BigMortgageLeads gives us some great insight into what happens to a consumer after they fill out a mortgage Web form. The data is even more interesting because I think it runs counter to most common lead buyer intuition about this consumer (e.g., they are shoppers, not buyers; they lie about equity; they are not a good referral base)
- 44% of leads closed a loan or were in the process of closing a loan within 90 days of filling out the form
- On average, loans funded for $30,000 more than the amount that the lead entered into our form
- 76% of leads filled out only one form online when shopping for a mortgage
- 52% of the leads could not remember the name of any of the lenders who contacted them after filling out the form
- 61% of leads discussed their loan with friends / family to solicit a reference
There are definitely some conclusions to be drawn from this data. The most notable is that lenders and LOs are “turning and burning” on good customers that are talking to friends and family. Where is the trusted, brandable relationship we talk about over and over and over again.
BigMortgageLeads, thanks for sharing!