How to Generate 27 Qualified Subprime Mortgage Leads Per Day

Summary: Discover 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 Hobbies Interests 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: http://www.Mortgage-Leads-Generator.com/a/refiletter.htm 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 Next