Having the right mindset is the most powerful way to guarantee a long and successful real estate career. Now’s the time to get control of your negative thought patterns.
Increase Your Real Estate Earning Potential with a Positive Mindset is just one of many great real estate strategies on The Spark
The post Accelerate your journey to PFI status appeared first on Blend.
The post 5 questions to determine primary status with customers appeared first on Blend.
Technology continues to disrupt and reshape every aspect of the American economy, and the mortgage industry is no exception. Here are some of the most recent digital mortgage tech advances and how they’re changing the lending world.
Borrowers can save time by entering their information into a lender’s customer portal. It speeds up the underwriting process since the data is already present in the system, and it minimizes the chances of data entry errors that can slow the lending process down.
Online portals also empower borrowers to complete digital applications from home. An integrated e-signature feature makes it easier for borrowers to complete forms. Together, these tools make it easier to walk people through the lending process.
AI and ML technologies are helping lenders with administrative tasks. For example, AI streamlines the document-intensive mortgage process by auto-filling elemental forms. Likewise, digital mortgage tech advances can pull customer data from external sources, thereby increasing the speed of the application process. Lenders will also find it easier to assess the creditworthiness of potential clients.
Currently, cryptocurrency can’t be used to buy a home, but blockchain technology can increase transparency and give lenders access to reliable data. A blockchain is a distributed public ledger that centralizes the bank accounts, data, title deeds, and government records that other blockchain technologies can pull together, in turn making it easier for lenders to screen potential clients.
More home buyers are looking for financing options through non-bank lenders than ever before, and financial technology (fintech) has made it easier to compare rates and apply online.
That also creates an opportunity for non-bank lenders and increases competition, which is why your lending practice needs a quality customer relationship management (CRM) platform. Such technology will help borrowers explore your offered services and apply for them online.
Application programming interfaces (APIs) improve your efficiency by helping mortgage lenders do the following:
API technology streamlines back-office processes, helping you stay focused on each client, and it also helps you grow your core business.
Mortgage lenders rely heavily on data to evaluate their customers, as they can use customer data to predict buying behavior and the probability of repayment.
Data also helps lenders identify broad industry trends as well. Lenders can use that information to connect borrowers with the right programs. They can also encourage customers to respond to market changes to get the best value.
With technology always changing and evolving rapidly, lenders need to maintain the proper edge. The right mortgage CRM platform can help you do just that.
To learn more about how CRM can streamline your lending practice, contact BNTouch today to schedule a demo and see how your business can step into the future.
The post Top Digital Mortgage Tech Advances that Are Transforming the Industry appeared first on .
Buyers, owners, and realtors are all wondering what’s in store for the real estate market of 2023. With mortgage rates set to fall, lenders can expect to encounter an increase in buyers. But they may wonder how to stand out from the competition. Here are some of the biggest mortgage marketing tech advances in 2023. Adapting to these trends can help you connect with clients and enhance your business.
It’s no secret that artificial intelligence (AI) can simplify your administrative processes. But you may not know that AI can also help you connect with your customers.
AI currently powers chatbots, meaning borrowers can ask questions through the chat feature of a website. They’ll then receive real-time replies from the AI program.
Recent applicants can also receive automated updates from an AI-powered system. A customer relationship management (CRM) platform sends messages to clients. It does so as each phase of the application process gets done.
Generating new leads requires the work of both man and machine. Lenders can start by building their mortgage pipeline. They can later connect this pipeline to their professional network.
Developing relationships with other industry professionals also empowers you to generate new leads. For example, real estate agents can use an online portal to submit potential leads. That allows you to extend your reach and develop meaningful, local leads.
Content marketing remains important in 2023. Sharing content on your social media channels allows you to expand your reach. A mortgage CRM platform can provide curated content for your marketing campaigns. But you can further customize this content to increase brand recognition.
The right CRM can also help you develop personalized video content. Millennials, in particular, prefer video over text. Using more video content can help you reach a younger demographic.
