Kevin Blair was paying top dollar for online mortgage leads from sources such as LendingTree and Lower My Bills. At times, these leads were costing him $10 to $20 each, while delivering, at best, “mediocre results.”
Blair’s goal, like most loan officers and mortgage brokers, is straightforward: find great customers, offer them an array of mortgage financing options and give them the most responsive and immediate customer service experience to set him apart from his competitors.
That might sound simple, but in the mortgage business, all of this stuff is tough, mostly because the mortgage process has been largely commoditized. The big banks are focused on their tens of millions of customers for their mortgage business and treat these loans not much differently than any other financial products they market.
Big online lenders have turned to dominating television commercial airwaves in their attempt to go directly to the consumer, and they make getting a loan sound as easy as pushing a button. The fact is that just a handful of big lenders are controlling most of the mortgages made in America today.
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