In recent years, mortgage CRM software has advanced by leaps and bounds. Modern CRM includes built-in tools and workflows that are changing the way that mortgages are processed. An award-winning CRM can help you grow your business and streamline the mortgage experience.

However, we understand that implementing new technologies can be a challenging process. Below, BNTouch has outlined what you should expect from your mortgage CRM software. This list should help you find the right software for your organization.

Scalability

The best mortgage CRMs will be able to grow with your business. You should expect your software to be flexible and scalable. You should also have the freedom to upgrade your service package as your needs evolve. Be wary of any software that appears inflexible or offers minimal scalability.

User-Friendly Design

You should also expect your CRM to be user-friendly. This is especially important if you are managing a team of loan officers. If you want your staff to be responsive to the new technology, it must be easy to use.

The best way to gauge a CRM’s user-friendliness is to schedule a demo. If you can easily complete basic tasks during a demonstration, then the software is probably a good fit. 

You should also bring a few experienced mortgage brokers to the demo. The more feedback you can gather, the better.

Marketing Automation Tools

Marketing is one of the most time-consuming tasks that your loan officers engage in. Mortgage CRM software reduces wasted time by allowing you to automate these processes. You should be able to set up automated email and text responses.

When you do this, your loan officers will be free to focus on other tasks. Consumer engagement will improve, as well, because potential clients will receive timely responses to any inquiries they might make.

Digital Document Management

The biggest appeal of upgrading your CRM is digital document management. This feature will allow your team to review documents and keep buyers in the loop. Buyers will also be able to actively participate in the mortgage process.

Follow-Up Capabilities

When you choose a great CRM platform, you should also expect it to include follow-up capabilities. The software must include tools that allow you to automatically reach out to buyers after closing.

By setting up an automated email stream, you can nourish the consumer relationship. The goal is that they will share their experiences with others and refer new clients.

Client Retention Tools

CRM software should also incorporate client retention tools. The automation software will allow you to send birthday alerts and refinance notifications. This can open the door to repeat business for your loan officers. 

Thanks to modern CRM software, you will never miss an opportunity to connect with past clients.

A World-Class Mortgage CRM from BNTouch

BNTouch’s innovative mortgage CRM software has all of these capabilities and more. We offer custom solutions to help loan officers provide an enjoyable mortgage experience. Our tools are effective, user-friendly, and affordable.

At BNTouch, we don’t want you to just take our word for it. Contact us today and request a demo. Once you have seen our mortgage CRM firsthand, you won’t want to process loans without it. 

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Investing in high-quality customer relationship management (CRM) software is vital for modern mortgage brokers. However, many loan officers do not get the most out of their new tech because they fail to lay out a clear adoption and implementation strategy. The end result is that many of the exciting features of their platform go unused.

Unsurprisingly, most CRM adoption issues are related directly to your loan officers. Fortunately, you can overcome these problems with a great game plan. 

With that in mind, the team at BNTouch has created this helpful guide. Below, we’ll outline several best practices to get the most out of your mortgage CRM.

How to Maximize the ROI of Your New CRM

If you want to maximize the ROI of your new software, we recommend that you:

Prioritize Adoption

The first step in the process is to prioritize adoption. This is accomplished by focusing on two key factors: developing a plan and offering training.

Your plan of action should outline when and how you will implement the CRM software. You should address long-term goals and the ways that you are going to optimize efficiency. Every aspect of the adoption process should be documented and thought out. This will improve employee buy-in and simplify the transition.

Prioritizing the adoption of new software requires a comprehensive onboarding program. Take the time to train your loan officers on the basics of the CRM platform.

During the training process, make sure to demonstrate how the software will make your team’s lives easier. Once they understand the value, they will be more receptive to onboarding. 

You should also offer ongoing education so that employees remain current on the latest features.

Keep Your Associates Committed

A great CRM will not just help your mortgage brokers. It will also improve the mortgage process for:

• Realtors
• Assistants
• Processors
• Buyers
• Support staff

If you want to maximize the ROI on your new CRM, you need buy-in from these individuals, too. In order to do so, it is important to keep everyone in the loop.

Let your top realtors know that you are rolling out a new system. Emphasize the benefits and encourage them to participate. Use this same approach when interacting with other staff members. Discuss the ways that it will help them meet their professional ideals and goals.

Generating commitment among your client base is also vital. When you are working with a new client, ask them to download the CRM app. Explain that this will give them more control over the mortgage buying process. Also, make sure to let them know that the CRM reduces wait times and helps them close on their loan sooner.

Integrate Existing Workflows

With the right CRM, you will have the power to integrate existing workflows. Doing so streamlines the adoption process and makes the transition smoother. Your loan officers will be able to continue using their favorite lead generation tools while also leveraging the latest CRM.

Without systems integration, your team will have to piece together data from multiple platforms. This drastically hinders productivity and diminishes the customer experience.

