Here are the answers to frequently asked questions, in the order they appear, when the question is clicked, please hyperlinks to the appropriate answer
Frequently asked questions answers
A: Trigger Leads come to us directly from the three major credit reporting agencies. A mortgage trigger is simply a lead derived from a credit bureau based on live credit attributes triggered by the actual credit behavior of your lead. It is highly specialized and aimed at individual clients.
Thus. You can select the FICO scores, mortgage amounts, LTV ratios, geography, and revolving debt balances that make up your ideal candidate. When you apply for a mortgage, we send you the borrower’s information within 24 hours.
A: MortgageTriggers.com never charges you more for filters that create your ideal borrower. Other companies that are interested in your results and not in helping you achieve yours.
A: Once you have established your ideal criteria, the office creates a “watch” list of all the owners who fit the exact criteria you want. When they have a mortgage inquiry that is generated when their credit is withdrawn, we send the prospect to them.
A: You can set your own daily lead limit. We will never force you to take more than you can comfortably handle. Our goal is to give you the best opportunity to close more loans. Imposing a minimum number of leads that you must receive in a day does not serve your interests or ours.
A: Leads are emailed daily. They are in an Excel spreadsheet. Barring delays in our daily activation lead updates from the office, most leads are delivered before noon in all time zones.
Thus. Every prospect with a phone number has been compared to all state and federal no-call lists. Your business has to obtain a subscriber account number for all area codes in which leads are served. Information on how to register with the FTC for a subscriber account number can be found at https://telemarketing.donotcall.gov/Profile/Create.aspx
A: As with all live credit-based pre-selected data, a firm offer in compromise is required. We provide approved telemarketing scripts that meet the Fair Credit Reporting Act standards. All direct mail scripts or pieces MUST be approved in writing BEFORE ordering and using this data.
A: Leads will begin within two (2) business days of receipt of all required documentation and receipt of payment.
YEAR! Aging triggers have consistently been shown not to be worth the effort, they don’t produce consistent results, and they don’t deliver consistent ROI. Legacy triggers, often referred to as acquisition triggers, are pooled leads that are “delivered to you daily” but are only triggered weekly by the office. They then analyze their leads on a daily basis, making it seem like this is a 24-hour daily trigger. Some companies use the old triggers to offer you a lower price and then promote it as a 24 hour trigger.
Ask yourself … which one would you rather have … an apple freshly cut from the tree or do you want one that has been in the ground for over a week? The freshness of the 24-hour trigger leads to unsurpassed maximization of the ROI of your mortgage marketing.
A: There is no such thing as a dedicated activation cable. Other leading companies use a play on words that “the leads we send to you are uniquely yours.” You read that thinking that you are getting an exclusive advantage. Nothing could be further from the truth.
FCRA regulations and the office’s own contracts state that single-use data is provided for the exclusive use of the client. For that reason, they don’t send it to anyone else. Credit bureaus, on the other hand, are selling it to other companies.
Our clients constantly tell us that they feel like they are competing with 3 or 4 other companies. MortgageTriggers.com suppresses your order in our database every day, ensuring that you will never get the same lead more than once, even if a borrower who meets your requirements has their credit withdrawn more than once.
A: We are happy to provide FCRA compliant scripts to all clients during our completion of office related requirements when setting up their account.
We will also provide an initial conference call with your team prior to the start of your campaign to answer any questions they may have about the use of mortgage triggers, call flow, compliance, and do-not-call regulations.
A: TRIGGER DATA ANALYSIS
THE COMPLETE PERFORMANCE SIDE BY SIDE OF INVESTMENT ANALYSIS COMPARING TRIGGER LEADERS WITH INTERNET LEADERS, DIRECT MAIL AND TELEMARKETING LEADERS
TRIGGER DATA HAS A LOT OF ADVANTAGES OVER OTHER MAIN GENERATION TYPES: from the source and integrity of the data (credit bureaus), to the ability to select your exact FICO’s, LTV’s, mortgage amounts, your specialized geography and more . .Trigger Data is superior to all other types of leads available at any price.
Activation data is delivered within 24 hours of a hard mortgage inquiry. This means that another lender, mortgage company or bank has withdrawn the credit from this person in order to obtain mortgage credit.
These borrowers are “in the market” right now. This is like having a crystal ball to alert you whenever someone who fits your exact desirable loan profile has applied for a mortgage. WHY IS TRIGGER DATA BETTER THAN OTHER TYPES OF LISTS OR LISTS? The source is reliable. These data come from the main credit bureaus. This data is exactly what they have on file for every confirmed borrower and homeowner across the country.
This is information provided by an “estimate” of the borrowers. How many times have you asked a borrower “how is their credit? To which he says” pretty good “… Only to find that their credit is terrible, they have no capital and cannot work with them!
This information is not obtained by offering them an incentive. This information is generated when someone has filled out a 1003 and the mortgage loan is being withdrawn.
Many leads on the Internet offer a free gift if they fill out the web form that the lead generates. The result … they were never interested in getting a home loan in the first place.
THEY ARE ON THE MARKET FOR A LOAN RIGHT NOW. STOP GUESSING AND START CLOSING REAL BORROWERS WHO ARE LOOKING FOR A MORTGAGE RIGHT NOW!
NOBODY FILLS OUT A 1003 BECAUSE IT’S FUN – THEY DO IT BECAUSE THEY NEED A LOAN NOW! The comparison 50 “exclusive” Internet leads – (the exclusive is in quotes because there is no such thing!) 50 leads at $ 65 = $ 3,250 invested
2% conversion – 1 offer
Average Financing Income – $ 4,000
Net Profit: $ 750 returned 50 “direct transfer” telemarketing leads at $ 100 = $ 5,000 invested
2% conversion rate – 1 offer
Average Financing Income – $ 4,000
Net Profit – LOST 1,000 BUCKS! 5,000 Direct Mail Letters at .65 = $ 3,250 Invested Response Rate – .25% – 12.5 “Responders” 1 Financed Loan (I’m Being Generous) Average Financing Income – $ 4,000 Net Profit – $ 750 500 Trigger Leads To $ 3.00 – $ 1,500 invested 2% conversion rate – 10 deals Average Financing Income – $ 40,000 (10 deals at $ 4,000 each) Net Profit: A whopping $ 38,500 returned Trigger data has: Initial cost plus Low per campaign Highest Net Profit Highest Return on Investment (ROI) Lowest amount of funds at risk Highest number of people looking for a mortgage (have already applied for one – 100% interested!)
THE MOST FREQUENTLY ASKED QUESTION ABOUT TRIGGER DATA IS “WHAT IS THE CONVERSION RATE?” The truth is … it varies. I have a 16 year old son and an 83 year old grandmother. If they both drive my car, the gas mileage will be dramatically different. Your mileage may also vary. The same goes for the results. Your results will depend on several things: These are just a few: Your skill on the phone. After all, it is still a cold call. Your ability to show that you have a better or more attractive offer. The competitiveness of your company in the market (Can you close a loan faster, have more favorable conditions or can you make difficult loans, etc.) There is no single answer to that question. Consider this though: Our calculation above shows 10 closed loans for every 500 leads, a 2% conversion rate. Suppose for a moment that your results are lower. If we took the worst case scenario and you closed only 1 loan out of 500 activation leads (it’s ridiculously low, but I’m making a point), the activation data would still keep you in a position where you doubled your investment. The program can guarantee results, use your common sense. If you could talk to 500 strangers who applied for a mortgage in the last 24 hours, how many do you think you could close?
