Not all mortgage leads are equal, and that isn’t news to professionals in the origination space. A recent white paper from Leads360, however, hones in on some specific data to make some educated guesses as to which mortgage leads are most likely to convert to sales.
The research found some surprising results. For example: mortgage leads in Vermont were four times as likely to convert than the average lead. The research looked into several indicators including home state, email address, length of employment, credit rating and type of loan finding trends among them.
Certain top-performing states include Vermont, Tennessee, Idaho, Hawaii and New Hampshire, with the lowest performers being New York, Minnesota, Connecticut, Nevada and Wisconsin.
Leads360 also looked into email domains as an indicator, finding Wowway and Cableone were top performers, while Google and Snet were lowest.
“However,” the white paper notes, “having an email address for a mortgage lead does not appear to be as advantageous as it might be in the other industries since leads without emails actually close at a slightly higher rate than average.”
The results were relatively consistent for the length of employment indicator, showing the longer the employment, the greater the chance of closing. Leads closed more than 80% of the time for those in the 10-20 year group.
The same was true for credit rating, for which greater credit ratings present leads that are more likely to close. Finally, for loan type, the research finds reverse mortgages are 39% less likely to close than average, while home equity loans are 13% more likely to close than the average.
Written by Elizabeth Ecker