Before you settle on a new CRM platform, make sure that it works well with existing tech. The software should be able to integrate with both proprietary and mainstream programs. This ensures that the CRM will communicate with any type of lead provider that you are currently using.  

Input Accurate Lead Data

During the transition, your loan officers will have to manually input quite a bit of data. It is essential that this information is entered correctly. This will save you a lot of headaches because you will not need to spend hours troubleshooting errors. When leads are accurately entered, the CRM technology will function optimally.

Perhaps the biggest appeal of CRM software is that it allows you to automate various processes. However, these automations use the data that your team provides. If the information is inaccurate, then you will diminish the long-term ROI of your new platform.

When you adhere to this best practice, your company can get the most out of the analytics data generated by CRM software. You can track metrics such as:

• Conversion rates
• Leads generated
• ROI
• Total revenue
• Individual loan officer performance

These key performance indicators (KPIs) will offer valuable insights about your business.

Leverage Automation

The true value of mortgage CRM software lies in its marketing automation capabilities. Loan officers that leverage automation workflows get the most value out of their CRM platform. 

CRM software like the one from BNTouch allows you to automate:

Lead Nourishment Messaging

The average consumer expects a rapid response when they request information about mortgages. However, your loan officers already have a full workload. This means that they cannot respond to all leads in a timely manner.

With CRM software, you can create an automated email response campaign. When a lead requests information, they will receive one of these preset messages. This will draw them deeper into the sales funnel and prevent you from missing out on a high-quality lead.

You can even program a series of messages so that clients periodically receive additional correspondence. This will keep your business at the forefront of their mind and improve your conversion rates.

Client Updates

Fully integrated CRM software gives you the power to provide automated client updates. When a particular step is completed, the buyer will receive an email and/or push notification. This keeps them in the loop and improves the overall buying experience.

By providing clients with automated updates, you will further improve your conversion rates. Clients will also be less likely to get frustrated during the buying process because they will always have access to the latest information about their loan.

Refinance Alerts

What is better than closing a mortgage with a client? How about selling multiple mortgages to the same client! Generally, the mortgage buying process is considered to be a single conversion sale. However, it does not have to be this way.

Through the power of CRM automation software, you can earn repeat business and generate more revenue. You can keep in contact with past clients in the post-funding phase. You can set up automatic birthday and refinance alerts. 

When it comes time to refi, that satisfied customer will be eager to partner with your business again.

Lead Distribution

Distributing leads manually is time-consuming and inefficient. Mortgage CRM software allows you to automate this process, as well. Once the CRM is integrated with your lead provider, it will connect these prospects with loan officers.

You can also track each team member’s performance over time. This allows you to adjust the lead distribution protocols and optimize conversion rates. Automating lead distribution gives you total control over your organization.

Benefits of Mortgage CRM Software

When you utilize the five mortgage CRM best practices outlined above, you can get the most out of your new software. Some of the benefits of CRM software include:

Easy Lead Follow-Up

Following up with leads is one of the most tedious processes that your loan officers participate in. CRM software with marketing automation tools makes this task far easier. You can stay connected with prospective clients, current buyers, and post-funded customers.

Follow-up emails and text messages are essential if you want to obtain high conversion rates. Most leaks in the sales funnel occur somewhere between the initial contact and starting the loan buying process. Automated lead follow-up plugs many of these leaks.

Digital Document Management

Keeping up with paper loan documents is a hassle. Mortgage CRM software offers digital document management solutions. This means that your clients can submit key forms online and submit them electronically. Your loan officers can review these documents from anywhere.

Digital document management reduces mortgage processing times. It also results in a better buyer experience. That’s what we call a “win-win.”

Automated Email Marketing

Despite the fact that most digital advertising occurs on social and search engines, email marketing is still a valuable tool. Email marketing is extremely cost-effective, and it resonates with buyers. However, keeping up with all those emails can be a hassle.

Great mortgage CRM software will include several features that make managing your email marketing campaign all too easy. BNTouch’s CRM will allow you to:

• Segment emails
• Tag emails
• Track your open rates
• Send mass emails to specific contacts
• Schedule automated email campaigns

These capabilities will help you get the most out of your email marketing efforts while also saving time.

Upgrade Your Tech with BNTouch

Are you ready to implement the latest technology at your mortgage brokerage? Would you like to implement a scalable CRM platform? Want a flexible software suite that is user-friendly and affordable?

If so, then BNTouch can help. Our team has developed an award-winning mortgage CRM. We have solutions for enterprises, mortgage teams, and individual loan officers. Our cutting-edge tools offer a great ROI and will streamline the mortgage processing experience.

Contact our team today and schedule a no-obligation demo. Once you have interacted with our platform, you will know that it is a great fit for your organization! 

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New technologies are impacting businesses in virtually every category, including the mortgage industry. By leveraging the latest technologies, mortgage professionals can gain a decisive edge over their competitors. 

