The right technology should bring you results, not headaches. Implementing a customer relationship management (CRM) platform in your lending business is a great way to streamline your processes and connect with your target market. But how do you choose which mortgage CRM platform is right for you? 

This guide will introduce you to the top features of a mortgage CRM and help you learn how each one can impact your lending business.

What Is a Mortgage CRM?

Business is all about relationships. So how can a software platform enhance those relationships? Customer relationship management software offers a diverse range of innovative tools. These tools can help you manage multiple aspects of your lending processes.

Busy loan officers can rely on a mortgage CRM platform to generate leads, communicate with clients, and oversee loans from start to finish. With the right tools, you’ll notice greater accuracy, enjoy better client visibility, and improve your ability to close deals in less time.

In any business, efficiency matters. Lenders especially understand the juggling routine that takes place from pre-loan to pre-closing. The right mortgage CRM can improve your core processes with mortgage-specific workflows to serve your clients’ needs. 

In fact, many lenders recoup more money than they invest in a CRM platform as they enjoy a higher volume of closed transactions and greater client satisfaction. 

Mortgage CRMs vs. Loan Origination Software

Many loan officers use loan origination software to manage their loan processes. However, traditional loan origination software is limited to the loan process. Mortgage CRMs do more. You can generate leads, coordinate between your team members, and manage your business in a comprehensive way with a CRM system.

If you already rely on loan origination software, consider upgrading to a full CRM platform. You could be missing out on additional features designed to enhance every workflow within your business. 

You’ll likely discover that a mortgage CRM system can replace your existing software. It can also integrate into your other tools to optimize your business end-to-end.

Features to Look for in a Mortgage CRM

What are the most essential features in a mortgage CRM? The best software will include a variety of tools to support your brokerage. If you’re thinking about adopting a customer relationship management platform, make sure to look for a system with the following features:

Communication Tools

First-time homebuyers want a lender to walk them through the process from start to finish. They look to you for guidance and understanding. Staying in touch from pre-approval through closing can help them feel at ease and more confident about their loan.

Mortgage CRMs make it easier to stay in touch. The best platforms organize your client correspondence within a centralized dashboard. This means you won’t have to worry about messages getting lost or questions going unanswered.

More significantly, a digital platform can send automated emails and texts to your clients. When your customer completes an important phase of the loan process, they’ll receive an automated status update.

The best platforms take this a step further with a live chat feature that integrates with your website. With these tools, clients and partners can get the answers they need in real-time. Automated responses also help you to collect leads that you can follow up on when you’re back at your desk, no matter what time a client reaches out.

Marketing Features

The right CRM system can also enhance your current marketing strategy. The top packages offer curated digital content including:

• Customized videos
• Social media content
• Email marketing tools
• Pre-built marketing campaigns

These materials help you generate new leads and build relationships with a broader network of potential clients. All of this content can be accessed and managed through the dashboard of your CRM, where you can also post content to your social media pages. It can even measure the engagement and assess the effectiveness of your marketing strategies.

Best of all, your marketing campaigns can be managed through one centralized dashboard. This eliminates the need to open multiple programs to monitor your social media, email campaigns, and other digital marketing efforts.

Web Development Tools

Modern businesses require modern websites. Customer relationship management software makes this easier than ever. Many mortgage CRMs include options to build clean, professional websites that are branded to match your logos and designs.

The best platforms come pre-loaded with website templates, which means your site can be up and running in minutes. Simply select the options that match your business, and fill in your information. Top templates are designed to look great on desktop computers as well as mobile devices.

You’ll also need the right tools to track your web traffic. Competitive platforms integrate with tools like Google Analytics to offer insight into your website traffic and how visitors are interacting with your content.

Pipeline Management

A mortgage CRM system can also help you strategize. You can use software to create pipelines for your borrowers, as well as your partners.

A mortgage pipeline is a systematic way of progressing through the loan process. When you’re interacting with borrowers, a pipeline helps you track every stage of the process. This gives you better control and visibility of the steps to close a loan.

