These tools allow lenders to review their lead providers daily to insure they meet their standards for lead quality and closing goals
Newport Beach, CA (PRWEB) May 28, 2008
iLeads.com®, a leading provider of internet-generated consumer leads for the insurance and mortgage industries, has announced the introduction of LeadPerformance™, the first tool to rank lead vendors based on funded loans. Part of the patent-pending LeadXL™ suite of tools, LeadPerformance™ allows a lender to track the actual funding rate of all of their lead/media providers on demand.
"LeadPerformance™ allows a lender to look at all of their lead sources to determine the one measure of true quality, the actual funding rate," says Drew Warmington, CEO and managing partner of iLeads.com®. "For the first time, lenders can see which sources are producing mortgage leads that close at the highest rates, so they can focus their time and money on the vendors that are producing results," says Warmington. "Our independent auditing answers the question, 'What happened to the lead?' For example, many times a lender will fail to close a lead and will assume that is the end of the story. In fact, the lead/consumer may have closed with another lender, but up until now there was no way to know. With LeadPerformance™, we are able to see that scenario, and our system can reflect all closings."
By getting a true understanding of lead quality, lenders can optimize their marketing spend for various lead and media channels as well as illuminate sales practices. For example, by understanding which competitor closed the loan, a lender can defend against losing future opportunities. "Unlike the current offering of lead provider ranking tools, which offer a limited glimpse at application rates, LeadPerformance™ takes into account the entire universe of actual fundings on each lead. With that type of view, you can understand the true funding rate (i.e. "lead quality") of each lead provider, not just the application rate for a single lender," says Warmington.
The same patent-pending technology that tracks the performance of leads on the back end also enables iLeads.com® to create predictive models for lead success on the front end. The company's LeadScore™ product allows lenders to target both the leads that are most likely to close as well as those that will provide the highest ROI, in real time. Created for use with any Internet lead provider's leads, LeadScore™ provides highly predictive scoring for loan leads. LeadScore™ is the first predictive model created using real leads that have been back tested against the actual outcome of the transaction to ensure a highly predictive result.
With these two products to guide a lender's choice, a new era has come into the loan lead industry. "These tools allow lenders to review their lead providers daily to insure they meet their standards for lead quality and closing goals," adds Warmington. "Real data enables real results."
iLeads.com has been a leading innovator of online financial lead generation since 1996. Through its network of 185 websites, iLeads.com has attracted, validated, and qualified more than five million leads for the mortgage and insurance industries. Thousands of industry professionals count on iLeads.com to deliver a steady stream of convertible mortgage leads and insurance leads every month. Since 2001, iLeads.com has been a partner of The First American Financial Corporation (NYSE: FAF). More information about iLeads.com can be found at http://www.ileads.com