Erik,
Tell us about the deformation. How are they deformed? Do the bullets have fins on the sides where the mold comes together? That usually means that you have come sort of crud on the face of the halves of the mold that is keeping it from sealing. Does the base of your bullet have a dimple in it? That means that you are not pouring a puddle of lead on the sprue hole and as the lead cools, it is sucking down into the mold. It needs a puddle of lead on the sprue hole to prevent that. Cowboy mentioned that in his posting. If the bullet looks all wrinkled, that usually means that your lead is not hot enough. or your mold is not hot enough yet. If it is the mold being too cool, just pre-heat it longer. Place one corner of the mold in the molten lead and let it heat up. If you remove the mold and a chunk of lead clings to it, it is too cool. If you remove it and it leaves a solid place in the lead in your pot, again, you mold is not hot enough. When the mold is hot enough, it will not do either of these things. Always clean and smoke your mold before casting. Lube your mold hinge and sprue plate hinge with a tiny bit bees wax, NEVER paraffin. Do not let the bees wax get into the mold cavity. Sometimes you may have to re-smoke it as you are casting. Smoking is not a "one and done" process, you need to smoke the mold as often as it needs it.
If the lead is hot enough, your dipper, if you use one, is hot enough, the mold is clean and smoked and hot enough and you pour a little extra lead on the sprue hole and let it solidify before opening the mold, and your lead has been fluxed with a little bit of paraffin or other organic material and the dross skimmed off you should have no problems. Fluxing is another thing you may have to do more than once as you cast. Flux and skim your lead anytime you see crud forming on the top of your lead.