For partners, a structured pipeline can demonstrate your commitment to strategic communication. This can go a long way to improving your relationship with real estate agents and other industry professionals.

Collaborative Tools

Do you work in a large brokerage? Mortgage CRM can turn your staff into a well-oiled machine. Everyone in your office can work together through a shared, centralized platform. With the best tools, you can share documents, collaborate on marketing campaigns, and even close leads together. Chat features can even ensure that your team members stay in touch as they work to get borrowers to the closing table.

Bottom line? These features translate into greater efficiency. When your office moves faster, your business moves faster. That’s good news for you and for your clients. 

Customer and Partner Portals

Your customers and partners are used to transparency and communication. Thankfully, a solid mortgage CRM system can allow partners and borrowers to download an app for their mobile devices. Using this approach, you can send out push notifications about the loan process, keeping borrowers and agents informed of the status of loans.

But a customer portal is more than a means of communication. A portal will also allow you to collect documents and signatures electronically. Doing this can accelerate your core processes and improves customer satisfaction.

Partners can also use a portal to engage with your business. You can encourage your partners to use a personalized portal to submit client leads. Mobile-friendly systems ensure that they can submit leads even when they’re out and about. This can help your partners make the most of open houses or networking events.

Customer Surveys

The best feedback you’ll ever receive will come from your clients. A mortgage CRM software package makes it easier than ever to collect customer feedback.

For instance, a mortgage CRM can allow you to create branded surveys. You can send these surveys to borrowers at any stage of the loan process. The feedback you receive can be used to refine your workflows in the future. It also gives you the opportunity to follow up with clients to resolve issues and ensure maximum client satisfaction.

Customer feedback can even be integrated into your web design and marketing efforts. You can display positive reviews collected in the CRM on your landing pages or social media accounts. This kind of testimonial can help you gain credibility with future borrowers.

Automation

Many aspects of the loan process rely on basic, repetitive tasks. You can increase both speed and efficiency through the automated features of a mortgage CRM. Your software system can help you handle things like data entry and other essential tasks. This not only accelerates your core processes but also reduces the opportunity for error.

Automated communication means that you’re always “on.” You can send clients regular feedback from your brokerage without ever lifting a finger. 

Together, these features can help you take on a larger client load. This translates into more money for your business and more clients receiving the loans they need.

Which Mortgage CRM Is Right for Me?

Which features are essential for your business? The answer may depend on your unique industry niche. Do you specialize in loans aimed at first-time homebuyers? Then you may value customer portals and communication tools. 

There are, of course, many mortgage CRM options available. You’ll need to assess the needs of your business, the needs of your clients, and the needs of your partners. A comprehensive package will allow you to meet your current needs while planning the future. 

Consider investing in a CRM package that helps you reach these long-term goals. With the right technology, your company can reach its fullest potential.

BNTouch Makes Business Simple

The BNTouch platform offers all of these great features and more. When you invest in our mortgage CRM system, you’ll have a better handle on your marketing strategy, your customer relationships, and how you work as a team, all while driving more business.

Request a demo today and discover how BNTouch can enhance your lending business!

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The right mortgage pipeline hedging strategy can do more than help you offset risk. A good strategy can also help you stay flexible and efficient and improve your chances of a high return. Here are some of the best ways to plan an effective mortgage pipeline strategy.

1. Keep an Eye on Your Data

Loan officers depend on having accurate, timely data. This way, you’ll be able to improve the accuracy and efficiency of your forecasts and create reliable models for the future.

This is where a high-quality customer relationship management (CRM) platform can shine. The right CRM system can help you track your data and integrate with your organization’s other software to provide accurate information.

2. Set Appropriate Benchmarks

For positive gains, loan officers must match loan duration profiles accordingly. This means you’ll have to ensure that assets share similar sensitivities to changing interest rates and other key factors.

One way to do this is to set a benchmark duration. This isn’t just an educated guess; it allows lenders to simplify decisions based on the relationship to the benchmark. At the very least, these benchmarks can serve as a reference point to help your decisions in the future.

