Recently myself and another Broker purchased leads from Mortgageleadsdirect.com - We requested single family homes, ltv of 60%, real time, and good credit. To our surprise, out of the 10 we purchased each, four of them had the same exact LTV's and 18 of them were condos, whose real value was not even close to the price on the lead. When we tried to get our money refunded, they refused and offered to refund to our account. Nine of the customers, said they had already been called several times and the loan was closed months ago. Three of them asked where we got their information from because they were tired of the phone calls. These are definately not real time, and out of the 10 I purchased, and the 10 he purchased, not one of them was a good lead! Buyer beware!

Thanks for sharing.

For those of you that use direct mail watch out if the lead company say that everything they send is compliant.  Here is a link to a story about a company that was suspended from doing business by HUD due to a mailing done by one loan officer.

http://reversemortgagedaily.com/2010/01/26/fha-takes-action-against-reverse-mortgage-lender-for-advertising-practices/?utm_source=Reverse+Mortgage+Daily&utm_medium=email&utm_campaign=f8b65699c4-RMD+Email+RSS