How to Generate 27 Qualified Subprime Mortgage Leads Per Day
Below is a MRR and PLR article in category Finance -> subcategory Mortgage.
How to Generate 27 Qualified Subprime Mortgage Leads Daily
Overview
Learn how to efficiently generate 27 qualified subprime mortgage leads each day.
Benefits of Targeting Subprime Mortgage Leads
Focusing on subprime mortgage leads offers several benefits. Borrowers in this category are less likely to shop around, making them more likely to commit to your offer. Additionally, commissions on subprime mortgage loans can be highly lucrative.
The Power of Direct Mail
One of the most effective ways to generate subprime mortgage leads is through direct mail. Let’s explore the steps to create a successful direct mail campaign.
Building Your Prospect List
Obtain your mailing lists from reputable list companies and credit agencies. Here’s how to target subprime borrowers:
From List Companies:
1. Bankruptcy Filers: Get a list of homeowners who have recently filed for Chapter 13 bankruptcy. Offer a cash-out refinance to help them pay off their bankruptcy.
2. Expired Prepayment Penalties: Target those who secured a loan with a subprime lender 2 to 5 years ago, as they may be ready to refinance with no penalties.
From Credit Agencies:
1. Late Payment Homeowners: Identify homeowners who are 30 days late on their first mortgage or who have frequent consumer delayed payments in recent months.
2. Low Credit Score Borrowers: Choose borrowers based on the credit score range that aligns with your loan programs.
Enhance targeting with additional criteria, such as:
- Homeowners with $15K to $50K in outstanding revolving debt.
- Properties with an LTV of 80% or less.
Crafting Your Mail Piece
When designing your mail piece, include the following:
- Personalized Content: Provide sample payments and show potential monthly and 5-year savings.
- Unique Selling Propositions (USPs): Highlight options like 1% mortgage loans, no closing costs, and deferred payments.
- Compliance: Ensure compliance with state banking regulations by including the Equal Housing Lender logo, state license number, and APR disclosures.
- Personal Touch: Share personal details to build trust, such as your professional title, years of experience, awards, degrees, hobbies, and interests.
For example:
```
[Your Name]
Senior Mortgage Planner
10 Years Mortgage Experience
Licensed Financial Planner
Married with 3 children / Single mother of two
Youth basketball coach
```
For a proven refinance letter that has generated over $2.5 million in commissions, visit:
[http://www.Mortgage-Leads-Generator.com/a/refiletter.htm](http://www.Mortgage-Leads-Generator.com/a/refiletter.htm)
Split Testing for Better Results
Testing is the key to direct mail success. By experimenting with different elements, you can significantly improve conversion rates. Here’s how to conduct split testing:
1. Group Division: Instruct your printer to divide your list into three groups:
- Group 1: 80%
- Group 2: 10%
- Group 3: 10%
2. Mailing Strategy:
- Send your original letter to Group 1.
- Make a small change to the original letter for Group 2.
- Implement another small change for Group 3.
3. Tracking Results: Monitor which version generates the most calls, applications, and funded loans. Use the best-performing letter as your new baseline and repeat the process.
Ideas for Testing
To enhance your conversion rate, try:
- Replacing phone numbers with website addresses.
- Adding catchy headings.
- Tweaking paragraphs or the PS section.
- Offering incentives like free appraisals.
- Using eye-catching red headlines or unique envelope designs.
- Highlighting different USPs.
Make only one change at a time to identify the impact clearly.
By consistently applying these strategies, even a 1% increase in response rate can result in substantial gains, potentially translating to an extra $50,000 to $90,000 in monthly commissions.
A well-executed direct mail campaign can revolutionize your lead generation efforts. Implement these tips and witness remarkable results!
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