Reverse Mortgage Directory, LLC
350 S. Beverly Dr, Suite 220, Beverly Hills, CA 90212
This document includes the following: 1. Lead Follow Up Tips
2. Site Lead Generation
3. Contact Verification – TARGUSinfo 4. Return Policy and Procedure
a. Leads Outside Target Market b. Denied Cases
c. Invalid – Contact Information d. Invalid – Loan to Value e. Invalid – Age
f. Invalid – Property Type g. Invalid – Duplicate h. Invalid – Unresponsive i. Invalid – Other
5. Overcoming Objections 6. Borrower Follow Up Emails
a. Initial Contact
b. Secondary Follow Up Email
c. Ineligible Secondary Borrower Email 7. Things to Remember
8. RMA Borrower Email
If you have any questions in regards to follow up strategy or the return policy please call us at 800.407.6365.
1. LEAD FOLLOW UP TIPS:
Call all leads ASAP. I would recommend creating a “template” email so on those days where your schedule does not permit a quick phone call you can send an email to let them know you will be calling and when.
Reference their online request in your introduction, phone, voicemail, email and mail communications.
Be persistent and aggressive in the number of contact attempts that you make every day, until initial contact is made.
Establish the borrowers need in the first call. Ask something like, “What interested you about a reverse mortgage that prompted your request for more information?”
Create a strategy and schedule for follow up that extends over a period of at least 6 months, tapering back on contacts as time goes on.
Always include a call-to-action in your communications.
o A call to action is an implicit or explicit suggestion that directs customers and
prospects to act in some manner, such as calling a toll-free phone number to request more information.
Avoid asking yes and no questions, instead direct the conversation with open-ended questions. For example, what is the best day for us to meet?
2. SITE LEAD GENERATION
Many times requests are made on behalf of the seniors, so be sure to note the “On behalf‟ of field on the lead notification emails before making contact. Our info request forms specifically ask for the requester‟s contact info and the borrower‟s age and property
information.
The lead notification email returns the age of the youngest borrower based on the information submitted by the borrower.
Property value and balance are based on estimates provided by the borrower and any inaccuracies must be confirmed through contact with the borrower.
Upon form submission borrowers are receiving an automatic email from Reverse Mortgage Adviser (see item 9 below for sample). Any responses received from that email will be forwarded to you. Please familiarize yourself with both the
www.ReverseMortgageAdviser.com website and the auto responder.
3. CONTACT VERIFICATION – TARGUSinfo
All leads are verified via our 3rd party lead verification partner, TARGUSinfo. The contact
verification is meant to decrease the number of disconnected and invalid contact
information leads by invalidating them on the front end. Please note that the verification process is not fool-proof, so if you do receive a lead with a disconnected/invalid number please submit it for return (see 4c below for details on what constitutes an invalid contact information lead).
4. RETURN POLICY AND PROCEDURE
Leads that are not qualified in any of the 4 areas can be returned for a replacement lead: 1) at least 62 years of age or a 62nd birthday within 90 days of the lead generation date, 2) qualified LTV amount, 3) valid phone number, or 4) valid property type. If a lead fails to provide information pertaining to age and LTV at the time the lead is generated it then becomes the responsibility of the lender to follow up to determine whether or program requirements are met. Lead contact is not guaranteed.
Please note that property value and mortgage balance are only estimates and must be verified with the borrower prior to requesting a Loan-to-Value return. We also request that all borrowers be made aware of their options to bring cash to closing as well as their eligibility/ineligibility status.
