The mortgage lending game has changed. As potential borrowers increasingly use online tools to research their options, they might hand over their contact info in exchange for details. Once they provide those details, they become a lead — and, most likely, one with a relatively high purchasing intent. 

It’s no surprise, then, that sources collecting leads have rushed to monetize them even as lending institutions have leaned into selling to them. The last decade has been something of a mortgage lead generation frenzy. And some of that chaos has trickled to the consumer, leaving a bad taste in their mouths. 

An unwelcome surprise: Excess sales and marketing activity

Trigger leads provide a solid case study here. The three major credit bureaus gathered and sold information about folks who had recently applied for a mortgage. Distributing those people’s information to lending institutions often led to a flurry of calls. Loan officers tried to present appealing counteroffers to lure consumers away from the mortgage for which they’d already applied. 

Consumers didn’t expect this outreach, and many reported confusion and even overwhelm. It reached such a fever pitch that Congress even introduced multiple bills in an attempt to ban the practice. 

Trigger leads are just one example here, though. 

Lending institutions also buy leads from rate comparison websites like Bankrate, LendingTree, and NerdWallet. Some loan officers personally reach out, helping potential borrowers find the right options for them. Other companies, though, have turned to robocalls and texts. The Federal Communications Commission (FCC) was set to restrict that activity with a one-to-one consent rule that should have taken effect in January. But due to a challenge in the courts, it didn’t. 

Does that mean mortgage lending institutions should forget about all of this? Absolutely not. Both trigger leads and the FCC’s one-to-one consent rule speak to the same thing: consumers care about how lenders use their information — and treat them. Getting one-to-one consent can help your lending team build trust with potential borrowers. 

One-to-one consent 101

One-to-one consent is what it sounds like. It’s an agreement in which one party (the potential borrower) agrees to be contacted by one other party (your specific lending institution). This differentiates it from lead sources that allow for multiple companies to contact the lead. 

When you’re buying that lead, having one-to-one consent means that the individual was shown the name of your specific company when submitting their information. They knew, in other words, that they’d hear from your team. 

Even with that FCC ruling stalled, a couple of laws are in play here that require your team to have one-to-one consent for certain activities. The Telephone Consumer Protection Act (TCPA) requires you to have documented consent for autodialer and pre-recorded calls, as well as marketing text messages. 

The Controlling the Assault of Non-Solicited Pornography and Marketing (CAN-SPAM) Act requires you to have one-to-one consent to send commercial emails, too. 

Getting the required consent

To comply with the TCPA and the CAN-SPAM Act, you need to have documented consent from the consumer. This helps to protect your lending institution from potential legal trouble. 

If you’re gathering lead information yourself, add a consent step here. When a potential borrower is submitting their information via a lead form, say, you might include specific language like:

“By clicking “Submit,’ I agree to be contacted by [Mortgage Lender] regarding my mortgage inquiry.”

If you’re buying leads, inquire about one-to-one consent from the vendor. Leads that have agreed to be contacted by your company are usually higher-quality. Their expectation to hear from your loan officers makes them a warm lead. That, in turn, makes it easier for your team to close the loan. 

The lead provider should be able to give your team documentation confirming that they collected one-to-one consent. You may also want to double-check that yourself. If you know a rate table will generate leads for your company, for example, visit that rate table online and navigate through the user flow there. Make sure you see your specific lending institution named at some point in the process. 

One-to-one consent and consumer purchasing intent

The nationwide conversation about one-to-one consent highlights one thing: consumers don’t want unexpected calls, texts, or emails from mortgage teams. 

Your lending institution can, then, buy trigger leads or leads whose contact information will be distributed to your competitors. But by participating in the mix there, you risk damaging your brand perception. Unwelcome communications from your team might drum up some business once in a while, but it might also leave a bad taste in the mouth of borrowers you could have otherwise landed. 

On the flip side, people who actively agree to hear from your team are primed to move forward in their borrowing journey. Their initial engagement of providing consent lays the foundation for a good relationship. When they get calls, texts, or emails from your team, they’re more likely to answer or open the communication. 

In this way, one-to-one consent helps your team foster a more positive brand reputation while simultaneously generating warmer leads. That makes it easier for your team to close loans. 

Beyond that, when borrowers feel positively about working with your company, they’re more likely to recommend you to their friends and family. One-to-one consent can be a valuable reputation marketing tool. 

Getting the required consent — the easy way

One-to-one consent sets your team up for success with leads. Getting that consent might seem tricky, though.

Fortunately, we can streamline that process for you. Using BankingBridge to develop a lead workflow, for example, gives you the opportunity to add one-to-one consent language right in the lead form. 

And once you get that consent, we can help you automate personalized communications with that potential borrower. With their consent to receive text messages, for example, we can deploy AI to answer basic questions. Then, the AI bot can redirect the lead to a loan officer when they need a human touch. 

Or we can set up automatic rate alert emails, helping keep leads warmer for your team. At the same time, by delivering information consumers actually want, these emails help to further build their positive perception of your company. 

To get technology that helps you get one-to-one consent, then use it to close more loans, we’re here. Book a demo with our team today to see what BankingBridge can do for your mortgage lending institution. 

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