(This is Part 3 of a three-part series. See Part 1 and Part 2.) Mortgage leads are packets of information about consumers who loan providers (hereafter "LPs") hope to convert into borrowers. Most leads are generated by specialists in the business through attractive (and frequently deceptive) ads on the Internet. Consumers who respond to the ads by filling out a questionnaire become marketable leads who are solicited by the LPs (brokers and lenders) who buy them. In two previous articles, I argued that there are no benefits to borrowers in the development of the leads market because the lead generators (hereafter "LGs") accept no responsibility for the actions of the LPs. Indeed, since predatory LPs are more dependent on leads than others, borrowers responding to solicitations have a larger-than-average probability of hooking up with a predator. A Different Approach to Lead Generation But it doesn't have to work that way. An LG could elect to deal only with LPs who commit to follow we...
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