3. Create Stages in Your Mortgage Pipeline

Your mortgage pipeline isn’t always a straight line from beginning to end. Instead, think of your pipeline as proceeding in different stages. The data you glean along the way allows you to track progress.

For example, many originators rely on pipeline fallout ratios to estimate the pull-through ratio. The latter refers to the likelihood of funding a particular loan commitment. Fluctuating interest rates can influence fallout rates and pull-through ratios. This creates a need to manage the process throughout the borrower’s journey.

Dividing the pipeline into stages also helps you refine your strategy. When customers first enter the pipeline, for example, you may need to provide some initial consultation. As they progress, you may want to provide additional guidance and help them understand where they are in the mortgage process.

4. Use Forward Sale Commitments

Lenders can sometimes get stuck with mortgage loan commitments if the borrower chooses another lender. After all, borrowers can change lenders without penalty, even after they lock in a rate for a loan. That leaves lenders on the hook for a hefty portfolio.

The solution? Many lenders are choosing to use forward-sale commitments as part of their mortgage pipeline hedging strategy. This means that the originator will commit to delivering a set dollar amount of mortgage loans at a certain price by a certain date. 

This doesn’t eliminate risk entirely. But it does put you in a better position to manage your portfolio and offset the risk of homebuyers pulling out.

Choosing the Right CRM

The best way forward is to pair your mortgage pipeline hedging strategy with a state-of-the-art CRM platform. BNTouch offers comprehensive tools to help you stay organized and efficient.

Request a demo today, and discover how BNTouch can transform your lending business.

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A mortgage loan pipeline refers to loans that have been initiated but have not been completed. Loan officers need to know how to build a loan pipeline as a core part of their business. 

Managing your pipeline can make you more efficient and can increase your bottom line. This guide will show you how to build a loan pipeline and help you steer clear of common mistakes.

How to Build a Loan Pipeline

Want to learn how to build a loan pipeline? Here are 4 steps.

1. Stay Informed

Loan officers can increase their effectiveness by keeping up with current mortgage and consumer trends. For example, most of today’s homebuyers struggle with credit. A loan officer should have the knowledge to help these buyers connect with the right loans.

2. Get the Word Out

A little bit of marketing goes a long way. The right marketing tools can help you generate leads and follow up on prospective customers.

3. Stay Connected

Building relationships is one of the most important parts of the lending industry. Staying connected to your clients helps ensure a good working relationship and improves your reputation as a loan officer.

4. Use the Right Tools

Never underestimate the power of the right software. Customer relationship management (CRM) tools can help you with things like communication, marketing, and more. Additionally, they will give you access to the data you need to make decisions on the fly.

4 Common Mistakes to Avoid in Building a Loan Pipeline

What common mistakes should loan officers avoid when creating a mortgage pipeline?

1. Being Too Broad

Not every lender has to occupy a niche. But sometimes loan officers can spread themselves too thin by pursuing mortgage loans of varying types. Instead, try to focus on one key area and build your pipeline around that.

2. Not Being Selective with Loans

As a loan officer, it’s tempting to accept every loan that crosses your radar. But some loans are better than others. Focus on the loans that will mean the most for you and your clients or the loans that align with your area of specialty.

3. Not Setting Realistic Timelines

Be realistic. If your turnaround time is 30 days, don’t insist that you can close within 20. This is especially true if closing depends on third parties or special considerations, or if the property needs further insurance review.

4. Closing the Relationship After Closing the Sale

Your former clients can actually be your greatest current assets. Stay in touch and send them a message after the first month and/or year goes by. They may know others who are looking for a home loan and can help you land some new leads.

Make Every Customer Count

Every loan officer can benefit from the right customer relationship management (CRM) platform. At BNTouch, we provide innovative solutions to help you with communication, marketing, and much more.

Request a demo today, and you’ll soon discover how BNTouch can improve your lending business!

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Loan pipeline management software can give you an edge in today’s competitive industry. With the right software, you can ditch the spreadsheets and manage your business from one centralized platform. 

