicate that they are currently in a VA loan.
When someone wants to refinance their house and indicates that they are currently in a VA loan, we process it as a VA streamline refinance lead. Lenders have reported that these people may ultimately end up doing a VA cash-out refinance or maybe even some other kind of loan, but the initial inquiry and consumer intent is the reason we group these into our VA streamline programs.
VA streamline lead program delivery is done via either data post or warm-transfers from our call center. We also have some limited availability for live inbound phone calls and featured lender placements on our VA streamline websites (IRRRL.com and VAStreamlineRefinance.com are two examples).
Cash-Out Refinance Leads
Over the last few years, property values have increased and as a result, more and more homeowners are asking if they can refinance and take cash out of their property.
Our cash-out lead programs are still one of our lowest volume programs, but we expect this to grow in 2017.
Since 2009, the HARP refinance program has been one of the most popular with consumers because the Government did a nice job of making people aware that there was a “special” program that they could refinance their home under.
The HARP refinance program is currently scheduled to expire in 2017, but the HARP refinance program is still popular with lenders and demand is strong. We expect it to continue in 2017 until the program either expires or is extended (again).
HARP refinance lead delivery is done via either data post or warm-transfers from our call center.
Subprime Mortgage Leads
Since about 2015, “subprime” programs have been making a comeback.
True, we are nowhere near the plethora of subprime programs that were available in 2005, but the term “subprime” remains one that consumers are searching for online.
While each consumer (or lender for that matter) most likely would define “subprime” a little differently – we have people searching for non-traditional mortgage financing options such as stated income loans, non qualified mortgage loans and sometimes just “subprime loans”.
These lead programs require slightly more attention to detail due to lender guidelines (we only want to get someone matched with a lender who can actually help them) but we are seeing the number of consumers requesting help and lenders requesting more consumers growing in 2017.
Subprime mortgage lead delivery is done via either data post or warm-transfers from our call center. We also have some limited availability for live inbound phone calls and featured lender placements on our Subprime websites (Subprime.com, StatedIncome.org and NonQualifiedMortgage.com are three examples).
Bad Credit Leads
Are bad credit leads really becoming popular again?
It seems that about halfway through 2016, lenders started relaxing credit score guidelines and as a result are looking for consumers who have been turned down by other lenders due to their credit score requirements or people who know that they are “on the bubble” as it relates to credit score and aren’t aware that each lender can have a different credit score requirement.
Bad credit mortgage leads aren’t in demand like VA streamline leads – but they are definitely making a comeback and as more lenders relax their guidelines, we expect the demand for these to increase.
Bad credit mortgage lead delivery is done via either data post or warm-transfers from our call center.
2017: Your Favorite Mortgage Lead Partner
In the last three years, we have experienced tremendous growth both in the number of consumers requesting to be matched with a lender as well as the number of lenders that we have been able to help.
Are you in search of more people who are interested in help with their mortgage leads?
We are easy to work with, are knowledgeable about the mortgage business and have personally managed retail mortgage operations that have funded more than one billion dollars in volume.
Can your current mortgage lead provider say the same?
We look forward to working with you to make 2017 great.