Power Partners Program, utilizes a combination of a shared operating cost and a true pay for performance marketing strategy.
This program will allow you to over triple your marketing exposure, with the same amount of upfront money you would spend on quality leads; it would even save you money over having your own in-house marketing group. All of our leads will come with minimum criteria’s such as 80% LTV or lower, 6.5% rate or higher, 500 FICO or higher, no manufactured homes, no recent refi’s. As you know these are the preliminary requirements for almost every workable loan, And every one of your trained LO’s will be getting 5 leads every day (100 per month)
There are a few qualifications to make sure that you are a good fit for this program that we would have to discuss in greater detail but here are a few general guidelines.
1. Be licensed to work in multiple states. (Exceptions to this would be highly populated states)
2. Typically close loans in less than 30 days. (You need to have an efficient processing infrastructure)
3. Have over 5 aggressive LO’s
4. In need of at least 25 leads per day
Your portion of operational cost prorated per lead amount -$13.00
Cost for Guaranteed lead, only when the lead closes -$700.00
By sharing in the operational cost of the lead and only being rewarded on perfomance National Hot Leads will be heavily invested in you success.
As you can see the operating cost per lead is a small fraction of what a telemarketed lead would cost, and the vast majority of the fees would be paid only on a guarnateed to close basis, basically if the leads don’t turn into deals you don’t pay for the lead. The Leads that will be provided could easily go for over $30 for non-exclusive and $50+ for Exclusive, Also keep in mind that all leads will come with the following guarantee of quality, every lead will have a maximum of 80% LTV, 6.5% Rate or higher, 500 minnimum Fico, no manufactured homes, no recent refi’s, and set minimum loan values.
This system will bring your marketing spend per LO to the $1300 mark before closings, as a quick estimate to find out how much your office will need to invest calculate by multiplying 1300 x number of LO’s. 5 LO's x 1300.00 = 6500 per month
Here’s an example lets say you have an office with 10 aggressive Loan Officers, you monthly cost would be $1300.00 X 10 = $13,000.00 this would get you 1000 leads (5 leads every business day for each LO).
As a worst case scenario let’s use a closing percentage of only 5%, with a 5% closing rate you will have a cost per funded loan value of $960.00
We know that it is very hard to put a number on the closing percent of a lead source, prior to the lead source being used. With so many variables such as market conditions, states, lenders, and the strength of LO and management, this number can vary greatly. If the lead is worked properly for its entire useful life this number can easily be over 10%, but remember that National Hot Leads is now invested in you success and if you cannot close a minimum of 4% then we are losing money, and we will have to investigate to find where the problem lies.
Now to calculate how many loans will fund multiply the number of leads on a monthly basis by your expected closing percent and this should give you a rough estimate of the kind of performance you should expect.
Power Partners utilizes a combination of a shared operating cost and a pay for performance fee. All the Leads will come with set filters.
You must get a custom quote from National Hot Leads to make sure that there will be enough leads for the specific states that you are licensed in. and you must qualify for this program.
If you would like to find out If the Power Partners Program is right for you please write us or give us a call today.... contact us
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