I recently started researching different mortgage lead generation services to help grow my loan origination business. One company that came up in my searches was Loans on Demand. As an independent mortgage broker, getting a steady stream of qualified borrower leads is essential for increasing loan volume and revenue.
Loans on Demand markets itself as a service that provides exclusive mortgage leads to loan officers and brokers. However, I wanted to dig deeper and see what past customers had to say. Evaluating independent Loans on Demand reviews would help me determine if it’s a reputable lead gen provider that delivers results.
In this comprehensive review guide, I’ll share key details on Loans on Demand’s services, highlight insights from customer reviews, and offer my analysis as a mortgage industry professional. Read on for an inside look at feedback on this mortgage lead service.
Overview of Loans on Demand
First, let’s look at what Loans on Demand offers. According to its website and materials Loans on Demand partners with mortgage brokers and loan officers to generate a steady stream of qualified mortgage leads.
The company states it leverages Facebook’s advertising platform to target homebuyers actively looking for loans. It designs customized campaigns aimed at people most likely to need lending services based on factors like income, credit score, and homebuying timeline.
When prospects click Loans on Demand’s Facebook ads, they are taken to a lead generation form. Here they must fill out 8-12 detailed questions to continue, including:
- Name and contact info
- Desired loan amount
- Property location
- Credit score range
- Down payment amount
- Occupancy status
- Loan purpose
- And more
This qualifies leads with multiple specific data points upfront. Loans on Demand then immediately sends new leads to its loan officer clients. So in theory, customers get fast access to highly qualified prospects who are serious about getting a mortgage soon.
But does the service actually live up to these promises? Let’s see what customer reviews reveal.
Loans on Demand Reviews on Key Feedback Sites
To evaluate independent reviews from past clients, I checked Loans on Demand’s profiles on a couple authoritative business review sites:
Birdeye
On Birdeye, Loans on Demand currently has a 5 out of 5 star rating based on 25 total reviews. Recent customer feedback includes:
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“They only provide quality leads and nothing more. Be ready to work when you get them!”
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“LOD has been an amazing company who provides me 3-4 extremely vetted leads per week.”
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“Hard working company who pre qualifies the leads before sending them over to me. This allows me to focus on just selling and not prospecting.”
Meanwhile on Google, Loans on Demand has a 4.8 out of 5 star rating compiled from a whopping 216 reviews. Positive feedback includes:
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“Loans on Demand is hands down the best lead provider I have worked with. Their support staff feels like family now.”
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“Game changer for my business! Closed 9 loans for over $3 million in volume.”
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“Very happy with the LEAD quality and follow ups from Loans On Demand.”
Based solely on reviews, response seems very positive from past mortgage industry clients. But are there any downsides mentioned?
Potential Drawbacks Flagged in Reviews
While most commentary about Loans on Demand is glowing, a few reviews do call out some potential weaknesses:
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“Takes time to optimize: Some customers mention leads starting out sporadic and weak when campaigns first launch but improving over time as Loans on Demand gathers data and optimizes targeting.
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“Lead lag: If Facebook ad accounts need troubleshooting, it can apparently disrupt the lead flow for a few days until issues are fixed.
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“Learning curve: Customers suggest you may need to adjust your sales process to convert the leads most effectively, rather than relying on old methods.
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“No replacement for effort: The service isn’t a magic pill. You still need to put in work to actually close the leads and generate new business.
My Analysis as a Mortgage Professional
Overall, Loans on Demand seems to have an exceptionally high satisfaction rate based on the overwhelmingly positive customer reviews online. Past clients highlight the high quality and high intent leads they receive, which translate into closed loans and revenue growth.
But as with any lead gen service, there is a ramp up time to optimize and work out kinks in the early stages. And at the end of the day, high-quality leads alone don’t guarantee increased business. You need to be prepared to adjust your sales process and put in work to convert prospects.
For committed loan officers and brokers willing to actively maximize the leads, Loans on Demand appears like it could deliver impressive results. While not cheap, the service seems positioned to provide a major boost in high-intent borrowers.
