mortgage trigger leads

What is Mortgage Trigger Data

A trigger lead is a hard inquiry into a potential borrowers’ credit for the purposes of a mortgage evaluation. These leads are not generated by auto loan applications, insurance inquiries, or applying for a credit card. The credit bureau specifically codes the type of inquiry by industry and credit evaluation type.

All mortgage trigger leads are not alike. We only utilize the credit bureaus that analyze the mortgage inquiries from the previous day and can update and deliver the file on your behalf the next business morning. There are some bureaus who “batch” mortgage inquiries a couple of times a week. Some brokers sell this data as a daily trigger lead. We only sell leads that are batched daily and delivered on a daily basis. Everything else is a waste of your time, energy, effort, and money.

Accept no substitutes. Weekly batched files are much cheaper for a reason – they don’t work. Don’t be pennywise and dollar foolish. Insist on getting the best quality.

All trigger data records are scrubbed against the "do not call list" prior to purchase. Federal law requires that you obtain and maintain a valid subscriber account number (SAN #) from the FTC for all the area codes in which you receive leads. As with all live credit data, a pre-approved firm offer of credit is required. We provide our clients with FCRA compliant telemarketing scripts at no additional charge.

What is a Mortgage Trigger Lead

A mortgage trigger lead is simply a credit bureau derived lead based on the actual credit behavior of your prospect. 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. We input this credit behavior directly to the bureau and they identify everyone in their database that fits ALL of your criteria. When mortgage credit is pulled from homeowners meeting your criteria, it “triggers” or flags in their system to send us the prospects information on your behalf.

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

When we begin work with new clients we ask them a lot of questions: all geared to create a “Watch List.” This watch list or target universe profile is the EXACT set of demographic attributes you have given us to create a profile for the credit bureau to monitor.  

In this example the group the bureau is monitoring is millions of confirmed homeowners that EXACTLY match ALL 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.  

The credit bureaus are now making this information available within 24-48hours of the prospect applying for a mortgage. If you know that every person you would talk to about a mortgage this month ad applied somewhere else yesterday, do you think you could close more loans?

Sure, you are now in competition with someone else, but those are great odds. Remember borrowers welcome competition as it creates better pricing for them. You should use that same methodology and mindset to your advantage when using trigger leads.