Posted by Hannah Lapin ● Aug 21, 2020 9:00:00 AM

Why are My Visio Referrals Unsuccessful?

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Through the Visio Lending Referral Program, Referral Partners can earn up to $500 per successful referral. When you submit referrals through our platform, one of our talented Account Executives will reach out to them to see how we can help. If the status of your referrals is showing as “unsuccessful,” here are some of the key reasons why.

  • Credit Score Too Low:

    We require a minimum credit score of 680 for all our loan programs. Referrals with low credit scores are not considered qualified, yet we have ample credit score resources to help them meet our requirements.
  • Wrong Loan Type:

    Our specialty is single family rental loans. If your referral is looking for an owner occupier/consumer mortgage or a fix and flip loan, at this time we cannot help them with those loans, and therefore, they are marked as unsuccessful in our system.
  • Property Value Too Low:

    Our minimum property value in most areas is $100k. If your referral has a lower value property, at this time we cannot help.
  • Out of Service Area:

    Currently, we lend in 38 states and Washington D.C. See where we lend. If your referral is in another country or a state we do not lend in, they are not considered a qualified lead.
  • No Response:

    When we receive a referral, we call them five times. If we still do not hear back, then we mark them as unqualified in our system. For these referrals, feel free to follow up yourself.
  • Wrong Property Type:

    We lend on rent-ready single-family rental properties (1-4 units), including town homes and condominiums. If your referral needs to finance a property that needs major renovations or construction, we cannot do the loan.

We hope this gives you a clearer picture of what is going on with your referrals and why we were not able to work with them, at least for now. Remember, this is a number’s game, so one of the best ways to make more money is to submit more referrals.

For all tools and tips for Referral Partner success, visit our Referral Partner Resources page. To sign up for our Referral Program, visit Refer.VisioLending.com/Register.

Sign Up for our Referral Program

Related: 4 Reasons to Join the Visio Referral Program,  A Look at the Visio Lending Referral Program Platform

Topics: Referral Program