The trouble with Internet mortgage leads is that people prefer to eat bread not dough. The average Web lead is not cooked properly; it’s just a name, not even a lead and certainly not a prospect. Here’s what I mean:
The average Web lead converts (to funding) at less than 3 percent. This low yield is not compatible with the way most lenders operate. These leads are too cold. A typical inbound call converts at 10 percent to 20 percent for mortgage brokers.