Until recently, mortgage trigger leads came in one flavor - daily mortgage triggers. By definition that means they are batched by the credit bureau overnight including only those individual who had their credit pulled for a mortgage and delivered promptly the next day.
Sounds simple enough, right?
Alas, here is where the confusion sets in. Out of the 3 major bureaus, only Equifax and Trans Union deliver a true daily lead product. Experian has a trigger product that is batched weekly.
Again it seems pretty straight forward right?
Many companies are promoting the Experian offer as a daily trigger product. How you ask? The simply break up the file and batch it out to you on a daily basis. It's a play on words. You ask" do you have daily triggers" and they respond yes. The truth is those aren't 24 hour triggers, merely week old triggers that are being doled out one day at a time.
How do you identify daily triggers?the source and the price.
If you see triggers at $0.30 each - it is a week old to 30 day old trigger - virtually worthless. You loan officers will hate calling on these because they have already been overworked by other loan officers at other companies that bought them daily triggers. These triggers often have names like acquisition triggers, weekly triggers, etc.
Using "aged" triggers is like finding a "needle in a hay stack". Don't fall for their hype. They want you to believe that using a 7-30 day old list is going to be just as good as a trigger list compiled from people whose credit was pulled yesterday. I don't care how slice it, that just doesn't compute
True daily 24 hour triggers offer the most potent opportunity for you to maximize your marketing dollars by closing more loans. 24 hour triggers are like having a crystal ball to see who is in market for a mortgage right now. Nothing else compares to mortgage triggers.
Ask yourself a question, do want to eat a loaf of bread baked yesterday or a loaf that was baked 7- 30 days ago. Mortgage triggers aren't fine wine, they don't get better with age - they just get stale just like the bread.
To further complicate matters, some leads companies are now selling aged mortgage triggers from Equifax and Trans Union. Again, they are dirt cheap and not worth any price, no matter how small. Buying them and running them through a dialer isn't going to yield a positive ROI. Trust me, I have countless clients who have tried and failed going the "cheap" route on old, aged mortgage triggers.
How do you safe guard against getting duped. If the market price for a product is $3.00 and you see an ad for the same item at 90% off?doesn't your alarm bell ring? Of course it does.
Don't buy mortgage triggers from a company that sells both aged triggers and 24 hour triggers. We recommend that you buy them only from companies that meet the following criteria.
1.They specialize in and sell only 24 hour mortgage triggers. A company that only sells 24 hour triggers will be well versed on how to assist you in being successful and compliant
2.Stay away from the mortgage marketing shops that sell everything. Good companies find their area of expertise and the stick with. The companies that sell telemarketing leads, internet leads, direct mail, lists, and countless other products are only interested in having "something" to get you to spend your money.
3.Never buy leads from a telemarketing company. They often sell low cost leads. Why you ask? Because they take the data you buy and "recycle" it for use on all their other clients.
4.RUN away from companies that don't require you to have a Subscriber Account Number (SAN#). Every mortgage company is America that is making outbound calls to prospective clients is required by law to have one and to call only in the area codes in which they hold a valid registration. Don't fall for claims that you can "piggyback" off of their SAN# - it's illegal.
5.Don't forget - mortgage triggers are FCRA regulated leads. They require a firm offer of credit, pre-approved FCRA compliant scripting INCLUDING the proper Opt-Out notifications and FCRA compliant firm offer language and layout if you are doing direct mail.
You don't have to navigate this by yourself. The mortgage marketing professionals at MortgageTriggers.com are here to help.