Many prospective homeowners, who apply for a mortgage loan, approach mortgage processing firms and fill out a form of request for a mortgage loan. In turn, the mortgage processing firm sends the documentation to several lenders. The form of request for mortgage is known as Mortgage Lead. Sometimes, mortgage processing firms are also known as Mortgage Leads.
Mortgage Leads usually advertise information about the number of leads [meaning loan request quotes] and sell them to lenders. Some leads [firms] insist on a minimum number of leads that they sell to any particular lender.
Today, as most of the Mortgage Leads [firms] and lenders have their own websites, with provision for free registration, the Internet has become the best marketplace for the lender and the borrower. Organizations such as The Mortgage Leads Network Inc. render a very effective on-line business environment for mortgage lenders and borrowers, with over 20,000 registered lenders on its website.
The websites of Mortgage Leads help both parties. Lenders register themselves in the sites by quoting their lending criteria. Borrowers, on the other hand, fill out the loan request forms [leads] at the same site. The lenders can browse through several such loan request leads in the website. If they are interested in any lead, they buy it from the mortgage processing firm. However, lead firms usually verify the lead before they sell it.
A Mortgage Lead [the form of request for mortgage loan] includes details such as date of application, personal information [name, address, city, state, zip code and phone and email ID], loan and property information [purpose of loan, type of collateral property owned, property value, loan amount sought and down payment] and any other relevant information such as borrower’s age, occupation, annual income and credit report.
The borrower’s chances of obtaining a loan depend heavily on the data disclosed, particularly the credit profile, as documented in the Mortgage Lead. If the borrower has a good credit profile, the chances of getting his or her dream house are greater.
Colorado Mortgages provides detailed information about Colorado mortgages, Colorado mortgage leads, Colorado mortgage rates, Colorado mortgage loans and more. Colorado Mortgages is the sister site of Reverse Mortgages California.
