Leadbull.com scammed me out of several hundred dollars.
Leadbull is a lead aggregator, like Lending Tree.com or LowerMyBills.com. The idea is that people apply for mortgages online and then leadbull.com sells those leads to lenders who then contact the homeowners to complete the loan. Please don't confuse these companies. Lending Tree and LowerMyBills are reputable companies.
I had the misfortune, however, of dealing with leadbull.com becuase they were the cheapest. I am a loan officer trying to increase my business. I thought it would be a good investment for me. After all, I would recover the cost of the leads closing just 1 or 2 loans, than I would increase the amount of leads I purchased from them once I got a return on my investment.
When I began contacting these homeowners who were supposedly interested in a mortgage loan, I quickly found that these people were no longer in the market, or NEVER WERE in the market for a mortgage. I spoke to someone who already refinanced literally a full year ago!!! I would've been better off calling out of the phone book for free!
I am not a telemarketer, but I began to feel like one, contacting people who clearly were not interested in what I had to say. Needless to say, I did not close any loans and recover any of the money I had shelled out. Keep in mind, I personally paid for these leads, not my company.
I called a rep from the company to just get the money back for the balance of the leads I have not used yet. They rudely refused and were completely unaccomodating. I could not get a manager on the phone, or an address to write them, or anything other than a rude associate. I hung up the phone possibly the angriest and most frustrated I've ever been in my life... Not just b/c of the money, but because of the severe lack of professionalism from this company.
The thing with this company is that not only are the lenders who purchase these leads victims, but the homeowners who are called by these lenders are victims as well. These people are being called by 30 different lenders sometimes. This is the heart of the scam: Leadbull re-sells old leads over and over again to different mtg companies unbeknownst to the homeowners.
Also, now that the "Do Not Call" list is in force by the Federal Gov't, lenders face steep fines for contacting folks who are on it that haven't requested info. Luckily, no one sued me.
If you are a mortgage lender looking for extra business via internet leads, I implore you, DO NOT USE LEADBULL.com. Stick with the more reputable companies like Lending Tree, LowerMyBills, or MostChoice.
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