11 New York Mortgage Lead Providers Worth Considering

It’s an exciting time to be in the mortgage lending business. In anticipation of the (very) long-awaited rate cut from the Federal Reserve that we just saw, mortgage rates have been trending downward. As a result, many people who’ve been waiting to buy their first home or move to a new one are finally starting to explore their options.

This should bring more people to the closing table, great news for New York mortgage lenders, brokers, and credit unions. That’s true in large metropolitan areas from New York City to cities like Buffalo, Rochester, Yonkers, and Syracuse to small towns. 

To capture as many of those borrowers as possible, you might be encouraging your team to ramp up their outreach efforts. But getting more mortgage leads in New York doesn’t have to mean tasking your team with extra work. If you look to a reputable mortgage lead provider, you can get high-intent leads delivered straight to your loan officers. 

Before we talk about the best New York mortgage lead generators, though, let’s first look at the statewide home loan market — and why it’s a good one to use a lead provider in. 

A look at mortgage lending in the Empire state

New York is somewhat notorious for its low homeownership rate. While it still has the lowest rate of any state, there has been some good news for mortgage lenders. Data from the Federal Reserve shows that the statewide homeownership saw a sharp jump from 51% in 2018 to 53.6% in 2020. 

That translated directly into business for mortgage brokers, lenders, and credit unions. In 2020, 363,635 loans were originated, per the Department of Financial Services. In 2021, that number grew to 448,702. 

Today’s homeownership rate has held relatively steady, with the share of homeowners making up 53.4%, per the latest data. And with rates dropping (albeit to nowhere near 2020/2021 levels), that number could come up further. 

More good news: there’s no major player that could edge you out if new homeowners come to the table. While some other states have individual lending institutions originating 5% of home loans or more, New York is more balanced. Per Mortgage News Daily, the top lenders have less than 2% of the pie. In fact, only two lenders make it above the 1% threshold: US Bank with 1.7% and Quicken Loans with 1.2%. 

Let’s recap. Mortgage originations jumped when rates were at their low point a few years ago. Since rates are currently coming back down, that historical data points to more would-be borrower activity in the coming months. And with no massive mortgage company taking a large portion of those leads, your own lending operation stands to benefit.

Using a New York mortgage lead provider can help you do exactly that. When you partner with one of these lead generation companies, you get quality leads without extra lift from your loan officer. And that means they’re free to focus on closing the leads that do hit their desk. 

New York mortgage lead providers worth a look

If you’re curious to explore what using a mortgage lead provider could look like for your New York lending institution, we recommend starting with one of the established players. These companies won’t just sell you a lead list with the contact info of people you need to cold call. Instead, when you choose one of these options, you get leads who are actively engaged in exploring their mortgage options. 

#1: Zillow

Zillow is a major player in the real estate game, so mortgage lead generation in New York was a natural next step. Today, the Zillow Group offers a couple of ways for mortgage lenders, brokers, and credit unions to get leads that have visited the Zillow website (or Trulia, which is part of the Group). 

Whether you want early-stage leads you can guide through their loan process or high-intent borrowers who are actively exploring their rate options, Zillow can deliver. 

#2: Bankrate

If you operate in multiple states, Bankrate is an excellent option. Considered by some to be the gold standard in mortgage lead generation, Bankrate runs a website full of educational articles about home buying and mortgages. 

As a result, when folks are trying to navigate the process for themselves, Bankrate positions itself as a resource. And by capturing visitors to its site — primarily through rate tables — it can provide New York lenders with individuals who are actively engaged in the home buying process. 

#3: LendingTree

If you’re looking for a lot of leads with a minimal spend, LendingTree is worth your consideration. The company captures New York mortgage leads in a number of ways, like through its contact center and the rate tables on its site. 

When you partner with the LendingTree team, you can choose which leads you want to get. Many New York mortgage lenders opt for local leads. You might get leads specifically from potential borrowers in New York City, Buffalo, Rochester, Yonkers, or Syracuse, for example. This way, they can get connected to borrowers who could meet with a loan officer in person.

The thing that makes LendingTree a budget-conscious choice is the lead category: the company’s leads aren’t exclusive. That means you pay less for them, but it also means you loan officers need to beat out the competition to close the loan. 

#4: Seven more options

These are just a few of your choices when it comes to New York mortgage lead providers. For more options that are worth your consideration, check out our review.

If you’d rather talk with someone who has experience in these lead providers, we’re here. Our team at BankingBridge regularly interfaces with the teams at a lot of these companies. As a result, we can help you hone in on which might be the best fit for your specific lending institution. To explore New York mortgage lead providers with our team, book some time with us today.