Mortgage Triggers, Part 2

Here's why some mortgage companies purchase "trigger leads" for marketing opportunities:

• Trigger leads can be up to 50-80% cheaper than many types of internet mortgage leads.

  
  
  

• The information contained in trigger leads is highly accurate, because it comes form credit agency data.

  
  
  

• Potential borrowers are often open to second opinions and quotes. (Here at Compass smortgage, we offer a "Get a Second Opinion on Your Mortgage" program, although we do not purchase trigger leads at this time.)
  

And here's how mortgage companies use trigger leads to keep tabs on their existing borrowers:

• Track changes in the credit profile of current customers (delinquent debts, taking on too much additional debt).

  
  

• Early notification that a borrower may be selling or refinancing existing property.

  
  

• Advance notice that an exisitng borrower may be purchasing a new primary residence, or a second home, vacation home, or investment property.
  

Selling credit "triggers" is a highly profitable sideline for the big three credit agencies. But it's not a new one: triggers have been available to lenders for years. However, Web-based technology is morphing them into a totally new type of product.