Licensed for Reverse Mortgage Lead Generation?

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.”

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  • I gave them $980.00 5 weeks ago and have not heard anything about if they even mailed out the survey cards. They don’t reply to any emails. I have not found one honest lead company in a year.

  • I know this is old but maybe it will help some of you who are actually looking for quality reverse mortgage leads.rnrnWhitehall Marketing Group. They are located in Illinois somewhere. The leads on cost $10.00 per and sometimes they have them for me and sometimes they dont… I am not licensed in every state so I cannot just take reverse mortgage leads unless they are in my state. I can offer this information because I am a preferred client and when they get new leads in my state I am the first person they call. The leads more often than not are less than 4 weeks old. I think they wait until they have a certain amount around 40 to 50 I think. Just ask for the reverse mortgage leads specialist… as I understand it they only have one. Anyway… the number for the company is:rnrn618.288.9100rnrn

  • Stay away from the company on the left of this blog!! http://www.4leads.net as it is just another name for ACC-U-LEAD!! they have started marketing under different names also Ladies and Gentlemen-In my opinion, you’ll the same service from the same person (Mr. Ron Morgan) as from ACC-U-Leads!! They are trying to diquise that fact that they are both the same company!!! The same mailings and the same lousy and uncaring owner.

  • “Has anyone bought leads from a reputable company with decent results?”rnrnWhy is it that no one ever answers this question? Are we that jealous of our sources, once we find them? I read a lot about lead providers NOT to use (see Acc-U-Lead above) but never any credit given to a lead provider who is actually doing a good job. Do those guys a favor and put the word out for them!

  • Contact me for one that I have had really bad results with at $1,250 for 25 leads, I have had to report them to the Attorney Generals office of both Texas and Florida and have a request in to my credit card company to refund the amount they owe me. Be very very very careful!!

  • 8-5-2009rnrnIn the end of March, I contracted through Ron Morgan and ACC-U-LEAD to purchase 25 Reverse Mortgage leads at a cost of $50 each.So Far I have received only 8 “Qualified Leads” and Mr. Morgan has told me that he is done sending me leads. When I told him that I was going to dispute the charges on my credit card and send in a complaint to the Texas Attorney General on the the phone Ron told me that I was lucky that I didn’t live near him or he’d come over and kick the shit out of me, he also said that if I compalined to the Texas Attorney General, that his “Daddy” had the bigest lawfirm in Texas and he have him sue me until I bleed” Well I am sending in a 10 page consumer complaint about Mr. Morgan and his companies ACC-U-LEAD and 4leads.net. Anyone thinking about buying leads from Mr. Morgan and or ACC-U-LEAD should talk to me first and i’ll tel you even more details about this poor excuse of a man.

  • 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.

  • 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 http://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!

  • 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

  • You know this is kind of absurd. It doesn’t make any sense that there should be a need to have a license to make people aware that there are programs available that can help them.

    The more government interference there is the more problems there will be. At the end of the day it is the lenders, the loan officers and the homeowner that have to make the right decisions.

    If it were not for the lead generators my company would not have been able to make the loans we have and keep homeowners from getting foreclosed on.

    The most important thing is for consumers to have the opportunity make and educated decision. There are a several good lead providers I have worked with over the years, that really extend themselves to help me contact seniors. As a small agent I simply could not afford the staff it takes to manage full time campaigns and still try to stay in front of customers.

    Of the hundreds of thousands of reverse mortgages that have been closed a very high percentage have been a result of lead providers that help seniors break the ice.

    Also, consider this, a requirement for license in a given state to perform advertisement for leads would cause a problem because the internet goes everywhere. If you are licensed in IL (for example) someone in CA can get to your website or accidentally receive and email from you firm where you are not licensed and you could be exposed to an action.

    The most important thing that I see with any lead generation process is that the leads should be generated without the use of deceptive practices. If a company.

    Consider this also: Newspapers, television stations, and magazines – carry ads they are not licensed to sell the product – yet are paid be the channel of communication. Should they be required to be licensed as well – to insure that they are not making money connecting senior homeowners to lenders.

    It really seems silly to require a license to advertise or to invite additional legislation into a reverse mortgage process with the government has already imposed excellent controls and a requirement for counseling prior to the consummation of a home equity conversion mortgage.

    As for me, my company needs lead generator and banks need lead generators to keep writing business. Look at the fiasco in the insurance industry – one of the most dangerous activities in senior insurance in advertising – because the laws are written in such a way that it severely limits the ability clearly communicate why people need the insurances that are out there.

    There should be a focus on positive aspects of this market and dwelling on the bad apples diminishes us all in the end.

