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Penny mortgage leads are similar to bulk mortgage leads. A broker or buyer purchases a larger amount of leads than normal, just as they would bulk mortgage leads; however, penny mortgage leads are sold for much less, and may also be “older” leads. Penny mortgage leads often apply to second mortgages or adjustable rate mortgages rather than new mortgages, as well.

One website offers penny mortgage leads that give access to 70+ million residential leads; 99¢ adjustable rate mortgage leads; 8 million multiple listing market (MLM leads), and 2006 bulk leads. That is a lot of information!

Nevertheless, is such a high volume of information necessary? Is the time spent going through even one-fourth of the leads going to be time used wisely, especially when considering “older” leads? These are questions that the broker or buyer might want to give a great deal of consideration to before investing in such a plethora of data.

The time used in obtaining the information given in the leads is time that is not being used to contact and assist clients, and ultimately (hopefully) reach a satisfactory conclusion. Unless someone else is researching the leads and extracting the necessary information, the broker or buyer is going to be hard-pushed to find time to conduct necessary, profit-making business.

Also, would not one wonder why leads that is over a few months old, never mind a year older, are still out there? There has to be some factor involved that has caused or is causing these particular leads to not “move”, and it does not seem that it would be anything good. A broker or buyer might do well to approach older leads with a lot of caution.

There is an old saying, “Bigger is not always better.” In the case of buying mortgage leads, a broker or buyer might want to consider a slight variation of that saying, “Cheaper may not necessarily be better.”

It is true that penny mortgage leads may be a good way for a new broker or buyer to establish business; however, one would probably not want to rely strictly on penny mortgage leads to maintain an operation. Again, there is much to be said for diversity.