Archive for January, 2012
Short Sale Leads With a Higher ROI
There’s no shortage of short sale leads on the web. When searching for short sale leads, it goes without saying that you have to put a finger on what the return on investment will be. After all, you are in it to make money – your certainly not in it for the fun of it. When gauging what your return will be, one critical question to ask a short sale leads provider is, “how many other agents do you sell this to?”.
Nearly all short sale leads are compiled through Notice of Default or Lis Pendens records. These are the formal legal notices for the lender to take back a distressed property. Virtually all companies re-package these public records and provide value-added functionality to them, but they are essentially the same records.
Short Sale Leads that get you in front of distressed homeowners earlier
Unlike public record short sale leads that everyone else has access to, our 30-60-90 day late data identifies homeowners that are falling behind on their payments but not yet served the NOD or Lis Pendens. This means you can be the first – and oftentimes the only one – to contact delinquent homeowners in your area and get these distressed homeowners to list their home with you.
You can find short sale leads by zip code, number of days late, loan balance range, and other detailed filters to take a sniper’s approach. We’d be happy to go to the drawing board, research your area and tell you how many homeowners are being reported as 30, 60, 90 or 120+ late on their mortgage. For fast counts and experience-driven advice, call a short sale leads expert at 866-490-3459 or visit www.preforeclosuredata.net.
Short Sale Leads For Agents To Get More Listings
Surfing the Internet, there is no shortage of short sale leads for agents, and making the right decision can be daunting.
When searching for short sale leads, you should consider the timeliness of the information. In too many cases, you can visit the property of a distressed homeowner and see a five-foot pile of snow, and there hasn’t been any footprints in five days. Our short sale leads get your message in front of delinquent homeowners early in the process, when there is still enough sand left in the hourglass to stave foreclosure.
Short sale leads obtained through a “soft” credit inquiry is much more reliable than public record lists that collect data from courthouse-compiled records obtained once the NOD or Lis Pendens is served. Once these lists become readily available to anyone and everyone that seeks them, those homeowners are barraged with offers to stave foreclosure, and they can’t make sense of it all. Once they check their mail, there are offers virtually spilling out into the street.
In contrast to most short sale leads, our pre-screened consumer credit database is not yet public record. Obtained from the leading credit reporting agencies, our data is initiated through a “soft” credit pull. Let’s say Bob and Sally miss a mortgage payment and Wells in their lender. Wells well report that delinquent payment to Equifax, Experian or TransUnion – their credit report is “flagged”. Since this information is not yet public knowledge, these short sale leads empower agents to be the first to reach out and offer to list their home.
Contact a Short Sale Leads Consultant today.
We’d be happy to run a free count and be an incubator of ideas on how to turn our short sale leads into more consummated short sale transactions – call 866.490.3459 or request a free count at www.preforeclosuredata.net/count-request.html.
HARP Refinance Leads Surging In Popularity
With the new HARP 2.0 guidelines off the press, HARP Refinance Leads have gained traction. We’ve fielded a lot of feedback from frustrated mortgage marketers that had a difficult time converting HARP Refinance Leads under the original program guidelines because the applicant was sinking in their underwater homes and disqualified for the program. Our philosophy is an application that is unfunded is a total waste of time, and so our focus is on arming mortgage marketers with Pre-Qualified HARP Refinance Leads, using a soft credit inquiry on the borrower’s credit report. Generally, what we will be looking for is a set of characteristics to pre-screen those homeowners for eligibility in the HARP Program.
Criteria to select when building a list of HARP Refinance Leads:
- Fannie and Freddie as investors in the loan
- Conforming loan limits apply – no jumbo loans
- Loan Origination Dates from June 1, 2009 and prior
- Exact credit scores 640+, or customized to your lenders’ guidelines
- Unblemished mortgage payment history (no delinquencies in the last 12 months
Of course, the above selections are not exhaustive, and we can build a database of HARP Refinance Leads using myriad demographic, credit and mortgage filters available through our pre-screened, tri-bureau consumer credit platform.
