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Occasionally, you may have an interested mortgage lead you'll find does not qualify for a mortgage with your company, but this doesn't mean that these leads should be thrown out or deemed worthless. Those with bad credit will still want, or need, to purchase homes before their credit is able to be completely repaired, and there are things that you can do with these leads after you've found that they are unable to qualify for a mortgage with you.
3 things lenders should do with bad credit mortgage leads are:
Those with bad credit, or with credit which is still in the process of being built, will often still require new homes and mortgages. When faced with a lead who cannot quality for one of your mortgages due to bad credit, there are things that can be done with the situation to allow both parties to walk away happy; the borrower is able to repair their credit or qualify for a different mortgage, and the lender can still profit from their efforts. By making use of these leads in a different way, the return on the lead investment can still be improved.
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