Industry News

Loan industry turns to online lead generation

Part 2: Technology innovation in shrinking mortgage market

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Editor's note: The mortgage market is shrinking and more lenders and mortgage brokers are turning to online lead-generation services and automated systems to stay ahead of the curve. In this three-part series, Inman News explores what online channels and automated processes the mortgage industry is using to attract customers and streamline lending in a tightened market. (See Part 1 and Part 3.) As growth in consumer lending slows, mortgage companies are becoming more creative in pursuing business, experts say, and one of the avenues they're pursuing is online leads. "As the market is shrinking, transaction volumes are going down, commissions are getting squeezed. It's a tougher market if you are a mortgage broker," said Kevin Akeroyd, vice president of mortgages at online lead-generation company HouseValues. "That has made people get more creative and aggressive on how they are going to acquire new customers. We have seen this translate into a much larger adoption of the Internet ...