If you work directly for the lender, there is a lucrative opportunity in searching our database for your existing borrowers. This can be accomplished by selecting your lender name and then using the homeowner’s partial SSN to pull up their internal file. This is a unique opportunity because the borrower has already done business with you and will be receptive to your mailer or phone call that informs them that they are pre-screened for HARP and can lock in more affordable mortgage rates without an appraisal, and even if they have lost equity.
For Brokers using HARP Refinance Leads:
While you do not have the same internal system to find your clients, you still can save a lot of time and money by pre-screening borrowers that meet the exact requirements for HARP. Before a single phone call is made or single mail piece is sent, you get an unprecedented view into the Homeowner’s credit report. This translates to a higher ROI by reaching borrowers most likely to survive the underwriting process.
As a next step, we can research your market to determine how many homeowners need to hear from you to make their homes more affordable. Contact a Harp Refinance Leads expert at 1-866-490-3459 or visit www.preforeclosuredata.net/harp-refinance-leads.html.
Several clients have asked about HARP 2.0 leads, so in this post we’ll talk about this revamped program and how to find HARP 2.0 leads using soft credit data. The new guidelines were rolled out November 15, 2011 and enable underwater homeowners that were ineligible to refinance under the prior guidelines to take advantage of the program.
The biggest negative feedback we’ve received from loan officers and production teams when working HARP leads in the past was the number of homeowners that couldn’t survive the underwriting process because of loan to value or credit issues. The revamped program overcomes the LTV hurdle, making qualification easier.
Using our pre-screened, tri bureau credit platform, we can identify homeowners that are most likely to qualify for the program.
When searching for HARP 2.0 leads, we’ll use the following criteria:
1. Unblemished mortgage payment history (current in the past 12 months)
2. Fannie Mae or Freddie loans.
3. Loan origination dates prior to June 1, 2009.
4. Credit score ranges that match your lenders’ guidelines.
Our HARP 2.0 Leads Focus is on Pre-Qualification
With the media buzz, homeowners are already clicking through Internet searches to find more information about the program. Some mortgage companies invest heavily on Internet marketing, spending $10 or up per lead. While the Internet is undoubtedly a source of motivated homeowners, a large percentage of these borrowers will not meet the guidelines. At Homestead Data, we eliminate this marketing waste by zeroing in on mortgagors that are most likely to survive the underwriting process, by using detailed mortgage and credit filters. Armed with this data, you won’t have to squander your marketing resources on unqualified respondents.
For expert consultation and fast counts, get in touch.
Who is your niche audience? A mortgage marketing professional will go to the drawing board and tell you, by county, city or zip code, how many homeowners meet your criteria. Call 1-866-490-3459 today.
The majority of pre-foreclosure data providers compile their information through the same exact same - public records “flagged” once the lender files the formal legal notice to re-possess the home. Depending on the foreclosure laws in your state, this is the Notice of Default (NOD) Lis Pendens, or Notice of Election and Demand (NED).
Unlike the 99% of other pre-foreclosure data sources mined through public records, our data is obtained through a soft credit inquiry, which reveals that the lender has reported a late mortgage payment to the credit bureaus. Soft credit data is not yet public record information, which means you can reach distressed homeowners long before the bulk of your competition. This early advantage can be visualized in the following pre-foreclosure time chart.
Several agents profess surprise that we can obtain this information from credit reports, but a soft inquiry is more common than most people think.
If you got a mail piece saying you are pre approved for a credit card, chances are the credit card company has accessed the same pre-screened consumer credit platform we pull from. Employers routinely use soft credit inquiries in background checks to gauge the prospective employee’s character. If you have current credit cards, chances are those credit card companies do routine soft credit pulls to check up on you to see if you maintain your credit worthiness. If you open up a new bank account, the bank will use a soft credit inquiry to verify who you say you are. When you check your credit report to make sure there are no inaccuracies, this, too is considered a soft pull.
In essence, a soft credit inquiry does not have any adverse impact on your credit score. A hard credit inquiry occurs when a consumer directly applies for credit. Whenever a consumer seeks a loan or a line of credit, it defines a hard credit inquiry and negatively impacts their credit score to some degree. In contrast, the consumer is hardly ever aware that a soft pull is being made and this soft pull does not tarnish their credit score.
Clearly, consumers have the capability to opt out of “pre-screened credit offers” by contacting the credit reporting agencies.