Where mortgage leads come from and where a quote form goes after being filled out.

Mortgage leads are generated online using many methods. Here is how it works: A consumer searches for home loans or mortgage quotes online and usually finds a website offering up to 4 free mortgage quotes. The borrower (consumer) usually fills out a "quick" online pre-qualification form and presses the submit button. After they submit the mortgage application through the quote website the fun begins and the money rolls in for the website owner and mortgage lead brokers. After you will out a quote online 9 times out of ten your mortgage application is then sold 4 times on average to 4 mortgage officers who buy your data from website that offer "mortgage leads" these mortgage lead websites sell your information multiple times in most cases. You will be contacted by 3-4 lenders who are licensed in your state. You can possible get a swarm of calls if that application you filled out gets on to the wrong hands and is sold dozens of times.

I recommend: 

www.Google.com offers great search results about mortgage leads and mortgage quotes. I also recommend reading the articles posted on www.HelloLender.com about the risks of filling out a mortgage application online. The risks of filling out a mortgage application online may suprise you.

I would not fill out more than one mortgage quote form online. This will cause your application to be sold many times and you will be ht with a non-stop flurry of calls from many loan officers trying to win your business. Somtimes the calls can last for months.

Did you know your credit report information is sold as a mortgage lead?

Many consumers get a lot of calls about mortgage and loan offers and do not know why. One big reason is the new and fast growing mortgage trigger lead industry. Here is what a mortgage trigger lead is: Let's say you’re a loan officer that specializes in subprime (poor credit) lending. An example of what a triger lead looks like:   Confirmed Homeowners 520-630 FICO $10k+ in revolving debt LTV of 85% and lower Existing Mortgage Amounts of $100k+ Mortgage Open Dates of 12/04 and prior Geography: MI, CA, FL   There might be 2.5 million people that the credit bureau has records on that fit those criteria. What they do is then build a "watch list" on those 2.5 million individuals.   When a borrower on this watch list applies for a new mortgage it TRIGGERS the lead. The trigger data with contact information is then emailed to the trigger lead buyer. Your information is sometimes sold like this without you knowing. Trigger lead companies charge 8$+ per lead and sell 1000's.

I recommend: I learned about trigger lead by seaching for them at www.business.com and also from www.loantriggerleads.com Trigger leads do make good leads for lenders and loan officers looking for a quality cost effective lead source. My concern is thatthe consumers are not aware that their personal information is sold like this through our major credit reporting agencies.