$1 Million in Mortgage Leads Stolen

[Veronica Corningstone]

A current and employee of Old Merchants Mortgage is accused of selling mortgage lead data to two former employees who had started their own firm. Arrests were made after authorities raided seized documents, records, computers and other equipment from the new mortgage office operated by the former employees.

Link To Original Article

[carlo@CreditReportAtlas]

$1 Million worth of mortgage leads stolen? Or is it mortgage leads that could have been funded loans worth $1 Million?

Let's do the math for second. I'm using GetLeads Network's Live Transfer packages for instance. Our live transfers start rate per lead is $150. We have a minimum buy of 25 per order therefore the upfront cost will be $3,750 for the smallest package.

$1M worth of Live Transfers are 6,666 transferred calls. The owner of Old Merchant Mortgage must be really "ignorant" to not KNOW ahead of time that he was getting robbed. Now, we're talking about Live Transfers which is probably the most expensive material in the mortgage marketing industry currently. If you're talking about telemarketed leads or internet leads, $1M worth of leads are quite an over-exagerration.

Ameriquest stands the biggest spender in advertising totaling up to $816,000 and second is DiTech at $624,540 both at year 2004 (annual expense). If Old Merchant Mortgage spent about $1M worth of advertising... how come I've never heard of that company?

My point... I think that's a little too much of an exaggeration, Ms. Veronica Corningstone. Sounds like a National Inquirer news to me.

[Erik]

It probably is $1 mil in funding value. Or possibly they are looking at it from the brokers point of view that the average lead is worth $1000 in fees (or whatever it is), which would only be 1,000 qualified leads (less if the average is higher).