Here are the answers to the frequently asked questions, in the order they appear, when the question is clicked, hyperlink to the appropriate answer.
Frequently Asked Questions Answers
A: Trigger Leads come to us directly from the three major credit bureaus. A mortgage trigger is simply a lead derived from the credit bureau based on live credit attributes triggered by your prospect’s actual credit behavior. It is highly specialized and is aimed at individual clients.
A: Yes. You can select the FICO scores, mortgage amounts, LTV ratios, geography, and revolving debt balances that make up your ideal candidate. When you apply for a mortgage, we send you borrower information within 24 hours.
A: MortgageTriggers.com never charges you extra for filters that create your ideal borrower. Other companies that do this are interested in your bottom line and not in helping you achieve yours.
A: Once you’ve established your ideal criteria, the office creates a “watch” list of all owners who meet the exact criteria you want. When they have a mortgage inquiry that is generated when their credit is drawn, we send the lead to them.
A: You can set your own daily deal limit. We will never force you to take more than you can comfortably handle. Our goal is to give you the best chance to close more loans. Imposing a minimum number of leads you must take in a day does not serve your interest or ours.
A: Leads are sent daily via email. They are in an Excel spreadsheet. Barring a delay in our daily updates of office trigger leads, most leads are delivered before noon in all time zones.
A: Yes. Every potential customer with a phone number has been removed from all state and federal do not call lists. Your business is required to obtain a subscriber account number for all area codes where leads are provided. Information on how to register with the FTC for a subscriber account number can be found at https://telemarketing.donotcall.gov/Profile/Create.aspx
A: As with all live credit-based prescreening data, a firm offer in compromise is required. We provide approved telemarketing scripts that meet Fair Credit Reporting Act standards. All scripts or direct mail pieces MUST be approved in writing PRIOR to ordering and using this data.
A: Leads will begin within two (2) business days of receipt of all required documentation and receipt of payment.
A: NO! Old triggers have consistently proven not to be worth the effort, don’t produce consistent results, and don’t deliver consistent ROI. Legacy triggers, often called acquisition triggers, are bundled leads that are “delivered to you daily” but are only pulled by the office on a weekly basis. They then analyze their leads on a daily basis, making it look like a 24-hour daily trigger. Some companies use the old triggers to offer you a lower price and then promote it as a 24 hour trigger.
Ask yourself…would you rather have…an apple fresh off the tree or do you want one that has been lying on the ground for over a week? The freshness of the 24-hour activation advantage in unbeatable maximization of your mortgage marketing ROI.
A: There is no such thing as a dedicated activation cable. Other lead companies use a play on words by stating that “the leads we send you are uniquely yours.” You read that thinking you’re getting an exclusive advantage. Nothing could be further from the truth.
FCRA regulations and the offices’ own contracts state that single-use data is provided for the exclusive use of the client. For that reason, they don’t send it to anyone else. Instead, the credit bureaus are selling it to other companies.
Our customers constantly tell us that they feel like they are competing with 3-4 other companies. MortgageTriggers.com deletes your request from our database every day, ensuring you’ll never get the same lead more than once, even if a borrower who meets your requirements has their credit pulled more than once.
A: We are happy to provide FCRA compliant scripts to all customers during completion of office related requirements when setting up their account.
We will also provide an initial conference call with your team prior to the start of your campaign to answer any questions they may have about the use of mortgage triggers, call flow, compliance, and do not call regulations.
A: ACTIVATION DATA ANALYSIS
THE COMPLETE SIDE-BY-SIDE ANALYSIS OF ROI ON INVESTMENT COMPARING ACTIVATION LEADS WITH INTERNET, DIRECT MAIL, AND TELEMARKETING LEADS
TRIGGER DATA HAS ALL THE ADVANTAGES OVER OTHER TYPES OF LEAD GENERATING: From the source and integrity of the data (credit bureaus), to the ability to select your exact FICO, LTV, mortgage amounts, your specialized geography and more . .Trigger Data is superior to all other lead types available at any price.
Activation data is delivered within 24 hours of a hard mortgage inquiry. This means that another lender, mortgage company, or bank has withdrawn this person’s credit in order to obtain a mortgage.
These borrowers are “in the market” right now. This is like having a crystal ball that tells you every time someone who exactly matches your desired loan profile has applied for a mortgage. The source is reliable. These data come from the main credit bureaus. This data is exactly what they have on file for every confirmed borrower and homeowner across the country.
This is information provided by an “estimate” of the borrower. How many times have you asked a borrower “how’s your credit” to which he replies “pretty good”… Only to find out that your credit is terrible, you have no equity and you can’t work with them?
This information is not obtained by offering them an incentive. This information is generated when someone has completed a 1003 and the mortgage is being withdrawn.
Many Internet leads offer a free gift if they complete the web form that the lead generates. The bottom line…they were never interested in getting a home loan in the first place.
THEY ARE IN THE MARKET FOR A LOAN RIGHT NOW. STOP GUESSING AND START CLOSING REAL BORROWERS WHO ARE LOOKING FOR A MORTGAGE RIGHT NOW!
NOBODY FILLS OUT A 1003 BECAUSE IT’S FUN – THEY DO IT BECAUSE THEY NEED A LOAN NOW! The Comparison50 “Exclusive” Internet Leads – (exclusive is in quotes because there is no such thing!) 50 leads at $65 = $3250 invested
2% conversion – 1 deal
Median Financing Revenue – $4,000
Net Profit: $750 returned 50 “hot transfer” telemarketing leads at $100 = $5000 invested
2% conversion rate: 1 offer
Median Financing Revenue – $4,000
Net Win: LOST $1,000! 5000 Direct Mail Letters @ .65 = $3250 Invested Response Rate – .25% – 12.5 “responders”1 Loan Funded (I’m Generous) Average Funding Revenue – $4,000 Net Profit – $750 Returned 500 Activation Guides @ $ 3.00 – $1,500 Invested 2% Conversion Rate – 10 Deals Average Funding Revenue – $40,000 (10 Deals @ $4,000 each) Net Profit: $38,500 Returned Triggers have: Lowest Upfront Cost per Campaign The Highest net profit Highest return on investment (ROI) Lowest amount of funds at risk Most people who are actually looking for a mortgage (they’ve already applied for one, 100% are interested!)
THE MOST FREQUENTLY ASKED QUESTION ABOUT ACTIVATION DATA IS “WHAT IS THE CONVERSION RATE?” I have a 16 year old son and an 83 year old grandmother. If you both drive my car, the gas mileage will be radically different. Your mileage may also vary. The same goes for the results. Your results will depend on several things: Here are just a few: Your skill on the phone. After all, it’s still a cold call. Your ability to demonstrate that you have a better or more compelling offer. Your company’s competitiveness in the marketplace (can you close a loan faster, have more favorable terms or can you make difficult loans, etc.) There is no single answer to that question. Consider this though: Our calculation above shows 10 loans closed for every 500 leads, a 2% conversion rate. Assume for a moment that your results are lower. If we take the worst case scenario and you closed just 1 loan out of 500 trigger leads (that’s ridiculously low, but I’m making a point), the trigger data would still put you in a position where you more than doubled your investment. program can guarantee results, use your common sense. If you could talk to 500 strangers who applied for a mortgage in the last 24 hours, how many do you think you could close?