Financing Available for Mortgage Leads - Are They for Real?

By Daryl Scott

It’s like straight out of Papa Georgio’s mouth, “You’z wanna loan pal? We’ll give ya some cash, but if we don’t collect, you’re dead”! You might just find yourself in this predicament sooner than you think. Since the decline of the mortgage market, people are either getting out of the business or they are waiting/toughing it through but suffering from little cash flow for their desperate marketing efforts. Net branches around the country cannot afford to pay for leads - period! Out of 50 branches I called to see for myself if this is just a rumour, almost all of them preached the same story. You give me leads and I promise you’ll get this much percent after I close them. In fact, a few of the mortgage brokers asked me if I am hiring! Hey, I am a freelance writer. Not a mortgage company.

With employment diminishing, stale loans and morale in the toilet, I found one company that is willing to help with an idea that sounds ridiculous yet may be a win-win solution for them and the company that needs leads. Aryans, Inc., D.B.A. The Bank Office based in Henderson, NV is a full office fulfilment center for loan origination, processing, fulfilment and close. I had an opportunity to speak with Deepak Kumar, CEO and this is what I heard. Straight from the creator’s mouth:

Me: Thanks for taking my call Deepak.

Deepak: No problem bro.

Me: Tell me a little about how you came up with this new idea.

Deepak: See, you get what you pay for now. Let me explain. Six years ago, when internet marketing lead generation was still new, consumers couldn’t get enough of it. How convenient it was to go online and type in some information about what you are looking for and right away you get a call from a loan officer. It could have been a long term business but online lead generation companies got greedy and started reselling the leads. Now, if you buy any leads online, the chances of the lead being exclusive are slim to zero. Sold ten times is the norm. With our business prospecting model, we telemarket the leads and do not distribute them to the client unless we know the prospect is “ready to work”. Then, we transfer the client directly to a live loan officer who then proceeds to close. After the close, the loan officer sends the lead our way and we process the fulfilment and paperwork until the prospect signs the contract. This way we have full control over our leads, period.

Me: So now you have an exclusive sold deal.

Deepak: Correct, but what we are seeing now is a new growing trend where banks are not funding leads for branch offices and branches have no budget for lead generation and marketing. This is a huge problem for the industry as you can tell. My Sales Director gets fifteen calls a day where branch offices want our leads but we cannot just give them away. So, after serious consideration, we decided to finance any branch or broker for mortgage leads. Now, they can get a $5,000 loan for leads in which they can buy leads from us or anyone else and all they need to do is give us the title of their automobile and away they go. Believe me that we want to help everyone in this business but giving them free leads and expecting to be paid on closed loans is a thing of the past. Even discounting leads. Now, we have a win-win situation where all branches or brokers can have their marketing needs ahead of the game. If the L.O. is a good closer, there is no need to worry about getting quality leads anymore or worry about initial start up costs.

Me: How many clients to you have in this program?

Deepak: Right now, around 250 are in the works and we have not even started advertising about it. My idea really worked well and word of mouth alone is travelling fast.

Me: So let’s say I find you 5 people that I know personally that needs financing for leads, could you compensate me on that?

Deepak: Of course bro. We are a pleasing company to work with.

Me: What if some of your clients don’t pay? Are you going to have The Georgio Brothers come knocking on their door?

Deepak: (laughs) No. But I do need a new car!

I did some research about The Bank Office and they are the best kept secret in this industry. Already they are in the process of becoming a lending bank themselves in Nevada and are signing deals nationwide with other lending banks as their marketing and processing plant. They have almost 200 employees with their headquarters based in The US and India. They were the first offshore company to generate mortgage leads and the first offshore company to do processing and fulfilment. Don’t be too surprised if you see them on the cover of Forbes in the near future.

Daryl is a freelance writer for several newsletters and papers about the mortgage, real estate and banking industries nationwide. Daryl also has worked with The Wall Street Journal, Forbes and several other publications. You can reach him via email a writer_dscott@emailaccount.com