To get everyone on the same page, here is a brief definition of what a mortgage trigger is:

When a prospective borrower fills out a 1003, their credit gets pulled. When this happens it creates a mortgage credit inquiry event to be flagged on the borrower’s credit record.

The credit bureaus are now making this information available within 24-48 hours of the prospect applying for a mortgage.

Where this lead gets its name - trigger data - comes from how you qualify the person you want as a lead. You define the credit, debt, and equity attributes of your ideal borrower, the bureau then builds a model for only those homeowners that fit your EXACT criteria.

Only when a prospect that meets your exact criteria submits an app does it trigger the lead being sent to you.

Let's say you’re a  loan officer that specializes in subprime lending. An example of your target demographic profile might be something like:

Confirmed Homeowners

530-630 FICO

$10k+ in revolving debt

LTV of 80% and lower

Existing Mortgage Amounts of $125k+

Mortgage Open Dates of 12/04 and prior

Geography: MI, CA, FL,CO

There might be 1.2 million people that the credit bureau has records on that fit those criteria. What they do is then build a "watch list" on those 1.2 million individuals that EXACTLY fit your criteria.

When a borrower on this watch list applies for a new mortgage it TRIGGERS the lead. Keep in mind, YOU can set the criteria for anything you want.

If you knew that every person you would talk to about a mortgage this month had applied somewhere else yesterday, do you think you could close more loans?

Sure, you are now in competition with someone else but I love those odds. US homeowners have been consistently told by Lending Tree in countless commercials" When Banks Compete, You Win!"

You should use that same methodology and mindset to your advantage when using trigger leads.

I see hundreds of posts all over the web with loan officers and mortgage companies seeking out "EXCLUSIVE" or 'SEMI EXCLUSIVE" Internet leads.

WHY?
 

The fundamental weakness of an Internet lead is well documented. Any of you that have purchased Internet leads have all experienced the following issues frequently:

 - When they fill out the Internet lead they may or may not really be interested

 - The information on the lead regarding their current credit, mortgage amounts, debt, home value, etc are all self reported and very often WRONG!

 - How many Fair, Good, and Excellent credit Internet Lead prospects - wind up with 500 FICO's and they have NO EQUITY in their home

 - How many times have you heard the "EXCLUSIVE" prospect tell you, you are the 10th person that has called me today...CLICK!!!