All return requests must be submitted via the RMA online request form at
http://www.reversemortgageadviser.com/case.asp. Please bookmark! When submitting return requests please note that invalid contact takes precedent over all other return reasons. These return requests must be submitted within 7 days of lead receipt, however, feel free to continue follow up via other means such as email/mail. Upon
submission of your return request you will receive an email confirming receipt of the request along with a corresponding case number. All requests will be processed within 5 calendar days and a resolution email sent at that time with „approved‟ or „denied‟ in the subject line.
a. Lead Outside Target Market
If you receive a lead outside of your target market, please do NOT submit a return request. Instead, please reply to the lead notification email immediately so we can promptly reassign the lead.
b. Denied Cases
If you receive a resolution email denying your return request, please read the body of the email. The reason for denial will be noted there, and many times we simply need additional information in order to process the request appropriately. To avoid requests from our team for additional information please familiarize yourself with the following return reasons and suggested notes for each.
c. Invalid – Contact Information
Only invalid phone numbers can be returned for replacement, we do not guarantee valid email or physical addresses. If you encounter an invalid email address please check for misspellings and format errors (i.e. spaces, missing dots, etc). Remember, info is being submitted by a human so typos are not uncommon.
If you encounter a phone number with no answering machine please attempt to contact for 4-5 days and if still no option to leave a message please submit a return request. Invalid contact information return requests must be submitted within 7 days of lead receipt.
d. Invalid – Loan to Value
Please note that we do require contact be made to confirm value and balance before a lead can be returned for LTV. If you have already spoken to the borrower please be sure to include those notes in your return request. Specifically, notes in regards to the date and time you spoke to the borrower are helpful, along with a unique piece of information that will help us to refresh their memory in case they do not recall the conversation. For instance, “Spoke to borrower on 10/20 at 12p was on the way to lunch with her son”. These types of notes are much more helpful than simply restating the value and balance. Any LTV return requests where value and balance are restated and there is no information in reference to a conversation with the borrower will be denied until additional details relating to that conversation are provided. Upon receiving a denial email for lack of information please reply to that email with additional details in order to have the request further reviewed (no need to resubmit the request).
In cases where you have not spoken to the borrower the request will be denied until that contact is established. Please note you have 7 days from receipt of lead to request return. To ensure that you are not in a situation where you cannot establish contact with an invalid LTV-type lead we recommend placing calls daily for the full allotted time, in addition to sending 2-3 emails per week.
e. Invalid – Age
We do our best to pre-filter leads based on the age information that has been provided to us. Please note that leads with an age of 61 have indicated that they have a 62nd birthday within 90 days and, therefore, are eligible per our
return policy. If in the course of your follow up you find that any age information is inaccurate (and therefore ineligible), please return the lead and include the actual
date of birth in the invalid description field of your return request. Invalid age return requests must be submitted within 7 days of lead receipt.
f. Invalid – Property Type
Includes ineligible non-FHA approved condos, co-ops, mobile homes without a permanent foundation or on rented land, rentals, non-primary residences, and properties that are otherwise ineligible. Invalid property type return requests must be submitted within 7 days of lead receipt.
g. Invalid – Duplicate
This category is reserved for leads that have already been received from Reverse Mortgage Directory previously. We do check for duplicates before delivering leads but inconsistent information submitted by the borrower could be missed in that check.
h. Invalid – Unresponsive
PLEASE NOTE THAT LEAD CONTACT IS NOT GUARANTEED and borrower
unresponsiveness is not a valid reason for return, however, such leads will undergo further review by our team. If you are calling borrowers daily, sending 2-3 emails per week and still having trouble establishing contact by the 5th day please submit a
case via the online form, invalid reason „unresponsive.‟ Please note that we do not consider leads unresponsive until day 5.
Notifying us of your inability to establish contact may allow us the flexibility to make exceptions for leads where contact is established after the lead is technically due for return. To ensure that you are not in a situation where you cannot establish contact with a potentially invalid lead we recommend placing calls daily for the full 7 days, in addition to sending emails 2-3 emails per week.
i. Invalid – Other
Use this return reason to return leads for inquiries made by other industry
professionals (i.e. loan officers, etc). If you are uncertain as to the correct category for your return request, please send an email to
[email protected] and the return team will advise of the most appropriate category. „Other’ return requests must be submitted within 7 days of lead receipt.
