The Benefits of Using a Mortgage CRM System for Lender Organization

You’ll get organized someday. At least, that’s what you’ve been telling yourself since your lending practice first opened. But the longer you wait, the harder it becomes. It may be time to leverage the power of a customer relationship management (CRM) platform. Mortgage CRM systems can help you get organized and stay on top of your most important tasks.

What can you expect from a mortgage CRM system? The following are some of the ways that CRM software can transform your lending practice — and even reduce your stress level.

Manage Your Borrower Pipeline

The mortgage process is very much a journey. Customers may begin by seeking out information about the borrowing process, and their journey concludes with final approval. It’s your job as a lender to capture the attention of potential borrowers and lead them through every phase of their journey.

This is what’s known as a borrower pipeline. It allows you to segment your customer base into various groups. For example, new leads might fall under the broad heading of “interested parties.” Applicants will face their own challenges as they navigate the lending process. The point is that each of these customer segments will need unique attention. How will you meet the needs of these groups?

Your mortgage CRM system can help. You’ll gain the tools you need to manage the customers in your pipeline. Deliver prompt communication and informative content that speaks to their needs. That way, you’ll keep them engaged as they move through the pipeline toward application and approval.

Store More Customer Data

How well do you know your customers? Mortgage CRM systems can improve customer relationships by helping you get to know your clients on a deeper level.

For example, a CRM platform can store a customer’s information such as:

• Full name
• Contact information
• Social media accounts
• Job title
• Any relationship with your other contacts/clients
• Birthday

Most importantly, your CRM system can store information about their mortgage needs. Are they a first-time borrower? Are they looking to refinance? This data works in tandem with your mortgage pipeline, helping you to identify and manage your most critical customer segments.

Create Customized Workflows

Mortgage CRM systems allow you to create customized workflows. Think of this feature as almost a virtual assistant. You can break down your responsibilities into constituent elements and tackle them one at a time.

These workflows offer a surefire way to boost your efficiency. But they’re also great for those who fall victim to procrastination. Why? Because a customized workflow is designed to move you toward a goal. And you can also use your CRM to establish deadlines and benchmarks to track your progress.

This feature can also be great for smaller lending practices where employees have to juggle multiple business areas. You can create a unique workflow for things like:

• Marketing
• Lead generation
• Application processing
• Business networking

With the time you save, thanks to these custom workflows, you can invest more in your valued clients.

Track Your Client Communication

Mortgage customers expect fast, regular communication from their lenders. That’s especially true for first-time borrowers looking for guidance and information. Don’t let any questions or emails slip through the cracks.

A mortgage CRM platform offers customers a unique way of staying in touch. An online portal allows your clients to self-manage their accounts. The portal also allows them to contact you and your team with any questions. Lenders can even access the portal from their phones, so they’re never out of reach of their customers.

Additionally, mortgage CRM systems offer customer tracking functionality. This allows you to organize and store your client communications. Teams can even work together, ensuring that you deliver a consistent message to borrowers and potential applicants.

Digitize the Application Process

Make paper forms a thing of the past. A mortgage CRM platform can help you devise a digital application process. You’ll start with a basic template, but you can customize and revise the fields to reflect your specific business offerings. Customers can even fill these applications out on their mobile devices. They can also sign documents electronically using e-signature features.

This makes the entire process easy and painless — something your clients are sure to love. But it also makes it easier for you to keep track of the borrower’s journey. And if clients get stuck, your CRM will allow you to reach out and provide guidance to ensure a frictionless customer experience.

Document Storage

Chances are that you ditched the file cabinets years ago. But now, you and your team members have to spend time searching through your hard drives and servers to find the right forms. A mortgage CRM platform eliminates this frustration.

Your CRM system can keep your most important documents organized and stored in a convenient, cloud-based system. That makes it easier for you to easily find the documents you need and share them with employees and clients.

Once again, a cloud-based system adds a layer of convenience. Forms and documents aren’t localized to any one system — or even an email account. Instead, they’re stored online so that they’re always at your fingertips, even on a mobile device.

Team Collaboration

Multiple features ensure that your team stays together — even if they physically aren’t. Team collaboration tools include things like:

• A marketing control center
• A docs library (see above)
• A borrower tracking system

These features make it easier for your office staff to collaborate on shared projects. Additionally, these tools enable you to offer hybrid or even remote work options — benefits that might help you attract and retain top talent.

Automate Your Marketing Campaigns

Maintaining an online presence is a full-time job in itself. Thankfully, mortgage CRM systems make this a bit easier with marketing automation.

First, your CRM platform will offer social media integration. This makes it easier to keep the content flowing through your social media channels. But your CRM software can also help you automate your email communications.

With this feature, your customer segments will automatically receive notifications about loan programs or offers that fit their unique needs. And because the whole thing is automated, you’ll never have to lift a finger to stay in touch.

Access Pre-Built Marketing Content

Ordinarily, building a marketing campaign takes careful research and a designer’s touch. But mortgage CRM platforms make this easier, too.

A quality CRM system will offer pre-built content that includes:

• Website templates
• Social media content
• Email templates
• Video content

You can further tailor this content to reflect your unique brand. The main advantage is that you’ll have something that works right out of the box. That saves you time and gives you access to industry-leading marketing tools.

Partner with Other Industry Professionals

Did you know that a mortgage CRM system also helps you network? Many lenders rely on a broad network of other professionals, ranging from real estate agents to divorce attorneys.

Here is where your borrower pipeline comes in. Your local partners can access a separate online portal. This allows them to drop any potential leads straight into your borrower pipeline.

For example, if a local realtor is at a conference and meets a possible homebuyer, they can drop the contact details right into your pipeline. You can then follow up with that client based on which customer segment they fall into.

Use Third-Party Integrations

Mortgage CRM providers boast of their feature-rich platforms. But most lending practices already rely on a small variety of other business tools. Not all of these tools can easily be replaced with a CRM solution.

But you can continue using your favorite programs and apps alongside your mortgage CRM software. That’s because the best mortgage CRM systems offer third-party integration. This feature allows you to use more than one program and link them together for maximum benefit.

For instance, you can integrate your CRM system with your Google Calendar. As a result, you can sync your calendar to your CRM program. You can also sync tasks between your CRM and Outlook Calendar, giving more flexibility to the way you organize your schedule.

Hone Your Strategy with Data and Analytics

One of the best features of any CRM system is the feedback it provides. Through an intuitive dashboard, you’ll gain total visibility over your entire organization. A CRM can provide feedback about things like:

• Lead generation
• Conversion rates on marketing content
• Application processing time/time to approval
• Employee productivity
• Progress toward your business goals and KPIs

Together, this data will enable you to reflect on your core processes and think about what’s working — and what’s not. And by reflecting on this data, you can revise your current systems to align with your business objectives.

Get Organized with Mortgage CRM Systems

Ready to integrate a CRM system into your lending practice? The BNTouch platform can help. Our feature-rich system provides everything you need to manage your pipeline, network with other professionals, and manage your office operations. To see these features in action, contact BNTouch today to request a demo.

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