Turn out of market leads into cash!
WNC has developed a program that allows mortgage brokers and bankers to monetize leads that are generated in states where the broker/banker is not licensed.
Marketing and lead generation in todays digital environment frequently generates leads for loans for applicants located outside of the area where you are licensed to do businesses. Our program gives the licensed mortgage broker and banker the ability to convert leads they cannot close. We have also made it easy to participate.
Eligible States: We will take leads from any state
Eligible Loan Programs: FHA, VA, USDA, Conventional Conforming and Jumbo . ( Non-QA loans not eligible)
Lead Submission: We have developed an online application where program participants can enter leads or upload 1003’s. You can also track lead qualification and payments.
Qualification Process: Once leads are received, we pull an in-file credit report, obtain an AVM , review the critical underwriting ratio’s, make sure they show enough cash to close and call the borrower to make sure they are motivated to apply. (Please note contact with the prospect is mandatory)
Payments: Qualified leads will be paid based on a schedule. The schedule is based on loan size. The schedule works out to an average of just under .50% per qualified lead and the maximum payment regardless of loans size is $2,500.
Payment Process: Once a lead has been qualified, it is approved for purchase. Program participants get paid for all leads on a monthly basis.
Lead Quality: Program participants are expected to generate quality leads. We monitor participant’s qualification rates, their conversion from qualified lead to application and the ultimate closing percentage. We reserve the right to terminate participants whose conversion numbers don’t meet standards.
Approval Process: If you are a licensed mortgage broker or mortgage banker, it will take no time at all to get approved as a participant. We require the following:
1. Completion of our Participant Application (Takes 10 minutes)
2. Complete and Sign a W-2
3. Complete and Sign a ACH Authorization form ( All payments made using ACH)
You can complete the Application online, download the forms, complete them and upload them to complete submission.
We will process your application in less than 24 hours and notify you via email.
Use of Application: With your approval letter you will receive temporary login credentials to the secure online application .
1. You will receive temporary login credentials with your approval. You will also receive a link on the login screen but you can log in at the website. Just click on the “Login” in the top menu bar on the website.
2. On your initial login, you will be asked to reset your password.
3. Once you are logged in, the process for submitting a lead is simple and self-explanatory.
4. Once you submit a lead, you can track it through from submission to payment for the lead.