Licensed for Reverse Mortgage Lead Generation?
May 26th, 2008 | by George Published in Commentary, Leads, Marketing, Reverse Mortgage | 7 Comments
Have you ever considered buying leads from a non-profit, consumer advocacy referral service? Consumer advocacy? Ha! These lead companies are trying to sell consumers information at the end of the day but are disguising their efforts as a service to help seniors. These services are highly suspect as to whether they are soliciting loans from consumers as they are collecting personal information and distributing it to one or many different clients purchasing that information.
I asked one of these companies about their licensing status and that asked me what I was talking about… which shocked me… should these services be licensed entities? These companies should be subject to the same patchwork of unorganized and complicated state regulation unless they are a division of a federally chartered bank. They are soliciting information for the purposes of someone originating a loan. There is one large lead service that employs a celebrity spokesperson and that firm has taken the time to license properly and has the disclosures on their television and print advertisements. In my opinion, this is the most compliant lead service I have seen to date. While it may have taken a long time to get the infrastructure setup, it is the proper format. If you buy leads from a company that publicly collects information and resells that you should not only check to see how they are marketing, advertising and collecting that information but you should ask if they are licensed to originate loans in that particular area. If they say they don’t need to be licensed, you are probably dealing with an ignorant lead and non-compliant, unlicensed loan origination operation. As my good friend and legal counsel would say, “Govern yourself accordingly.”
Technorati Tags: Reverse Mortgage,Mortgage Leads,Seniors,Mortgage Law
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May 26th, 2008 at 2:16 pm (#)
Agreed! I see too many web sites purporting to be an independent service to seniors but are really just trying to dupe seniors in order to sell leads. We as an industry should stop buying leads from such companies with questionable practices. Our industry already suffers enough from a questionable reputation without these shady characters.
May 26th, 2008 at 2:18 pm (#)
Fortunately, there are many that do not try to hide who they are but just try to provide info on their area of expertise such as reverse mortgages California
May 30th, 2008 at 11:31 am (#)
LOAN OFFICER ALERT!!!
Not only do most “lead” companies not have a license, one in particular uses a ploy to troll for loan officers, claiming to be a non-profit, and consumer advocate. You pay them $55 per lead, 10 lead minimum, then after they receive your monies, you won’t hear from them. They do not respond to phone messages, nor emails. The supposed CEO is Peter Welch and the supposed company is www.LendingAllianceUSA.com. I’ve reported them to the FBI for internet fraud and now am warning all of you about them as their site is still online trolling for more loan officer victims. BEWARE!
July 12th, 2008 at 9:04 pm (#)
Does anyone know what licensing you need to sell leads? This guy sites that “Senior Lending Network” is licensed and says so……They are licensed as a lender…..but is there some license they have to sell leads?
Just curious.
Jaron
August 17th, 2008 at 1:06 pm (#)
Hello fellow Leads Generator! How would you like to go after specific B2B niche markets to sell your leads services? FormShout does this via “contact us” forms the exact same way you got this message! With blazing speeds and accuracy too. See more here: www.FormShout.com See our reseller option here: www.FormShout.com/reseller.html Sincerely, Paula Sanders www.FormShout.com
August 17th, 2008 at 6:18 pm (#)
[…] as well. A good example of this is the Senior Lending Network. Just look at the responses to a Reverse Mortgage Daily post back in May […]
August 18th, 2008 at 1:04 am (#)
[…] as well. A good example of this is the Senior Lending Network. Just look at the responses to a Reverse Mortgage Daily post back in May […]