These days with the mortgage industry being the way it is, mortgage brokers and loan officers may be finding it tougher and tougher to close deals for people with poor credit.
Although avoiding poor credit mortgage leads all together may not seem like such a bad idea these days for some loan officers, all may not be lost.
If you are willing to reconsider the purchasing of mortgage leads with poor credit, here are a few things to look for.
For starters, look for a mortgage lead company that allows for you to view your mortgage lead before you buy it.
Also, make sure the mortgage leads you buy are fresh mortgage leads. Avoid the recycled mortgage leads because the information will be dated and inaccurate.
Most mortgage lead companies have a comment section on their mortgage leads. The comment section allows for the consumer to get a little more specific so a loan officer such as yourself will have a better understanding of their needs.
By having the ability to view a mortgage lead in its entirety including a comment section, you will be able to get a good handle on the customer’s situation, what their needs are and wether or not you believe you have the resources to help them.
For instance, if the customer lists their credit score in the comment section of the mortgage lead, you will have a very clear idea of what you will be working with and if you have lenders available to go to should you buy the mortgage lead.
If the customer posts a comment such as “In foreclosure, the bank is coming tomorrow, need help fast,” You will know that it is too late to help this person and to avoid buying the mortgage lead.
In short, viewing a mortgage lead with a comment section can give you the best indication as to wether or not you have the resources available to you to help the person.
As you already know, the LTV plays a huge role when it comes to a financial institutions decision as to wether or not they will fund the loan.
So look for the mortgage leads where the customer has a lot of equity in their home. This will help soften the blow when it comes to poor credit, or at least help their chances of being approved.
Another thing you can do is expand your resources, seek out the wholesale lenders who will still consider working with poor credit.
I realize finding these lenders will be tough, but the more tools you have to work with and the more lenders you have relationships with, the more deals you will close.
Latest Sales Articles
Clear Your Beliefs and Your Sales Explodes
By: Jan Jorgensen | 13/10/2008
Learn how to make you sales explode by changing your beliefs.
Sales Strategy Starts With Your Customer
By: Garey Simmons | 12/10/2008
People are creatures of habit and human nature is what it is. That knowledge can be used to convert visitors into customers. If you pay close attention to when people are triggered to open their wallets, then you can use the same dynamics to develop a strategy to have it work for your sales efforts.
Reccession,are We Already in One
By: dave | 11/10/2008
reccession in UK, a look at how the UK Jewellery Industry is struggling
How to Go About Performing a Criminal Background Check Free
By: katalina de cherez | 11/10/2008
People perform background checks on others on a daily basis and this has become the norm now. They do this to safeguard themselves. One of the most popular checks done is the criminal background checks to ensure no criminals make their way into your secure environment of either family or business.
Garage Door Accessories Online
By: Allesandro Hernandes | 11/10/2008
Just like anything else in and on your home, your garage door may require some attention to detail from time to time. However; the fact is that finding anything to accessorize your garage door in your local retail community can be nothing short of difficult. Take heart however, because now there are more choices than ever for anything that you may need for you garage door online, from one of the many websites that now cater exclusively to garage doors.
Tips for Adjusting Commercial Garage Door Springs
By: Allesandro Hernandes | 11/10/2008
Commercial garage door springs come in two types, torsion and side mounted. The difference between the two is simple. Torsion springs exert their counterbalance force or energy in a twisting motion, while side mounted springs will extend and contract to counterbalance the garage door.
Liftmaster Garage Door Opener Parts Online
By: Allesandro Hernandes | 11/10/2008
The Liftmaster garage door opener, by Chamberlain Corp., is one of the most popular models of garage door opener in use today. Literally millions of these highly regarded garage doors have been sold worldwide. There are several models of Liftmaster garage door openers that are manufactured by Chamberlain, all offering different features such as different horsepower motors and screw drive functions.
Overhead Garage Door Parts Online
By: Allesandro Hernandes | 11/10/2008
Of all the mechanical devices that you will find around and on your home the one item that is most likely to require maintenance is your overhead garage door. The reason for this is simple. Its not that they are poorly made, but rather its due to the amount of moving parts contained in them and the constant heavy use that they endure.
More from Jay Conners
Insurance Leads in Real Time
By: Jay Conners | 23/05/2008 | Sales
For all insurance agents that follow up on leads, it goes without saying that timing is everything.
Business Insurance Leads, What to Look for
By: Jay Conners | 16/05/2008 | Sales
For starters. Where are the leads coming from? You want to make absolutely sure that the Insurance lead provider that you are considering is obtaining their business insurance leads on their own through lead generation web sites that they own and operate and can deliver them to you fresh.
Business Insurance Leads, Building Relationships
By: Jay Conners | 12/05/2008 | Sales
If you are an insurance agent that is looking for insurance leads, more than likely you are looking for policies in the area of auto, home owners, or life insurance. It makes the most sense because this is where the higher commission is.
Credit Repair Leads, Credit Repair Business
By: Jay Conners | 26/02/2008 | Sales
If you own or are thinking about starting a credit repair business, one thing you will no doubt be needing is credit repair leads.
Using Business and Greeting Cards Effectively
By: Jay Conners | 08/10/2007 | Sales
Business cards and greeting cards almost go hand in hand when being used for marketing and business purposes.
Sell Yourself, as Well as your Product
By: Jay Conners | 04/10/2007 | Sales
When selling a product to a consumer, one of the things we tend to overlook, is that it is as equally important to sell ourselves.
Six Simple Steps for Getting More Mortgage Applications
By: Jay Conners | 28/09/2007 | Sales
When I first started out as a loan officer, one of the things I found to be the toughest, was taking an application over the phone. I just didn’t seem to have the skills, nor did I have a plan.
Second Mortgage for Home Improvement
By: Jay Conners | 27/09/2007 | Mortgage
Now that you have been in your home for a few years and you have established some equity, you may be considering doing some home improvement with a second mortgage.
Business 
