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Make Money Saving Homes with Pre Foreclosure Leads
With more and more home foreclosing throughout the United States on a daily basis, those in the mortgage lending industry can turn this pitfall into an opportunity. While there are several of warm real estate leads offered to lenders, more and more within the industry are turning to pre foreclosure leads to assist borrowers who have received a Notice of Default. Known as a type of subprime lead, they are perfect for companies specializing in subprime lending. If you offer competitive subprime loans, purchasing pre foreclosure leads could be the key to building a quality book of business as well as your prospect’s damaged credit.
Subprime leads such as the pre-foreclosure listings are designed to assist mortgage lending institution identify and contact homeowners currently 30, 60, 90 or 120 days late paying their mortgage. Depending on the third party lead provider, these leads can be matched to fit your institution’s credit and financial requirements for a better target audience. In addition to this, in most cases the pre-qualification process has already been completed making your chances for a sale highly likely.
Always choose leads that are pre-screened through one of the three existing credit bureaus. Pre-screening involves running a soft inquiry on the borrowers credit in order to determine whether they have already received their notice of default or whether they are currently in charge off. Knowing this prior to marketing will save you time trying to sell to a client who may not qualify for the mortgage programs you offer. High-quality specialty financing leads will include whether the clients have bankruptcies, liens, judgments, or a history of late payments within their credit standing.
While subprime mortgages carry a higher interest rate, many borrowers are likely to accept this condition in order to keep their home and build their credit. Research the various non-prime mortgage lead providers and start helping people save their homes while increasing your close ratio. Although the mortgage industry has become stricter in lending practices, there are still providers who can benefit from those with damaged credit.