How Mortgage Loan Officers Get More Web Traffic
Mortgage loan officers get more business in a variety of ways but it always comes down to sales. And today, most sales start with an internet search by a consumer looking for mortgage information. Once the consumer visits a site and wants more information, the sales effort really begins. But how did the consumer get there in the first place out of the thousands upon thousands of mortgage websites up and running in today’s mortgage marketplace? The loan officers that get the visits are the ones who post regular content on their blogs. That’s at minimum once per week, more if possible. Extremely busy mortgage loan officers, those who originate and close upward to 25 to 30 loans a month or more, rely on multiple lead channels and today one of the most important is through the internet.
One of the ways to have search engine spiders index your site and rank it higher is to know how often to submit new copy as well as what words to use. You can hire an AdWords Specialist who can run the numbers for you or you can use the common sense approach. What would someone looking for a new mortgage type into a Google or Bing search string? Those are the words you need to implement into your text. Further, those words and phrases need to appear very early in the post.
Some say the key words need to appear in the first 65 words. I’m not exactly sure about that because I haven’t seen the study nor reviewed the metrics. But whether it’s 65 words or 75 words, they do need to appear early in the text, not later on in the copy. Spiders can get bored and decide a mortgage loan officer’s website isn’t very relevant and move on. Don’t let that happen to you.
Make a list of keywords and key phrases and begin writing your new copy and upload it to your site. You’ll need to wait a few weeks to expect any traffic but that’s how it’s done. If you don’t have the time nor the writing talent, that’s what I’m here for. Call me if you want to talk more about how you can get more traffic and garner more leads.High
High Cost Loan—What You Need to Know
A high-cost loan is one with higher mortgage rates and fees when compared to conventional or government-backed home loans. A high-cost loan is typically associated with a subprime loan but may also be a loan for someone with decent credit but for some reason may not otherwise qualify for a mortgage. A high-cost loan and subprime loan really never had an official definition but last year the Consumer Financial Protection Bureau, or CFPB, laid out specific guidelines on whether or not a loan is considered high cost. These guidelines are in addition to those in the Homeowners Equity Protection Act, or HOEPA.
Lenders can issue high- cost loans but the CFPB has defined what is considered high cost and what is not. A high-cost mortgage is—
A first lien that has an annual percentage rate that is 6.5% higher than the average prime rate, rates reserved for those who can qualify for a conventional mortgage.
A loan is considered high cost if the loan is at least $20,000 with points and closing costs that exceed 5.00% of the loan amount. For example, if points and fees on a $25,000 loan add up to $1,500, or 6.00% of the loan amount, the loan is high cost.
A second lien that has an annual percentage rate of more than 8.5% higher than the average rate for a second mortgage reserved for those with good credit.
A loan that is less than $20,000 with points and fees that exceed 8.00% of the loan amount.
If a loan is considered high cost, the lender isn’t prohibited from making the loan but must follow additional guidelines. For example, prepayment penalties are banned. The loan cannot have a balloon feature which causes the loan to be paid in full before the loan term.
Who would want a high-cost loan in the first place? A high-cost loan is designed only as a temporary fix to a temporary problem. Say that someone has a credit score of 520 but has a 30% down payment. A conventional mortgage can’t be used due to the credit score but a high-cost loan might be an answer. If the lender can document the circumstances that caused the credit score to fall and the borrowers can afford the new monthly payment with the higher rate, a loan can be issued allowing the borrowers to buy a home while repairing credit.
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