Written By: Karen Deis, from an interview that Carl White, Mortgage Marketing Animals, conducted with a Loan Officer who uses trigger leads.
He's a Trigger-Lead Loan Officer and supplements his commissions by doing 2 to 3 loans a month from buying leads from credit bureaus.
His name is not important.
How he is able to take business away from you...is!
How you can stop him from contacting your clients...is!
How you can do the same thing he does - might make a difference in your income - especially if you have a slow month or two!
First, let's explain what a trigger lead is all about. When you order a credit report, the credit bureau "tags" it as a "mortgage inquiry". Other loan officers can "buy" that inquiry within hours (of your ordering the report). [Refer to previous article, Trigger Leads are Back! What You Can Do to Protect Your Pipeline.]
The LO, who buys the lead, knows that your client has applied for a mortgage, picks up the phone and calls them with their interest rates and mortgage terms.
And, it's perfectly legal for the credit bureaus to sell these leads. In fact, they make more money selling leads than providing credit reports.
This is the written version (with permission) of the interview between Carl White, Mortgage Marketing Animals, and a loan officer that he interviewed, who uses trigger leads. Here's the link to listen to the entire workshop after you've read the article.
Q.) What's the cost to buy the leads?
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