Every LO can tell you their cost per Loan Seeker. Very few can tell you their cost per funded loan, which is the only number that determines whether the channel survives a rate cycle.
The three-number model
- Average commission per funded loan (net to the shop).
- Seeker-to-application rate — typically 8-18% on paid social, 20-35% on organic and referral.
- Application-to-funded rate — typically 35-55% depending on product mix and credit profile.
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Book a strategy callWorking the math
If your average net commission is $6,200 and you want a 5:1 return, you can spend $1,240 per funded loan. At a 45% application-to-funded rate, that is $558 per application. At a 12% seeker-to-application rate, that is roughly $67 per Loan Seeker.
Now every channel gets judged against $67 — not against a benchmark you read in a LinkedIn post.
Where the benchmarks land
- Paid social purchase Loan Seekers: $35-90, heavily dependent on creative and geography.
- Search intent (Google, high-intent refi terms): $90-260 in competitive metros.
- Organic and GBP: effectively $12-30 fully loaded after the first six months.
- Realtor referral: cheapest by far, but capacity-limited.
The mistake that kills accounts
Optimizing to the cheapest Loan Seeker. Cheap Loan Seekers are usually the least qualified, and they burn LO trust in the channel. Optimize to cost per application and let cost per Loan Seeker float.
Work backwards from commission per funded loan and your seeker-to-funded rate. If you do not know both numbers, you are not buying media — you are gambling.
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Book a 30-minute mortgage growth strategy call. We'll review your speed-to-lead, follow-up sequences and funded-loan economics, then hand you the plan whether you work with us or not.
Nine Follow-Up Sequences Every Brokerage Should Be Running