Correspondent Lender Launches Site to Buy ‘Dead Deals’

A small correspondent lender in Florida said late last week that it has launched DeadDeals.net (http://www.deaddeals.net), a site that purchases qualified un-closeable mortgage and foreclosure leads from mortgage brokers and loan officers throughout the state of Florida. The site’s owner says DeadDeals.net will pay $50 and possibly up to $500 for each lead, in an effort to feed leads to their correspondent lending operation. The site’s founder, Eddie Hoskins, said the site provides an opportunity for mortgage professionals in Florida facing deals they can’t close to make some money where they might otherwise have to walk away. “[The site is] an option for the industry professional to not have to go home empty handed,” Hoskins said, “and the borrower gets yet another and potentially more successful shot at the loan-approval process.”