But with so many software options to choose from, how do you know which one is right for you? Here are five of the most important features to look for in a loan pipeline management platform:

1. Centralized Access

A digital platform can bring together your customer and borrowing data, also allowing you to access it from one centralized location.

This setup means you’ll have greater access to information such as:

• Customer profiles
• Customer lending stages
• Customer credit ratings

Loan officers can enjoy greater end-to-end visibility of their core processes. As a result, you’ll increase your efficiency and give yourself greater control over the customer lifecycle.

Additionally, when you pair this centralization with a cloud-based platform, you’ll have access to this data from anywhere in the world.

2. Seamless Integration

Think about all of the facets of a lending business. As a loan officer, you need to handle onboarding, the credit assessment, loan origination, underwriting, and more. Loan pipeline management software lets you integrate these processes under one central platform.

Your customers will notice the difference. The time you save can reduce turnaround times, to say nothing of the fact that you’ll have more time to devote to each client.

3. Automation of Core Processes

Many aspects of the loan process are repetitive by nature. Most loan pipeline management software tools offer automation to speed things along.

Robotic Process Automation (RPA) performs mundane tasks with minimal input. Coverage includes such tasks as:

• Loan evaluation
• Credit analysis
• Data entry

Mortgage professionals can expect to see two results. First, automation reduces turnaround times and boosts operational efficiency. Second, automation minimizes human error, increasing the accuracy of your business records.

4. Credit Assessment

Modern loan pipeline management software can give you better access to broader methods of evaluating credit. For example, some platforms can help you analyze things like:

• Social media behavior
• Past bill payment behavior
• Tax data
• Bank statement history

Using this data can ensure that you accurately assess your borrower’s creditworthiness and increases the borrower’s chances of receiving favorable loan terms.

5. Communication Tools

A mortgage pipeline management tool is often part of a platform is known as a customer relationship management (CRM) system. CRM platform can help you keep client communications organized and in one spot. This setup keeps you from worrying about emails you might have missed or questions you failed to follow up on.

In some cases, the software can send automated updates to your clients. For example, your clients can receive an email update to let them know that they’ve successfully completed a phase of the loan process. Customers will appreciate this level of transparency, and it also helps you remain their primary point of contact.

Transform Your Business

Bonus tip: find a software provider that allows you to test their solution with a demo. BNTouch provides a CRM platform that helps you integrate and streamline your core processes.

Request a demo today. You’ll discover how the BNTouch platform can help you manage your pipeline and transform the way you do business.

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A mortgage loan pipeline allows loan officers to maximize their efficiency and increase their revenue. Understanding how these pipelines work can be the key that unlocks your true business potential. 

What is a loan pipeline? How does it work? This guide will introduce you to the basics of mortgage loan pipelines and how they can enhance the lending process.

What Is a Loan Pipeline?

A mortgage loan pipeline is a set of loans that have been initiated but not completed. In some cases, the loans have been offered to potential homebuyers, though the sales have not yet closed.

The concept is simple. Loan officers initiate loans and secure a particular rate. They can then connect these loans to prospective homebuyers. The advantage is that the pipeline ensures that the interest rates and loan terms stay locked in. For the initial lender, this creates some risk, but it helps loan officers and borrowers land favorable loan terms.

How Does a Loan Pipeline Work?

To understand how a loan pipeline works, it’s important to distinguish between primary and secondary mortgage markets.

When a borrower receives a loan directly from a lender, they are operating within the primary market. But that doesn’t prevent them from selling that loan on the secondary market.

So a mortgage pipeline allows brokers to buy loans from an originator and then sell them to clients on the secondary market.

For Lenders

Lenders love this setup because it means they don’t have to worry about running low on money to lend. Instead, lenders can create loans and then sell them via the secondary market. This, in turn, frees up additional spending power.

Still, lenders have to be careful to maintain a balance between available cash and pending loans. Additionally, fluctuations in interest rates may prompt lenders to adjust the number of loans they produce.

The loan pipeline will determine how many more loans a lender can issue before the loans in the pipeline have been funded, closed, or sold.