5. SPEAKING TO BORROWERS AND OVERCOMING OBJECTIONS
You will find that borrowers searching for information on the Internet are not only self motivated but will have different levels of interest; and based on that level of interest your conversation with the borrower will change. See our „Keys for Successful Lead Incubation‟ for more detailed information on how best to work Internet leads.
There may be times when you speak to a borrower who says they are not interested in speaking with anyone about the loan program. Unfortunately, we are unable to guarantee that all leads will want to entertain communication on your initial call, much less move forward with the loan. We can only guarantee that a request for more information was made. Our return team will handle return requests on a case by case basis and will contact the borrowers to confirm information in your return requests. Due to the fact that it is not unlikely that borrowers will be very forthcoming with information on our follow up calls, we
do recommend you do your best to try to find out the reason for the borrowers inquiry during your call with them. This will ensure that your return requests are handled
appropriately. For instance, a borrower may tell you that they do not want any information but when our team calls we find out that they have simply decided not to move forward. There is something that triggered them to look into the program and submit their
information online. Finding out that motivation is key! Not only will it improve your experience in having leads replaced but it will also assist you in overcoming borrower objectives. Perhaps they were interested in the program, but for some reason have chosen not to move forward because they think the fees are too high and/or the payout is less than they had expected, etc. This would be considered a valid lead as the request was genuine, regardless of the fact that for whatever reason, they have decided they are no longer interested. Whereas, if a borrower is no longer interested because they have insufficient equity and do not qualify the lead would be invalid for ineligible LTV.
Before you call, familiarize yourself with the borrower‟s LTV situation, so that if the borrower is not receptive to the call or says they do not have any interest in the program you can, at the very least, confirm their value and balance and later return the lead replaced for LTV. A good approach is to let them know you will have them removed from the database after confirming some information. You can let them know this is necessary in order to make sure you are not disregarding a legitimate request and go from there. In those situations where the LTV is invalid you can return the lead for LTV after confirming the value and balance.
Despite the fact that we disclose calls will be made to follow up on the borrower‟s requests, one of the most common objections is, “I just wanted an online quote, I wasn‟t expecting a call”. In this scenario, it is important to stress that speaking to someone like yourself is the best way to get the most data. In these situations where you only have limited contact with the borrower we recommend that you do your best to try to find out what the reason was for their inquiry. Perhaps they were interested in the program, but for some reason have chosen not to move forward because they think the fees are too high and/or the payout is less than they had expected, etc. There is something that triggered them to look into the program and submit their information online. Finding out that motivation is always going to be key! If all else fails, I would follow up with an email in hopes that they will be more responsive (see sample below).
SAMPLE EMAIL
Thank you for taking a moment to speak with me today. I understand that you may not be interested in pursuing a reverse mortgage at this time and were just looking for a quote or basic information online. I do not want to bother you but I was hoping that you wouldn’t mind taking a few moments to let me know what prompted your research into a reverse mortgage to begin with.
I work with homeowners nationwide and from my experience; there is a great deal of misinformation and always unanswered questions. Were you simply looking to eliminate your mortgage payment? Are you concerned with the fees involved?
First and foremost, I consider myself to be an educator of the reverse mortgage program; and I am the first one to admit that a reverse mortgage is not the best option for everyone. However, it is important that you speak to someone who has an understanding of the
product, inside and out, in order to make such a decision. I believe that I am that person as I specialize only in the reverse mortgage programs.
If you could provide me some information as to why you thought a reverse mortgage may have been an option for you then I can help you to assess your situation and options at no obligation. Thank you for your time - I look forward to your response!
6. BORROWER EMAILS
*The following emails (items 6a-c) are meant to be used as guidelines. Feel free to
personalize as you see fit, just remember the Lead Follow Up Tips outlined in item 1 above. a. INITIAL FOLLOW UP EMAIL:
Hello [NAME],
My name is [YOUR NAME] and I am your Reverse Mortgage Specialist affiliated with www.ReverseMortgageAdviser.com.
