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Randy,
Let me try to get a handle on this. Does your present company appeal or target conforming borrowers or subprime?
If they do both, what percentage of each?
If subprime - what is the bottom end FICO your company will write. You mentioned BK's earlier - if you could identify BK homeowners, out of Chapter 7, 12-24 months, with 80% LTV or better and a current mortgage with a known subprime lender and mortgage amounts above $150k, would it help you.
Would it help if you knew they had filled out a 1003 and had a mortgage credit inquiry in the last 24 hours? That's a very strong indicator they might need a mortgage isn't it?
What about if they had recently listed their home...do you think they would probably need another mortgage? (81% of all homeowners move within a 50 mile radius...if you could get a list (not MLS) of everyone in your area that had listed their home in the last 7 days in CT, do you think you could talk to them about a new mortgage and have some success?
I know what some of you are thinking...the listing broker is going to steer the loan business to "their" broker...National Association Of Realtors data states this happens 50% of the time. That means 1 in 2 homeowners find their own financing!!!
I like those odds. There is a military term I like to use when it comes to mortgage marketing...find a target rich environment...
Even the best hitters in the game only connect on 1 out of 3....the types of leads I mentioned above put more fastballs over the middle of the plate. Your odds are greatly improved in these situations.
Guaranteed home runs - nope. More swings at the plate and better balls to hit - you betcha!
If you or anyone else has questions about how to make this work for you let me know...I don't sell leads but I have developed a website that connects lead buyers and lead sellers...it's free to the mortgage community.
Good Luck and give me a shout if you need help.
The Bid Chief
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