You probably have a lot of confidence in your team. Once you can get a lead, your loan officers know how to move that person through your pipeline toward a closed loan. The tricky part is finding those prospective borrowers in the first place. 

Fortunately, there are plenty of mortgage lead sources to which you can turn. Maybe you partner with some local real estate agents, instituting a referral program. Maybe you work on your marketing, adding lead workflows to your site to capture visitors’ information. Or maybe you just want to buy the lead. 

If you’re in the last camp, two big names stand out. Both Bankrate and NerdWallet can provide mortgage leads, although the way it works is different with each brand. Because both of these companies offer a lot of mortgage education content online, they’re already in front of thousands of prospective borrowers a day. Getting your lending institution featured on their website can help you generate more leads. 

The question, then, is which one should you choose? Let’s look at NerdWallet and Bankrate’s mortgage leads more closely to help you decide. 

The pros and cons of using NerdWallet for mortgage leads

With the tagline of “finance smarter,” NerdWallet has been working to make itself a household name. Plenty of people go to this site for personal finance guidance, and for good reason. The company offers free credit checks to people who make a NerdWallet account, along with useful tools like mortgage rate tables and calculators. In short, it’s a robust resource potential homebuyers can use to set themselves up for success. 

Pros: High visibility, a trusted brand

NerdWallet has been investing in getting its name out there, even going so far as to pay for a Super Bowl ad this year. That means that when a homebuyer hits the internet to find information about their homebuying journey, the name recognition alone might encourage them to click a NerdWallet link. 

If they do, and particularly if they look at lender reviews or mortgage rate tables, they’ll come across some of the hundreds of mortgage companies with which NerdWallet partners. 

If someone says they’re interested in getting a rate quote from a NerdWallet partner, they go through a lead workflow that collects information like their homebuying budget, credit score, and more. 

If you’re a NerdWallet partner, that lead might then get distributed to your company alone or to you and other lenders, depending on the model. You might also pay per click or per completed lead form, again depending on the model. 

And therein lies the big issue with NerdWallet, so let’s get into it. 

Cons: Getting started and conflicts of interest

NerdWallet’s big drawback is the transparency around its mortgage lead program. While other lead providers — like Bankrate — have clear and easy-to-join programs, you won’t find that with NerdWallet. 

Instead, you’ll need to find a way to get a foot in the door as one of their partners. You have a few options here:

• Reach out to the team by submitting a help center request or emailing support@nerdwalletmortgage.com — ask them to help you become a partner
• Join an affiliate marketing program and have that team help you get set up
• Find out if anyone you know is already a NerdWallet partner and can get you connected

All in all, it isn’t easy. And before you decide that work is worth it, we should call out one more con. 

NerdWallet recently bought NextDoor Lending. And if you head to NerdWallet’s rate tables, you’ll notice that NextDoor is fairly prominently featured. 

So, while NerdWallet is increasingly a household name, it’s a lot of work to get mortgage leads from this company — and you’ll be directly competing with it for those leads. 

The pros and cons of using Bankrate for mortgage leads

Bankrate dates all the way back to 1976. With deep roots in the mortgage space, Bankrate has carved out its own notable market share, delivering mortgage education alongside near real-time rate information. As a result, it’s an asset to house hunters — and can be a useful tool for your lending company, too. 

Pros: High readership and ease of lead generation

While it might not be running Super Bowl ads of its own, Bankrate does get a lot of eyes on its website. It reports that even back in 2022, the site was getting 4 million monthly average pageviews on its mortgage webpages. 

Plus, like NerdWallet, people who are interested in getting a quote move through a lead workflow. By the time the lead comes to your team, basic information should be delivered with it. And you’ll only pay for leads that complete that workflow — not ones who merely click on your company’s name. 

In a notable departure from NerdWallet’s model, Bankrate makes it easy to get started, too. Scroll to the bottom of its Media Kit webpage and you’ll see a contact form to have a sales rep get in touch. The company also has a robust guide to help you use its advertising platform. That should make setting up and running lead generation campaigns relatively easy. 

Cons: Cost 

Compared to some other mortgage lead source (e.g., LendingTree), Bankrate’s cost-per-lead is fairly high. We do hear from our clients that the leads are high-quality, though. And unlike other sources like LendingTree, Bankrate leads are usually exclusive. That means you won’t be battling competitors for the lead they serve up to you.

Maximizing ROI on your mortgage lead investment

If your company decides to work with Bankrate, NerdWallet, or any other lead provider, you should take a few steps before you start spending there. 

First, spend some time on your website. If someone finds you on another site and decides to check you out, you want to look knowledgeable and helpful. Assets like rate tables, mortgage calculators, and landing pages for each of your loan officers can all help there.

Then, make sure your team is ready to respond quickly to any leads you get. Options like AI-powered SMS texting can bridge any gap that your loan officers can’t cover.

And we can help with getting all of this set up. To get ready to make the most of your mortgage leads, book a demo with our team at BankingBridge today.