Jul 15, 2021

The Big 3 Mortgage Lead Conversion Fundamentals

It's more than just speed-to-lead with today's mortgage customer. The human touch is needed, but how early in the process?  What has a better ROI: 100 five-star reviews or 100 lunches with Realtors?  

Here are 3 lead conversion fundamentals that every mortgage website needs to fast-track lead acquisition. 

1. Reviews, reviews, reviews

  • A great experience should not be a secret. Place your reviews where people can easily find them on your website. 
  • Have a system in place to acquire reviews on every closed loan. Reviews are the gift that keeps on giving.
  • Social proof reduces the time it takes a lead to make a decision. We're human and we like to know what you are selling works for others. 
  • Google My Business, Zillow and are all great review sources.
"Reviews are the gift that keeps on giving."

2. Not every lead is ready to "Apply Now"  

  • What if your favorite online apparel company collected your credit card first and then allowed you to browse? Presenting the "Apply Now" button, with all its formality, before you show rates and fees is the same as asking for a credit card before you can browse your favorite t-shirts online.
  • Top-of-the-funnel leads are not ready to create a username and password. That experience is important but not for initial lead conversion.

3. Match your advertising to your website experience

  • 80% of your ad spend is on rate display tables but you don't display rates on your website. Why is that?
  • Your value proposition is "great rates" or "a modern mortgage lender" but you do not show rates on your website. Do you want to change that?
  • The mortgage customer today is educated and savvy. They are already shopping your rate, so improve conversion by displaying rates on your website and clearly show transaction cost.
  • Spending $20,000+/mo on advertising but sending people to a $99/mo website might be a problem. Invest in a modern website before pressing the gas on your digital advertising initiatives. 

The BankingBridge mission is to help small to mid-sized mortgage lenders level the playing fields against the industry giants. We work with top mortgage lenders who advertise on Bankrate, LendingTree, and NerdWallet to deliver a modern website experience, lower cost per lead, and improve ROI.

Learn how Optimal Blue users are converting more leads with BankingBridge.

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