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Leads are crucial in the mortgage industry. When nurtured well, leads turn to prospects and eventually become closed deals. Unfortunately, it’s not always easy for mortgage professionals to track all leads due to busy working schedules.
Thanks to CRM software, mortgage originators can eliminate the multitasking chaos and nurture their clients’ relationships. The software tracks customer contacts, loan applications, and the entire buying process to understand the customer behaviors and patterns. This accurate tracking of the customer journey helps the firm rectify mistakes and increase efficiency in its operations.
To provide better insights on CRM mortgage, our guide will highlight the following:
- Mortgage CRM and how it works
- Benefits of Mortgage CRM
- How to choose the best CRM software for your mortgage
What Is Mortgage CRM and How Does It Work?
CRM stands for Customer Relationship Management. CRM is software designed for mortgage industry professionals to help them manage their borrower relationships. The software collects data from multiple channels (such as emails, social media and websites) and tracks it to provide helpful insights to the firm.
The software keeps a record of each customer’s contacts, buying patterns, and purchasing history. This software benefits the loan officers and the entire teams by increasing efficiency and making it easier to obtain customer’s data.
The Benefits of Mortgage CRM
CRM software tools systemize data, manage it and represent it in an easy-to-understand language. The following are the main benefits that loan officers stand to get by utilizing mortgage CRM tools:
1. Better Customer Service
67% of Americans believe that online home applications are the best. The mortgage process often takes time during mortgages origination. Weekends and holidays can further prolong the period and affect customer service. A Mortgage CRM can track who has started and finished an application to give loan officers a better idea of how their pipeline is moving.
2. Memory and Organization Assist
If you have ever used a notebook or a sheet of paper to take notes on a call with a borrower you may have run into a situation where you lose the information. Sometimes it will take years for an initial meeting with a borrower to turn into an application. A CRM is a perfect tool to keep notes on all those conversations and goals and store them by email, name, and phone number for an easy lookup.
3. Increased Customer Referrals
A mortgage firm should maintain a strong relationship with loyal customers to avoid losing them and benefit from referral marketing. When you have continuous support, care, and communication with your local clients, they will quickly market your mortgage firm, which benefits our business.
CRM software strengthens the bond between you and clients by tracking your interactions and storing your leads contacts. The software can also track the open rates of your emails, helping you track the leads you get via referrals.
Believe it or not. With no follow-up marketing after the loan closing time is not your friend. Over years of no contact, you will often be forgotten. people lose your info or a competitor gets in front of them in the meantime and before you know it they are no longer your client. If it hasn’t happened directly to you you have a friend or colleague that checked in a client after a long time only to hear they recently refinanced with someone else.
4. Event or Mortgage Alerts
CRMs help loan officers to manage their schedules well by providing timely alerts. You don’t need a calendar to know when your event is due. If you input the event dates and ensue in the software, you will get a timely reminder. Not only that, the software can send multiple alerts to many people at the same time. This saves you the time of sending similar reminders to your clients/stakeholders.
5. Automated Mortgage Follow-Ups
Mortgage CRM tools can integrate with your old loan integration software. Therefore, CRM can easily extract data from your old systems and send relevant messages to the clients/ team members. For example, when a client is applying for a loan and has completed the first step, CRM software can email the customer with helpful information on how to move to the next step. The communication can either be done via one on one texting, email, or both.
Top Must Have Features for Mortgage CRM Software
The following are the essential features to consider when buying new CRM software for your mortgage business:
1. Power Dialer
A mortgage originator spends the better part of the day on the phone speaking to clients, real estate agents, stakeholders, and so on. Therefore, the ideal CRM software should have an inbuilt power dialer to save time and money spent on the manual calls. Automated CRM calls make it easier to attend to many calls without consuming much time and energy.
2. Advanced Lead Management
There are multiple CRM software tools, and each comes with a unique lead management suite. The ideal software should be able to allow you get high level visibility into your pipeline as well as drill down to each contact . We use ActiveCampaign for our business which offers the ability to set up automations, move leads from one list to another based on behavior, and track integrations with our company/brand. There are also a bunch of mortgage industry specific CRM’s such as SureFire, Shape, Whiteboard, LionDesk, Total Expert to name a few.
3. Complete Remote Access
The pandemic has taught us one vital thing: businesses need to adapt to different working conditions. The ideal mortgage CRM should have the mobile access feature to improve convenience even when in remote areas. Remote and mobile access ensures that the mortgage officers have few or no inconveniences, which could affect the firm’s productivity.
4. High Scalability
The ideal CRM should be scalable to handle your business’s growing needs should you decide to expand in the future. If I were looking at a new CRM for a mortgage company I would also look for one that had an integration with my LOS. Those systems really should be connected for the best user experience and the easiest overall management.
Bottom Line
The mortgage industry is rapidly changing. The strategies which work today will probably not be effective in five years. It’s therefore essential to adopt a mortgage CRM, and other tech tools.
Since there are many CRM tools for the mortgage industry, we recommend you write down your business needs first and then start looking for a tool that meets all your needs. And don’t let anyone tell you email is dead. Arguably one of the best advantages of having a CRM is the ability to set up email campaigns you can use to build a relationship with your prospects. Different companies cater to different styles of origination though. A consumer direct loan originator that is buying leads for example will have a very different needs list than a local originator that focuses on referral partners.
Many of the mortgage CRM’s come with out-of-the-box follow-up content which is a great way to get a jump start. That being said; NOTHING can replace you doing your own content that helps tell your story and brand yourself to your prospects.
Our recommended tech stack is Website > Point of Sale > CRM > LOS. Once you have that dialed in you are ready to focus on originating.
Get Noticed Today!
If you are a mortgage broker, a branch, an individual loan officer, or an independent mortgage bank and would like to explore our mortgage website platform and what CRM’s our journey forms integrate with schedule a 20-30 minute demo call with us here.