DeadDeals.net Will Buy Brokers' Uncloseable Leads

Interview Article written by By Alton Gary Simpson with BrokerUniverse & published on 1/17/2008

FORT MYERS, FL - First Florida Financial Group LLC is willing to offer cash to mortgage brokers for their dead leads and deals. DeadDeals.net purchases qualified uncloseable mortgage deals and leads from mortgage brokers and loan officers throughout the state of Florida, for between $200 and $500 each. The lender also offers a Virtual Mortgage Lender Branch program with graduated payouts dependent upon how involved with a dead deal a mortgage professional wishes to become. The company also buys foreclosure and loss mitigation leads nationwide for between $50 and $150 each.

First Florida Financial Group's co-owner, CEO and president Eddie Hoskins started DeadDeals.net in an effort to feed the Fort Myers, Fla.-based lender's CashToolBox program. CashToolBox utilizes the equity in one or more properties - and potentially other assets as well - to fix the problems that are preventing a mortgage loan from being approved and closed. The cash is secured by a short-term "spot" second mortgage originated and funded by First Florida Financial Group.

"Dead Deals is an entity whose shared vision is to help put cash back into the pockets of the industry - mortgage brokers, Realtors, loan officers, credit repair companies, even title companies and appraisal firms - in these increasingly difficult times," said Mr. Hoskins, alluding to the diminishing returns that the current down market has for mortgage industry professionals.

He noted that the subprime meltdown of 2007 spawned a much tighter credit and stricter underwriting environment, which have led to an increase in the number of non-revenue generating deals that mortgage originators are seeing. According to a press release issued by First Florida Financial Group, by purchasing leads from mortgage brokers and others in and around the mortgage industry, DeadDeals.net is providing an opportunity for these professionals to make some money on a deal where previously there was none.

"We feel confident that we have identified the leading, if not the most significant, challenges that consumers and our industry professional partners currently face when trying to get loans approved and closed," said Mr. Hoskins, adding that almost everyone can be helped by the CashToolBox program for a refinance or purchase. He added that industry professionals aren't the only ones to benefit because borrowers receive another and potentially more successful chance to get their loan approved after going through the CashToolBox program.

The company also offers further opportunities to earn revenue from dead leads or deals through its Virtual Mortgage Lender Branch program. The tiered program allows real estate finance professionals to choose their level of involvement with the deals they bring to DeadDeals.net. They receive a commensurate reward beyond the payout for a dead lead or deal. Payouts range from $500 for selling the dead lead or deal, to earning a 70% commission on an un-closeable loan.

"It provides a continuing opportunity for them [brokers] to earn more money from un-closeable loans," said Mr. Hoskins.