For me personally, Loans on Demand looks like a top contender that could take my lending business to the next level. Based on the reviews, as long as I’m ready to adapt and play an active role in converting leads, it seems a worthwhile investment for long-term growth. But I would need to do more due diligence before signing on.
Key Takeaways from Loans on Demand Reviews
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With 25 reviews on Birdeye and 216 on Google, customer feedback is overwhelmingly positive.
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Past clients highlight receiving high-quality, highly qualified mortgage leads from the service.
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This leads to increased lending opportunities and closed loans, ultimately driving growth.
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Potential drawbacks include initial optimization period, sales process learning curve, and required effort.
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Overall, Loans on Demand appears a top lead generation solution for dedicated loan officers.
Thoroughly evaluating impartial reviews helps validate if a service can truly deliver on its promises. For Loans on Demand, customer feedback indicates it provides high-intent mortgage leads that can prove highly valuable for lending professionals. While costs and effort are required, the results appear promising.
The Loans On Demand Difference
Attract the right prospects by targeting the people most likely to turn into a closed loan
Write compelling, effective ad copy with messaging aligned to your landing page that calls out highly qualified prospects
Using proprietary targeting and optimization process we are able to target prospects that are most likely to close.
Our coaches (actual LOs) do weekly live trainings on how they are converting 30-40% of our leads into applications.
To retarget interested prospects and optimize for people more willing and able to purchase a home
Build momentum and leverage our leads &Â system to increase referrals from clients and referral partnersSERVICE 2
Loans On Demand System
We are unlike any Lead Generators you have worked with in the past. Long gone are the days of charging Loan Officers a premium to buy low quality, shared leads that dont convert. We pride ourselves in being a complete Business Development Firm that consults with Loan Officers to help them systematize their client acquisition process so they never deal with feast or famine cycles again. Our mission is three-fold:Â 1) Acquire high quality, high intent leads that have a high likelihood of converting into a closed loan, 2) Provide the systems, tools and training to maximize lead conversion using automation and proven sales scripts/processes, and to 3) Guide our Loan Officers on best practice strategies to leverage our system to bring on new referral partners. Marketing directly to the consumer gives Loan Officers a unique advantage that flips the status quo on its head. The power dynamics are shifting towards Loan Officers in an increasingly digital world. Loan Officers who understand the power of getting to the consumer first and then referring approved buyers to their existing and new referral partners are opening up exponential avenues of growth. No longer are you forced to cold call 40 realtors every Monday, go to coffee dates with no value proposition and attend networking events (unless you want to). Our system allows you to focus on what you do best (being a Loan Officer and salesperson) instead of worrying about which tech or marketing strategies to use. Leverage our experience to exponentially grow your pipeline and number of referral partners.
Unfair AdvantageOur Loans On Demand System gives you an unfair advantage in the market place. Our system will help you close more loans and get more referral partners begging to work with you. SEVERICES
How To Get 2-5 Mortgage Leads Per Day (2024) – Mortgage Leads Tutorial
FAQ
How does a demand loan work?
What does it mean if a loan is due on demand?
What is the difference between a term loan and a demand loan?
What is a demand loan facility?
What is loans on demand?
Founded in 2017, Loans On Demand was birthed on the idea that for too long Loan Officers have been the second tier in the totem pole in the real estate industry.
Why should you choose an online lender?
Online lenders typically don’t offer services like checking or savings accounts, but because they specialize in loans, they often have speedier approval times and application processes. And considering that they often don’t have branches, they may be able to pass some of that overhead savings on to customers.
Are online lenders better than traditional lenders?
Lenders who operate solely online, and those that focus primarily on mortgages, offer a different experience for borrowers than traditional lenders, like banks, do. Online lenders typically don’t offer services like checking or savings accounts, but because they specialize in loans, they often have speedier approval times and application processes.
Should you choose an online mortgage lender?
Because borrowers have different needs and financial profiles, Forbes Advisor compiled a list of online mortgage lenders that excel in various areas. So, whether speed is a top priority or you want an online lender that specializes in a niche—for instance, if you’re a first-time home buyer—there’s something here for everyone. View rates at Better.