  • Re’ F’n-diculous.
    Put the crack pipe dow blogger.

    A license to connect a consumer inquirer to or from a licensed entity?

    This is America, not Iran.

    Freedom of information is a cornerstone of our democracy, but you would regulate who could and could not provide it?

    It’s I-N-F-O-R-M-A-T-I-O-N dillweed.

    It’s simply a consumer saying I’d like information… But you’d like the the service providing access to a licensed entity to have a license to provide ACCESS to information???

    Let’s see…..how about a license to get a license to get a license, to get a license……

    Nuttier a a peanut farm.

    Get a life.

  • Stay away from Acc-u-lead. Ordered 25 direct mail repsonse card leads for $1,000. It took them over 4 mos to finally fax me 25 responses. Of the 25, I got 8 valid leads meeting their website criteria. The others did not meet the min 60% or less LTV and 11 of them were seniors over age 86 (not ideal prospects.

    Those few leads that had a phone number, when I contacted – I was told they had sent back the response card 6 to 9 months ago – which indicates I was given old leads.

    I sent a detailed note to the President Ron Morgan asking for replacement leads and/or refund. No response from Morgan.

    Very poor customer service and junk leads.

    Waste of money using Acc-u-lead.

  • Here’s a new one … http://www.hudcounselors.net tells Seniors to complete a form to locate a HECM Counselor. After the “submit” button is pressed, the Senior is informed a qualified Reverse Mortgage Lender will follow up to answer questions. And the Counseling information that’s provided is just a couple links to HUD’s website.

    And the Paid Per Click ad they use with google is misleading too, it says:

    Public Service for Seniors. Find
    HUD Reverse Mortgage Counselors.

    And we can’t find out who operates the website because they’re masking their company’s name and contact information (as per the whois database). All we can find out is they registered the domain name a couple months ago.

    That company should be spanked.

  • 8-5-2009

    In the end of March, I contracted through Ron Morgan and ACC-U-LEAD to purchase 25 Reverse Mortgage leads at a cost of $50 each.So Far I have received only 8 “Qualified Leads” and Mr. Morgan has told me that he is done sending me leads. When I told him that I was going to dispute the charges on my credit card and send in a complaint to the Texas Attorney General on the the phone Ron told me that I was lucky that I didn't live near him or he'd come over and kick the shit out of me, he also said that if I compalined to the Texas Attorney General, that his “Daddy” had the bigest lawfirm in Texas and he have him sue me until I bleed” Well I am sending in a 10 page consumer complaint about Mr. Morgan and his companies ACC-U-LEAD and 4leads.net. Anyone thinking about buying leads from Mr. Morgan and or ACC-U-LEAD should talk to me first and i'll tel you even more details about this poor excuse of a man.

    • I gave them $980.00 5 weeks ago and have not heard anything about if they even mailed out the survey cards. They don't reply to any emails. I have not found one honest lead company in a year.

  • Contact me for one that I have had really bad results with at $1,250 for 25 leads, I have had to report them to the Attorney Generals office of both Texas and Florida and have a request in to my credit card company to refund the amount they owe me. Be very very very careful!!

  • “Has anyone bought leads from a reputable company with decent results?”

    Why is it that no one ever answers this question? Are we that jealous of our sources, once we find them? I read a lot about lead providers NOT to use (see Acc-U-Lead above) but never any credit given to a lead provider who is actually doing a good job. Do those guys a favor and put the word out for them!

  • Stay away from the company on the left of this blog!! http://www.4leads.net as it is just another name for ACC-U-LEAD!! they have started marketing under different names also Ladies and Gentlemen-In my opinion, you'll the same service from the same person (Mr. Ron Morgan) as from ACC-U-Leads!! They are trying to diquise that fact that they are both the same company!!! The same mailings and the same lousy and uncaring owner.

  • I know this is old but maybe it will help some of you who are actually looking for quality reverse mortgage leads.

    Whitehall Marketing Group. They are located in Illinois somewhere. The leads on cost $10.00 per and sometimes they have them for me and sometimes they dont… I am not licensed in every state so I cannot just take reverse mortgage leads unless they are in my state. I can offer this information because I am a preferred client and when they get new leads in my state I am the first person they call. The leads more often than not are less than 4 weeks old. I think they wait until they have a certain amount around 40 to 50 I think. Just ask for the reverse mortgage leads specialist… as I understand it they only have one. Anyway… the number for the company is:

    618.288.9100

  • I gave them $980.00 5 weeks ago and have not heard anything about if they even mailed out the survey cards. They don’t reply to any emails. I have not found one honest lead company in a year.

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