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  1. #1
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    I'm sorry, but I really gotta vent.

    First of all, I have applied to EVERY mortgage place on CJ and have been rejected by ALL of them. 100%. Now i"m used to rejections, but this is rediculous.

    Next, what is wrong with them them? Why don't any of these places pay anything? We are talking about the average house costing $100K, and a 30 year mortgage yeilds $150K to the bank over the term of the loan, and these brokers are paying $5 per mortage?

    I have AMHL which converts well, (2-10 per month) but they only pay $4 per approved loan. So I try to find someone who'll pay me $50-100 and they all reject me. I did use IndyMac at Quin Street, and again, they converted okay, but they only paid $14 per loan. Which came out to about the same as AMHL in terms of dollars made.

    But when I think of how much money is being made off my customers, in the hundreds of thousands of dollars and closing costs of a few thousand... why do none pay more then $50-100? and why do they all reject us?

    sorry. just had to vent tonight. last straw for me. [img]/infopop/emoticons/icon_frown.gif[/img] [img]/infopop/emoticons/icon_frown.gif[/img] [img]/infopop/emoticons/icon_frown.gif[/img]

    http://SearchToSale.com - Turns your search box into money.

  2. #2
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    Funny, I was thinking EXACTLY the same thing the other day. A sale on a loan should be paid in the thousands. Getting paid for leads is much better, but anything less than $50 is a ripoff, at least if the leads are qualified leads.

    I have not applied to any of those programs yet, but I have a few domains which would fit perfectly. I have to admit your experience worries me, anyone else experienced the same?.

    IMO merchants should auto-approve affiliates, only to check up on them later. After all, it's not cool to spend a lot of time creating a site only to be rejected later on.

    -- Less is more --

  3. #3
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    Same thing here. We have a couple of domains that result in a few type ins a day. It might not sound like much, but that traffic is prequalified and presold, and our experience has shown it'll produce sales. They are just looking for the right company, but they all reject us, or only pay a pittance.

    http://SearchToSale.com - Turns your search box into money.

  4. #4
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    Excuse my ignorance. It's my first day here.

    "So I try to find someone who'll pay me $50-100 and they all reject me."

    Are there really some that pay those kinds of commissions? And would it be inappropriate from me to ask who?

  5. #5
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    Probably low commissions, but not sure as although is a competitive area, I have not seen such high commissions on CJ, may be it's just that leads do not have such a high conversion rate to a completed loan.

    Also may sound as they don't want us to know if a home loan is really made, imagine knowing you have made 5 completed home loans, for sure you will know that someone but not you is earning thousands in commissions [img]/infopop/emoticons/icon_smile.gif[/img]

    By now, I have tried about 5 home loan merchants in CJ, and found LowCostLending the best performing, they pay $20 per Lead.

    Fer

  6. #6
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    IMHO, for any type of real commissions, you are going to need to find a company that you can do face to face business with. If you have a valuable stream of traffic, you might be able to find a mortgage broke in your town who is eager to buy the leads.

    I know people into selling leads. They do better than affiliates.

    The unfortunate truth about the web is that any mass marketed program will eventually end up boiling down into a system measuring click streams and impressions.

    Protophoto - Short Stories

  7. #7
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    quote:
    Originally posted by learning_curve:
    Excuse my ignorance. It's my first day here.

    "So I try to find someone who'll pay me $50-100 and they all reject me."

    Are there really some that pay those kinds of commissions? And would it be inappropriate from me to ask who?


    We found one on Shareasale that offers $200/completed loan. So far, no takers, but it's only been a few days. eloans pays $50/auto, $25/home... I'll never figure that out. But they rejected us. People pays $50, but for motorcycles only. New Century Mortgage pays $100. But again, rejections.

    If it was for leads, I'd agree, $5/lead is more than fair, but I don't care about leads. I just want to be paid a fair amount on a completed home mortgage loan. We've been doing 2-10/month since Jan. with AMHL, but they pay $4. [img]/infopop/emoticons/icon_frown.gif[/img]

    We did 1-3 /month with IndyMac, and they paid $12 or $15. Again, big deal.

    I think the suggestion about working with a local lead broker is the right one.

    Best of luck with your AM. You've come to the right place to learn. [img]/infopop/emoticons/icon_smile.gif[/img]

    http://SearchToSale.com - Turns your search box into money.