Many businesses already rely on digital advertising on Google and Facebook. With the mortgage marketing tech advances in 2023, lenders can work well with CRM platforms.
Leads you generate from things like Facebook ads add to your mortgage pipeline. You can gain more recognition and leads with a single ad campaign.
This year’s advances need simple user interfaces to help you manage your processes and analyze data. Again, this is where mortgage CRM offers a reliable solution.
With CRM, loan officers can manage their pipeline and develop a social media calendar in a few clicks. The centralized dashboard helps track your marketing goals and customer behavior. Best of all, you can access a cloud-based system from anywhere in the world.
With so many changes coming to the mortgage industry, it’s essential to be prepared. BNTouch offers a high-quality CRM platform. It helps you market your business and manage your core processes. To see these features in action, contact BNTouch for a demo.
The post How Technology Is Shaping the Future of Mortgage Marketing in 2023 appeared first on .
Getting comfortable on camera isn’t as complicated as it feels. Past the awkwardness and editing, it’s easy to develop high quality real estate videos.
How Real Estate Agents Get Comfortable on Camera is just one of many great real estate strategies on The Spark
The post Mortgage Power Up webinar: Thrive in a Tough Market appeared first on Blend.
Home buyers can expect mortgage rates to drop in the coming year. However, high demand and a lack of availability may result in some residual friction.
As a mortgage lender, you have an opportunity to reduce that friction. Your digital tools can generate more leads, streamline the process, and boost buyers’ confidence. Here are the top mortgage marketing tech advances in 2023.
Yes, interest rates will likely drop in 2023. Buyers who held out for lower rates may start the shopping process. Some of the best mortgage marketing tech advances in 2023 will help you find these buyers.
With social media channels already jammed with content, it’s important to stand out. Video can help you do that. Most social platforms allow you to create video advertisements. And video has been shown to connect well with millennial buyers who prefer the format over reading text.
That’s where it helps to have a reliable customer relationship management (CRM) platform. A solid CRM system offers curated video content to jumpstart your marketing efforts and connect with younger buyers.
You can also view analytical data to assess the effectiveness of your campaigns. Make adjustments to your strategy and learn what works for your target market.
Social media will continue to be the place to connect with buyers. But managing your social accounts across multiple platforms can be challenging.
Most mortgage CRMs allow you to manage your social channels through a centralized dashboard. This enables you to create a social calendar, manage content, and schedule posts.
But the most important feature is the ability to integrate with your mortgage pipeline. The leads you generate will automatically populate your pipeline. That means that you can seamlessly connect with buyers with only a few clicks.
Visitors come to your website for information. And if they have questions, they want them answered right away. A chat feature allows you to immediately connect with them.
Some platforms use artificial intelligence (AI) to transform their chat feature. Visitors interact with a computer program that uses algorithms to answer user questions.
But while the technology is being perfected, other lenders can still connect with an interactive chat feature. A quality CRM can even alert you to an income query, allowing you to address your customers in real-time.
Some of your best leads will come from other industry professionals. Real estate agents, for example, can be excellent partners to help you generate meaningful, local leads.
Impress other professionals with a well-built mortgage pipeline. They can then use collaborative tools to drop new leads into this pipeline. And because the system is cloud-based, they can provide new leads from anywhere, including local events or open houses.
This is often one of the best mortgage marketing tech advances in 2023. Collaborating with other professionals expands your network. It also gives you access to a wider range of potential buyers.
Besides these mortgage marketing tech advances in 2023, other tools streamline the process itself.
Today’s buyers are used to doing just about everything online. Make it convenient for them by offering a digital application process.
For example, a mortgage CRM allows you to create and customize a digital 1003 mortgage application. You can park the form on your website, send it through email, and more.
Additionally, the “save” feature means borrowers don’t have to complete the form in one sitting. This helps you maintain a relationship with new borrowers. It also allows you to address questions that come up along the way.
Speed is king when it comes to the mortgage application process. AI and machine learning can autocomplete certain form fields. This decreases the time it takes to receive mortgage approval, giving your clients immediate feedback.
