The Software-as-a-Service firm, Freaky Lead, is promising more leads, with more background information to loan officers and brokers. Will it live up to the hype?
Freaky Lead’s new product is called MortgageLead.com and promises up to 20-points of data with each lead provided.
This includes source stats such as the reasons the loan is being requested, the amount needed by the borrower and credit and valuation information.
LOs can filter the leads as they wish, even through their smartphones.
Freaky Lead said there will be no contracts and no minimum purchase requirements to use MortgageLead.com.
So what? You haven't ever heard of Freaky Lead? That's not surprising, the company is big behind-the-scenes in the lead generation tech space; this is their first venture into a direct-to-consumer model. One LO testifies that he enjoyed cutting out the middleman when he first used MortgageLead.com.
“With my first order, I was able to contact over half of the real-time leads, and even send out one application right away. Not a bad start! The freedom to set my lead criteria and control my budget with no contracts or long term commitments makes this a no brainer for me,” said Scott Schang, BuyWise Mortgage, Huntington Beach, California, in a statement provided by Freaky Lead.
The company said it launched the service because mortgage lending is experiencing a monumental shift right now with the rise of non-bank lenders and the struggle of adjusting to climbing interest rates.
Loan officers are uncertain about the future and seeking a solution that will not only sustain their business, but to also help them grow, the company said.