  8. #8
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    I also applied to 5-10 loan companies and was rejected from all of them. I assumed it was because I am not in the US? It could also be that I don't have a finance related site, but the idea was to join the affiliates and then build the site ... but now not going to build it because why bother when there are no affiliates ... a neverending circle of illogical thinking.

  9. #9
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    I find the whole thing a little rediculous as well. Many of the mortgage companies only pay for leads if it is a valid application (the borrower is qualified for the loan) AND the borrower puts down a deposit. Seems to me that this would mean that they have a very good chance of having the loan go through. Then, you get a small $10-20 lead commission when the broker is making $1000-2000 on the sale.

    The main mortgage company I use is Financial Circuit. They pay $300 per funded 1st mortgage loan. http://financialcircuit.com or http://imc.financialcircuit.com if you want to go through my link. I also use LowCostLending at CJ but I haven't had a whole lot of luck there so far. I have a few websites that are exclusively about mortgage loans and I was still turned down or dropped by some of the CJ mortgage merchants. It seems that they don't really have a clue about the whole affiliate industry.

    I also like the idea of sending your mortgage leads to a local broker. I might have to look into that!

    If we don't get some kool rules ourselves...... pronto........ then we'll just be bogus too.. ~Jeff Spicoli~

  10. #10
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    they pay $30, quite different without the extra zero [img]/infopop/emoticons/icon_smile.gif[/img]

    Fer

  11. #11
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    Fer:

    Actually they pay $300 on 1st level completed (funded) mortgages and $30 on completed (funded) mortgages through your downline.

    If we don't get some kool rules ourselves...... pronto........ then we'll just be bogus too.. ~Jeff Spicoli~

  12. #12
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    One more thing.....
    Financial Circuit does have other plans that may be of interest to those with financial websites or for those who are financial professionals with a client base. They offer a program where you can be an advisor for a local broker and get 30-50% of the broker fee ($1400- $2000).... but Financial Circuit charges you $69.95 per month to do this. If you are not a financial professional they have another solution where you pay the $69.95 per month (or $719.40 per year) and you get a fully customizable mortgage website that you can take home loan applications through and earn $500 per closed loan.

    I am personally on the fence right now because I don't know that I want to shell out $70 a month but I guess if you could close just 1 per month it might be worth it. I've been closing about 1 every 2 months with the basic commission structure of $300 per loan. (That commission structure is free to join).

    If we don't get some kool rules ourselves...... pronto........ then we'll just be bogus too.. ~Jeff Spicoli~

  13. #13
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    Thank you for the details.

    That pay-to-earn game with affiliates is something that bothers me.

    Anyway, could be interesting to give a try, would be interesting to know the clicks you have been sending to have 1 sale every 2 months, have you calculated the conversion ratio? EPC?

    Fer

  14. #14
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    Fer,
    I haven't really been able to track it that well but I can tell you that it seems to convert about 100 applications into a sale. From stats at other mortgage sites I can say that I was getting about 1 app. per every 4 visitors. So, 400 visitors roughly equals 1 sale. Not very impressive but when you consider that you can make $500 per sale then the chipmunks start spinnin those wheels in your head and you might be able to figure out a way to turn a profit (I'm still cracking the whip on my own personal chipmunks and haven't got it all quite figured out yet but I do do think there are some possibilities here).

    I had some personal feedback to give as well. I tried to go through my own link for a mortgage loan and got about half way through the process before deciding to just go through a local mortgage broker. The Financial Circuit route was just a little bit too time consuming and arduous at times (Made me lose a little confidence in them). I hope they have their act together a little bit more now because I'm ready to hit the mortgage market again and I still think they are the best bet out there from what I can see.. but I also think starting a relationship with a local mortgage broker and outsourcing your prospects to them would also seem to be a good way to go if you could swing it.

    If we don't get some kool rules ourselves...... pronto........ then we'll just be bogus too.. ~Jeff Spicoli~

  15. #15
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    1 lead out of 4 clicks it's too much, if you say the registration form in a little lenghty, then it is almost impossible.

    LowCostLending converts 1 out of 25 clicks to a $20 lead, so 400 clicks means about $320 for every kind of loan.

    It seems that your numbers are not correct, anyone has more accurate numbers for FinancialCircuit or other?

    Fer

  16. #16
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    Does anyone have expirence with the FinancialCircuit Jeff is mentioning...

    "The Future belongs to those who believe in the beauty of their Dreams."

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