For Brokers

For mortgage brokers, the mortgage pipeline is their primary source of income. Brokers and loan officers earn money based on the commission from the sale of mortgage loans. This ensures that loan officers work hard to connect clients to the right loans.

For Borrowers

Borrowers can often secure favorable rates when purchasing a home loan on the secondary market. But that doesn’t mean that borrowers won’t still experience snags. 

Changes in the lender’s loan pipeline can delay the closing of a loan. This is why loan officers must work to ensure transparency and accuracy to avoid further delays in the lending process.

Example of a Loan Pipeline

Imagine that a borrower (or brokerage firm) initiates a loan. The lender offers a mortgage with a flat 5% annual percentage rate (APR). This interest rate will remain locked in for a predetermined period, or simply until the loan is sold on the secondary market.

At this point, the loan is neither completed nor funded. But the originator must adhere to the original loan terms. The task of the loan officer is to sell this loan to a prospective homebuyer.

You may have noticed that this introduces some risk. Sure, if interest rates fall, the lender can benefit from the higher interest rate. But if interest rates rise, then the lender will take the hit from having a low-interest loan in the pipeline.

Again, this is why lenders must monitor their pipeline carefully and adopt hedging strategies to offset this risk. The state of the market can determine whether a lender creates further loans, seeking to balance profits and losses as interest rates fluctuate.

Of course, in the real world, a loan pipeline would be populated by more than just this simple example. Lenders and brokers alike rely on a dynamic system to keep money moving and provide the right loans to the right clients.

What Purpose Does a Loan Pipeline Serve?

On paper, this process might seem needlessly complex. But a mortgage loan pipeline plays a valuable role in the mortgage and real estate industry. Here are just some of the ways a mortgage loan pipeline keeps the industry moving.

Keeps Costs Low for Borrowers

A loan pipeline can lock in a low rate for prospective borrowers. When lenders are able to offer loans through a broker, it creates greater competition. Borrowers will have an easier time securing low-interest rates and favorable loan terms.

Increases Liquidity

A mortgage loan pipeline keeps money moving. Not only is there greater liquidity but money moves faster thanks to a mortgage loan pipeline. And when money flows freely, the entire lending process flows efficiently as well. Without a pipeline, the entire system could come to a grinding halt.

Expands Borrower Opportunities

With more money moving, lenders are able to increase the number of lending opportunities available for borrowers. Basically, there’s just more money available. This means that lenders will be more likely to extend loans to a wider selection of borrowers. 

Without a pipeline, borrowers would have to meet rigid standards in order to qualify. The pipeline allows more borrowers to gain access to the funding they need to finance their dream home.

Increases the Feasibility of Certain Loan Terms

A mortgage loan pipeline can make certain loan terms more feasible. It’s not that 15- or 30-year terms wouldn’t exist without the pipeline. But the pipeline keeps loan terms and interest rates more consistent across the board. 

Borrowers with similar credit histories can expect similar loan terms and interest rates and can compare rates across lenders to find their best option.

Increases the Number of Loan Types

The loan pipeline can also increase the number of loan types available. When lenders are able to offer more loans, borrowers will have greater access to various loan types. For example, lenders can offer standard mortgages alongside other loan programs, such as options for refinancing.

How to Build Your Loan Pipeline

Building a loan pipeline can increase your bandwidth and enhance the services you offer your clients. But how do you do it? You can build your loan pipeline through several strategies, including the following.

Networking

Like any industry, mortgage lending relies on the right relationships. Consider networking with other professionals, such as

• Lending institutions
• Real estate agents
• Divorce attorneys
• Construction companies and contractors

These relationships tend to overlap and reinforce one another, helping you generate leads as well as helping you connect your clients to the appropriate loan programs.

Marketing

It’s important to get the word out about your lending business. Many customer relationship management (CRM) platforms include marketing tools that help you.

• Build a website
• Manage your email marketing campaigns
• Manage your social media platform
• Request customer feedback

In fact, the right tools can serve almost as an extra set of hands at your workplace and make it easier to build and manage your online reputation.

