Under Construction Sign. Vector illustration

It was quite a day when my Branch Manager told use he would sign up with OpCity for mortgage leads. I was on the long sales call and felt that finally I would be making good money with all the loans I would be closing with these leads. The Opcity represenitive was very reassuring that the leads were serious, prescreened and ready for an application. I found out the hard way that was not the case.

The first thing I would to inform anyone thinking of signing up with Opcity is let me them know these are not true mortgage leads as in someone that wants a mortgage in my opinion. Rather, the way Opcity works is anyone that has a question of ANY KIND will be turned into a mortgage lead so when your phone rings you find out your time and money was just wasted. That includes ANY question about a listing. When the lead is passed to you the Opcity will go over a script saying this call is recorded and that the borrowers wants to get qualifed for xxxx dollars for a purchase in (timeframe) and the borrow rates their credit as ‘excellent, good, fair, poor’ and you as the loan orignatior are asked if this is someone you want to take?

It sounds all nice and offical but the people on the phone are just agreeing as they think they are being passed to someone who can answer the question they have. Often they I assumed I was a realtor.

Examples:

  • Borrower sees that home has a CDD mentioned in the listing. So she calls the phone number and the Opcity representative turns it into a lead. I get the live transfer with the Opcity representative telling me the borrower wants to get financing for immediate purchase and her price range. The borrower is turned over to me and she asks me what is a CDD? I explain to her what a CDD is and then she tells me she is already under contract for this property and was just curious. She does not need a mortgage as it is already underway. Another wasted lead that cost our company. People thinking that I was a realtor was common.
  • Borrower is going into forclosure and has recieved ten day notice to leave and has legal questions to ask. I get the call and guide her to a local consumer advocate as I am not a lawyer. I was given a a warm transfer explaining this was a mortgage lead.

Often the people would hang up the second the call was passed or yell at me as they wanted a realtor. They have to go to a lender first and then Opcity will have a realtor call 10-20 minutes later. So everyone had to become a mortgage lead EVEN if they said they were paying cash. I did get yelled at a number of times after taking the call. Many callers assumed I was the realtor and I would get ‘I TOLD THEM I DON’T NEED A MORTGAGE!!’

There were also rental calls. The people had a questions about renting a house and it became a mortgage lead wasting everybody’s time.

One thing you learn the hard way if you get a good lead is that you are likely to get it stolen. Let me explain: Opcity will end the introduction phone call telling the person on the line that they will have a realtor calling in ten or twenty minutes. If the purchase amount is high enough for the area then a realtor signed up with Opcity is sure to takes the deal. When that realtor does call your borrower you stand a very good chance at that realtor taking the deal to their preferred mortgage person. I had it happen to me a number of times. The best way to protect yourself is to text your realtor you trust with the info and let them contact the borrower and build a relationship. So you need realtors in the area that you get.

Opcity sends a text to your phone and your team has seven seconds to respond. But sometimes your phone will ring 1-2 minutes after you were unsuccessful in trying to get the lead. If that happens it means the first loan officer declined the lead due to the purchase price desired or the credit rating. Other times Opcity assigned leads to me EVEN when I was set to to take them.

So why does this happen? Looking at the reviews on Glassdoor you can see that the insiders say it is all commission based and you can make a lot of money. Yes, the Opcity agents are making money but as Loan Originators we are not.

My final score was 75 leads taken and out of that I got one small deal that closed. Nobody else in my company got even a single contract. I heard our branch was on the hook for $13.5K. I stopped taking the leads in the end before I left the branch as I had to do something else for money. Even after I signed off in their software I was still getting manually assigned leads.

Overall, what is the problem with Opcity? In my opinion is they are allowing to many fake leads through and overselling their service. 95% of the leads had a desired loan amoun of less than 200K. Any SFRs that would easily pass appraisal in my area are starting around $210k. Half of the leads as I recall were 100K which does not buy anything. Beside the high cost of the lead is the time to process it and cost of the credit pull.  Our Opcity representative refused to answer the company emails and phone calls.

Other people not happy with Opcity:

Anyone heard of/used Opcity?
Reviews on Homeopenly
Better Business Bureau Complaints

So what would improve Opcity?

1.Do a better job of qualifying mortgage leads. Don’t let your representivies pass anything they can as a mortgage lead. Yes. they are making money but the customer is not getting what was promised.

2. Return your phone calls to angry customers. I heard our representive would not call our branch

3. Stand behind the promises made on the sales call to pitch your services.