Loan origination companies are in the business of managing leads for their clients – investment groups – by purchasing leads from lead providers and aggregators, vetting them, and then passing them on to the portfolio operator. In this automated process, after a customer fills out a long-form application, the loan origination company screens it for a number of underwriting requirements (such as state of residency), then runs it through a “scrub tree,” to check identity. If everything checks out in both, within thirty seconds the company sends a message to the lead provider greenlighting the purchase. The lead is then sent on to the portfolio operator for consideration.
One loan origination company believed their automated purchasing process could be made even more efficient by working with Whitepages Pro. Purchasing leads is a major cost center, especially when only a small percentage of those leads actually convert into loans with the portfolio operator. They needed a way to weed more bad leads out of the process.