The Annoying Mortgage Phone Call Multiplier!

Are you receiving countless phone calls from loan officers and telemarketers about your mortgage? Have you ever considered how so many mortgage professionals get your information? Fortunately, the answer to that question is simple, usually we purchase the information. Unfortunately, it may be possible you are asking the wrong question. Internet marketing companies are one of the largest providers of leads for mortgage companies. While there are reputable companies that provide a good experience for consumers such as yourself, I have also come across some companies whose tactics could easily be at the root of your annoying phone calls. So let's examine how some internet marketing companies obtain and distribute mortgage leads.

So let's make sure we are on the same page here. In the eyes of a sales person your information would be considered a lead. For a mortgage professional, a lead would be any limited information (a name, location, a phone number or an email address) of anyone who has shown the smallest amount of interest in a mortgage. A sales person (in our case a loan officer or mortgage professional) is paid a commission to take that limited information and turn it into a transaction.

Now you ask, how do these companies get my information? Well, have you ever gone to a web site only to be badgered by annoying pop-ups that offer a free mortgage quote? Perhaps you have received an email saying win a free TV, or a trip to the Caribbean. These are just some of the tactics used to generate internet leads. To make a long story short, unless you are logged on to a specific web site to shop for a mortgage, DO NOT GIVE OUT ANY INFORMATION. In other words, make sure you know who you are dealing with. Let's take a look at what may happen if you don't.

First and foremost be aware that mortgage companies pay for your information based on how recent the information was obtained. The Warmer the lead (more recent) the more we pay for it. If you just randomly click a pop up you should be aware that your information will not only be sold more than once, it will potentially be sold over a period of time as well. For Example, Company A purchases the leads which are supposed to be exclusive to them and pays Sixty dollars per lead. A week later the same marketing company may turn around and sells the same lead to 5 other companies at Thirty dollars per lead. A month later they will resell the lead for fifteen dollars to however many companies they can. Eventually they may even sell the information to telemarketing companies or use them for their own telemarketing campaigns.

This watered down example easily explains how the consumer begins receiving multiple phone calls. However, take into consideration that some companies use terms like exclusive loosely. For instance, if I purchase an exclusive lead, the company could easily just mean that it was sold to me exclusively in my state. So now multiply the information by ten or twenty and consider the number of phone calls you the consumer might receive.

In conclusion, shopping for the best deal is always a good thing. However, how you shop for that deal will have an impact on your experience. Because the internet is a major provider of information, it remains to be one of the most convenient methods of shopping, and/or obtaining information about mortgages or other major purchases. Keep in mind, the internet is also a tool used by people to make money. This makes it important to know who you are dealing with, and who will be getting a hold of your information. Take your time before providing information, research the web site or the company that owns it. Make sure that you are at a reputable web site. In the meantime, there are plenty of websites that will provide you with the information you are looking for with out asking you for personal information.