Relying on the Right Tools

Marketing tools are only the start of what you can do. Many of today’s tools can also help you with things like

• Data management/document storage
• Communication
• Integrating and automating core processes

The more efficient you are at processing loans, the more successful you’ll be as a loan officer. The right tools can make all of the difference.

What Is the Benefit of Loan Pipeline Management Software?

Many loan officers rely on loan pipeline management software to stay organized and automate certain aspects of the loan process. This can increase your efficiency dramatically, which is good for both you and the customers.

Loan pipeline management software offers benefits that include:

Greater Efficiency

Keeping your data in a centralized location can make you more efficient. You’ll be able to process loans faster, lowering your turnaround times. Additionally, automating your core processes allows you to have more time to focus on your clients. 

Electronic signature options can even eliminate the need for face-to-face meetings with your clients. This likewise streamlines the lending process.

Greater Accuracy

When you rely on automated tools, you’ll minimize the errors that creep in from manual data entry. Additionally, many automated programs can perform a credit check and other essential processes. 

Accurate information ensures that you connect borrowers with the right loan program as well as help them obtain a loan with favorable terms and rates.

Scalability

A software system enables you to expand your business. For starters, you’ll be better equipped to collaborate and share data between team members. But an integrated software platform also allows you to diversify your loans. As you grow, you can explore new territories and serve a greater array of clients.

Build Your Loan Pipeline Today

The best way to start building a loan pipeline is with the BNTouch platform. Our innovative CRM system allows you to integrate, automate, and streamline your core processes. Users can use our centralized software for marketing, communication, and much more.

To see these features in action, request a demo today. These tools will help you build your loan pipeline and serve your clients like never before.

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For most mortgage lending agencies, errors and productivity are polar opposites. The time it takes to pinpoint and correct errors can cut into your workflow, which is bad for you and your clients. 

Mortgage document automation can help you address both issues. Here’s how automation software can minimize errors and boost productivity for your lending practice.

Why Do Errors Happen?

Errors can come from anywhere. Quite often, errors can be the result of human error. But because the lending process is complex, a small error in one part of the process can have major consequences down the line.

Pinpointing these errors takes time. It can also cost you money since you’ll be distracted from the kinds of revenue-generating activities that you depend on.

How Mortgage Document Automation Can Minimize Errors

Automation all but eliminates the human element. For instance, many platforms allow you to auto-complete certain portions of the lending documents. With no manual data entry, you’ll have fewer opportunities for errors to creep in.

Likewise, your software will rely on algorithms to perform routine calculations. This means that the data you work with will be accurate and reliable.

Why Reliability Matters

Lenders work in a data-intensive industry. Reliability matters because your reputation matters. You owe it to your clients to process loan requests quickly and accurately.

Errors slow the process down. Minimizing these errors can allow you to complete applications with no setbacks. Your clients will appreciate the rapid turnaround time. Rapid processing can likewise give you an edge over your competitors. 

How Mortgage Document Automation Can Boost Productivity

Think about how much time you spend dealing with paperwork. This kind of “administrivia” can take a bite out of your workday. The advantage of mortgage software is simple. By automating routine tasks, you’ll have more time to devote to other aspects of your business.

The right software allows you to scan documents, verify data, and coordinate with clients and underwriters. You can also send automated updates to clients, giving them a front-row seat to the entire process.

At the very least, you’ll have greater bandwidth to take on new clients. An easy way to scale your practice is to introduce automation. You’ll be able to invest your extra time into expanding your client base.

Spend More Time with Clients

Borrowers expect a high degree of customer service. This is especially true for first-time home buyers, who come with questions and worries about the loan approval process.

Get out from under the mountain of paperwork. Spend more time building relationships with your clients. Automating your core processes ensures that you give each client personalized attention. That can go a long way toward solidifying your public reputation.

Enhance Your Business Today

The BNTouch platform is the perfect way for loan officers to reduce errors and boost productivity. You’ll have an easier time connecting with clients as well as staying organized.

Contact BNTouch today for a demo, and discover how you can enhance your lending business.

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