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Representatives from mortgage companies have been complaining for years how the quality of mortgage leads has been detiriorating every time the lenders tighten the requirements and loan program guidelines. Mortgage Lead Vault (MLV) published a news article that highlighted the rise of refinance lead volumes that could be considered a positive indicator for the mortgage industry. MLV cited news sources like the Mortgage Bankers Association and the Lead Planet for the loan application statistics and
mortgage lead data. In their Weekly Mortgage Application Survey, MBA reported that the Refinance Index spiked 12.6% from the previous week. They also noted that this was the most significant increase for the Refinance Index since the report for the week ending May 22, 2009.
Kevin Grant the chief economist for mortgage lead generation company, the Lead Planet said, “The refinance lead activity has been surging since the homebuyer tax credits expired at the end of April.” Grant also told MLV that “the lead quality should dramatically increase as the banks and lenders loosen up their refinance guidelines.” See the original news article> Mortgage Refinance Lead Volume Rises. Article was written by Patrick Miller
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We have noticed that we have to buy a lot more mortgage leads to get a loan in process. No more stated income loans and subprime lending products have really hindered the home loan industry! Please keep me posted on industry news…