You can use these same tools to evaluate a borrower’s creditworthiness. This likewise speeds up the process and predicts the borrower’s ability to buy a home.
In fact, the most advanced systems examine external databases to evaluate customer data. This gives lenders complete access to important financial information. Additionally, it streamlines the screening process. AI eliminates the need for a lot of manual research.
The lending process can be long and inconvenient. Borrowers often have to physically come to the lender’s office to complete and sign forms. That can be time-consuming, especially since borrowers typically have to sign multiple documents.
But a quality mortgage CRM makes things much easier. Mortgage loan officers can create digital loan documents, then incorporate an e-signature feature.
Borrowers can access these documents through the CRM customer portal. When they’re ready, they can sign and re-upload these documents. This saves time and avoids the hassle of physically visiting your office.
One of the challenges of the 2023 housing market will be the lack of available homes. This is partly due to a lack of professional home appraisers. Historically, appraisers had to evaluate a property in person. That creates snags in the process, resulting in fewer eligible homes.
But as of 2022, Fannie Mae and Freddie Mac announced that they’ll accept more “desktop appraisals.” Similarly, the Federal Housing Finance Agency now permits remote valuations.
The bottom line is lenders can expect remote appraisals to become the norm. That’s good news for you and your clients. You’ll have a larger inventory of available homes. And the fast turnaround of online appraisals will give you access to new inventory all the time.
Some of the most important mortgage marketing tech advances in 2023 relate to communication. Remember, first-time borrowers are entering unfamiliar territory. They’ll be looking to you for information and guidance. The right tools deliver a frictionless customer experience.
Stay in touch with each of your borrowers. Automated communication tools provide instant feedback and status updates. This ensures that your clients understand the process and how far they’re advancing.
A mortgage CRM can send automated updates once a borrower has completed a crucial step in their journey. For instance, once they pass a credit check, your system will send them a confirmation message.
Since the process is automated, you don’t have to lift a finger to stay in touch with your clients. This allows you to manage a larger client portfolio without losing your personal touch.
Many borrowers come to your website for information. This is especially true if you occupy an industry niche. Borrowers looking for data on first-time lending options or commercial mortgages may find you through a Google search.
That’s why it helps to build a library of educational content. Blog posts and instructional videos offer a deeper look into the lending process. By creating just one or two blog posts per week, you’ll soon build a resource library on your website.
This is another area where a mortgage CRM can be helpful. The right platform will provide templates to help you develop solid content. It will also help you curate this content and measure engagement.
Do you have a plan for following up with your former clients? You should. Your satisfied clients can be your greatest source of future leads. If they receive quality services from you, they’ll be more likely to recommend you to others.
There are two main ways in which you can follow up with your clients. First, you can send them emails to celebrate their mortgage anniversary. This ke
eps your name in front of them and may remind them of your quality services. The personal touch may also make them more likely to mention you to friends or family.
Second, you can ask for reviews. Customer reviews and testimonials make great material for your marketing efforts. A good mortgage CRM allows you to collect reviews and post them on your website or social channels.
And if you receive negative feedback, you’ll have the chance to contact the client. You can address problems and concerns to deliver a superior customer experience.
By now, it’s no secret that blockchain technology is here to stay. Some companies are already allowing customers to pay using Bitcoin or Ethereum tokens.
Will customers soon be able to buy a home using cryptocurrency? Surprisingly, yes. Freddie Mac has said that bitcoin can be used under some circumstances to determine mortgage eligibility. You can’t use crypto to buy a home directly, but you can convert your holdings into cash.
These trends will likely continue now that cryptocurrency has gone mainstream. Lenders can expect to see more buyers with crypto portfolios, which may have an impact on their mortgage options.
Most of these mortgage marketing tech advances in 2023 can be implemented with the right CRM. If you don’t currently use a CRM system, now’s your chance to make a new year’s resolution. The BNTouch platform can streamline your business and improve customer relationships.
To request a demo, contact BNTouch today!
The post Explore the Latest and Greatest Mortgage Technology Advances in 2023 appeared first on .
