Mortgage Brokers, Facebook Advertisements, and iSoftpull Technology

This blog post discusses the best practices for using soft pull credit checks in conjunction to Facebook ads to optimize business practices and marketing efficiency for mortgage professionals.
Hannah O'Brien

With 2.2 billion users, Facebook is an inexpensive and advantageous advertisement tool. Creating advertisements through Facebook connects prospects to you and your business. Advertising through Facebook is a great way to acquire new leads. Mortgage brokers, lenders, and loan officers are always looking for multiple ways to get new leads, however many of these mortgage professionals are tired of leads that end up being 480 credit scores. Sub-optimal credit prospects are generally a waste of time and $50 tri-merges are adding up.    

This leads to the big question: How do mortgage professionals save time, money, and focus on qualified prospects? The answer is iSoftpull.

iSoftpull has proven to be a highly effective lead generation tool while dynamically integrating with Facebook.

Facebook Advertising

Facebook Ads is an advertising tool which allows users to run campaigns and track their success. Since there are billions of Facebook users, it is a huge market for potential customers. Social media guru, Gary Vanderchuck is all-in on Facebook Advertising. “If you’re a practitioner, if you really had to sell to survive, you would realize that the most under-priced ad product right now is Facebook Advertising. If you had to sell to feed your children, you would put your money there."  Facebook Ads’ micro-targeting features allows the customization of who can see the advertisements by selecting a target market. Advertising that the prospects can get prequalified for a loan with no impact to score will generate more business. Facebook has the ability of determining which advertisements the customers come from, enabling users to optimize the advertisements to make the company more attractive in the prospects’ eyes. Using split-testing informs users of which ad strategies are working best. Facebook Ads is an inexpensive way to get more leads and the exposure received from it is exponential.

iSoftpull Integration

iSoftpull, which has became the marketing disruptor in the mortgage industry, is able to tell you where your leads are coming from and organize them based on credit-worth, or other criteria. You are able to beta test and segment leads within the platform which helps with your advertisement management. The iSoftpull portal has the ability to set underwriting criteria, so a mortgage professional can instantly know what loan products the consumers would prequalify for. With technology constantly improving, social media integration plays a huge role with advertising businesses.

Running a soft pull, or soft inquiry, instead of a hard pull is beneficial to the customer and also the mortgage broker or lender. Soft pulls do not harm a consumer's credit score, which makes a soft pull attractive to prospects. Mortgage professionals can view their customer’s full credit report and FICO score. Mortgage brokers will be able to save time by knowing their customer’s credit score and situation at the beginning of the sales cycle. Before allocating resources and wasting time on a customer that would not qualify for a loan, a soft pull can give the mortgage professional a large amount of information on the prospect. Saving money is a key factor in what iSoftpull technology offers because mortgage brokers will not have to run hard pulls needlessly. This means less paperwork, no disclosures, and no compliance obligations. iSoftpull leads to more deals because branches can reallocate resources and market to better qualified candidates.

In addition to saving money, our customers have found that our consumer facing web applications have played a prominent role in getting consumers to give mortgage professionals their lead information and credit report. By integrating iSoftpull’s consumer facing web application within Facebook, Mortgage professionals have higher lead submission rates when advertising. This works so effectively because of a synergistic effect of 3 key elements: the advertisements on an active social media platform such as Facebook, not hurting a consumer's credit score, and minimal information needed such as name and address only. Potential customers are likely to fill out the prequalification application since it only requires name and address as opposed to long form applications that ask for social security and date of birth.

The bottom line is that the technology is here to stay and we, at American Credit Systems, have connected the dots for you. Take advantage of what thousands of brokers and lenders have done already. Combining social media with soft pull technology has saved time, reallocated resources, and won more business.

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