First, let me thank you for your interest in Reverse Mortgages. A Reverse Mortgage allows you to tap into the equity in your home and possibly free up cash to make home
improvements, travel, pay medical expenses or provide for living expenses. This will allow you to live a more comfortable lifestyle without the burdens of having to make any monthly repayments.
I work with [YOUR COMPANY NAME] and we have every type of reverse mortgage available in today‟s market so I am particularly skilled at advising and answering any and all
questions you may have.
There are a few pieces of information that I need to send out a proper and accurate quote. At your convenience, please call me toll free at [YOUR PHONE].
I look forward to speaking with you. Sincerely,
[YOUR NAME]
b. SECONDARY FOLLOW UP EMAIL:
Hello [NAME],
I was reviewing our files recently and noticed that you had inquired about reverse mortgage information at www.ReverseMortgageAdviser.com. I wanted to take this opportunity to follow up with you to see if you still have an interest in a reverse mortgage.
[YOUR COMPANY NAME] has every type of reverse mortgage available in today‟s market so
I am particularly skilled at advising and answering any and all questions you may have. Please don‟t hesitate to call me if you would like me to provide you with a quote of your eligibility for Reverse Mortgage or send you a free informational kit. I am always available to answer your questions and I welcome the chance to earn your business.
Your Reverse Mortgage Specialist,
[YOUR NAME]
c. INELIGIBLE SECONDARY BORROWER EMAIL:
Hello [NAME],
My name is [YOUR NAME] and I am a reverse mortgage adviser affiliated with www.ReverseMortgageAdviser.com.
First, thank you for using our site. We at [YOUR COMPANY NAME] have every type of reverse mortgage available in today‟s market so I am particularly skilled at advising and answering any and all questions you may have.
I noticed on your inquiry that one of the borrowers is just [XX] years old. There are very few qualifying criteria for getting a reverse mortgage but one of the most important is that both borrowers are 62 or older. You do have options in this regard, however.
I would like to schedule some time to further discuss these options with you. Please let me know what works best for you. I am generally available [SCHEDULE AND NUMBER].
I look forward to speaking with you. Regards,
[YOUR NAME]
7. THINGS TO REMEMBER
Many times requests are made on behalf of the seniors, be sure to note the „On behalf‟ of field on the lead notification emails before making contact. The info request forms at RMA.com specifically ask for the requester‟s contact info and the borrower‟s age and property information.
Upon form submission borrowers are receiving an automatic email from Reverse Mortgage Adviser (see item 9 below for sample). Any responses received from that email will be forwarded to you. Please familiarize yourself with both the
www.ReverseMortgageAdviser.com website and the auto responder.
Age ranges versus actual ages
8. RMA BORROWER EMAIL
This is a copy of the email automatically sent by RMA when the borrower submits their request for information. THIS IS FOR YOUR REFERENCE ONLY.
Dear FIRST NAME,
Thank you for your interest in Reverse Mortgages. Reverse Mortgage Adviser (RMA) is the industry‟s leading resource for individuals interested in reverse mortgages.
As you may already know, a reverse mortgage allows you to tap into your home's equity to free up cash for things like, home improvements, travel, or provide for medical and/or other living expenses. A reverse mortgage allows you to live a more comfortable lifestyle without the burdens of having to make monthly repayments. A minimum age of 62 years, property
value and amount owed on your property are all important factors that determine your eligibility for a reverse mortgage.
In order to serve you better, please review the information below and make sure it is accurate:
Name: FIRST NAME
E-mail: [email protected] Phone: (555) 555-5555 Age: 62 Property Address: 123 MAIN ST ANYTOWN, USA 12345 Property Value: 300,000 Mortgage Balance: 0
If any of this information is incorrect please reply to this e-mail with the correct
information. If we do not have your accurate contact information we will not be able to recommend one of the Lenders in our network. This is a FREE SERVICE and you are under no obligation to proceed.
Also be sure to let us know the best time to reach you. We look forward to helping you secure your reverse mortgage.
Sincerely,