However, some loan officers may be hesitant to break away from tradition so that they can take on a new approach to mortgage processing. You may even have a few reservations yourself when it comes to adopting new trends in technology.

Once you see how these new technologies can benefit your business, though, you’ll likely be eager to make the switch.

How Can New Tech Give My Business an Edge?

Think about all of the time you waste distributing leads or processing documents manually. Wouldn’t your skills be better suited to more productive endeavors? 

That’s why your business needs to leverage the latest mortgage technologies. By incorporating modern tech tools and CRM software, you can:

Reduce Costs and Maximize Profits

Automating various processes such as lead distribution or document processing can save a ton of time. In turn, this reduces your total operating costs. You’ll no longer have to designate employees to handle menial tasks. Instead, your staff teams can focus their energies on providing an exceptional customer experience.

Having the latest CRM software will also help you to maximize profits. You can reduce processing times and serve more customers. Greater earnings mean that you will have additional funds for advertising. This will allow you to overshadow the competition with strategic marketing practices.

Integrate Seamlessly

Top-tier CRM software integrates seamlessly with existing applications. This means that you can combine it with your existing lead provider and automate tedious processes. Your new software should be able to distribute leads and give you valuable feedback about team member performance.

Many kinds of CRM software also include convenient mobile apps. Staff and clients can use these apps to stay connected and to submit any required information. All parties will be able to stay in the loop from application to closing day.

Eliminate Paper Processing

By digitizing the mortgage processing experience, you can eliminate the need for almost all paper documents. No more stacks of client folders on desks or rooms full of filing cabinets! Instead, you can access all applications from your computer or mobile device.

Guarantee Accuracy of Data

Manually entering client data onto a 1003 form and other documents is time-consuming. Even worse, it leaves the door open for errors. This can cause a client’s application to be rejected, which can delay the mortgage process.

With the latest tech tools at your disposal, your team can automatically import client data. This saves time and guarantees accuracy for all essential documents. You can avoid costly delays and keep your clients on track for their projected closing dates.

Solutions from BNTouch

If you are ready to make the leap and modernize your business model, BNTouch can help. We provide clients with the latest software and tech tools so that they can streamline mortgage processing.

We are confident in our products and want you to have the chance to see them in action. If you are still not convinced, consider booking a free demo. Once you have interacted with our software, you will be hooked. Contact us today to learn more!

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Of all the technologies that have changed the mortgage industry in recent years, AI has by far made the biggest impact. Artificial intelligence is allowing loan officers to go far beyond basic automation. In fact, it is revolutionizing every aspect of the mortgage processing experience.

If you want to meet the demands of the modern consumer, then AI must be a part of your loan processing strategy. 

Below, our experts outline the ways that AI has benefitted the mortgage industry. We will also show you how you can incorporate artificial intelligence into your firm.

Impact of AI on the Mortgage Industry

For the mortgage industry, AI algorithms were created to make decisions using consumer data. These algorithms can have a positive impact on every part of the mortgage processing experience. 

By bringing AI into mortgage processing, companies can take advantage of a number of benefits, which we’ll explore below.

Go Paperless

Processing mortgages with paper documents can be problematic. Paper is expensive to buy, and store. Worst of all, key documents can get lost in the shuffle. This can diminish the client experience and affect your ability to process mortgages efficiently.

Federal law has allowed electronic document processing for over 20 years. Unfortunately, at the time that many of these regulations were introduced, technology was lagging behind. Requirements could vary drastically based on the type of loan product and jurisdiction you were in. In many cases, this left mortgage teams stuck having to manually manage compliance issues.

Thanks to AI, going paperless is now easier than ever before. Intelligent documents can provide cues to each of the parties as they sign documents electronically. These tech tools can even automate compliance rules so that your team knows which kinds of paperwork must have a “wet” signature.

Ensure Data Accuracy

AI and other modern tech tools have also been instrumental in optimizing operational efficiency. Using artificial intelligence software, you can give a client the correct loan documents that are necessary for their file with the click of a button. AI tools can even check to make sure that client data is accurate. It can also allow your team to import information directly from financial institutions.

Best of all, you no longer need to enter in a ton of data manually. AI can improve your ability to process a high volume of mortgages. Customers won’t have to wait for weeks to get an update on their application, only to find out that a document was rejected due to an error.

Tailor the Consumer Experience

Modern consumers expect instant gratification and easy access to data. By leveraging AI, mortgage brokers can exceed this expectation and create a great user experience.

For instance, loan officers can incorporate automated chatbots into their websites. These programs will carry on conversations with curious consumers. They can provide potential clients with information about various products and services. 

The goal of AI chatbots is to draw consumers deeper into the sales funnel and satisfy their need for immediate feedback.

Leveraging AI with BNTouch

Ready to make AI part of your loan processing strategy? If so, then it is time to partner with BNTouch.

Our innovative CRM software uses the latest AI technologies. With our help, you can streamline the mortgage buying experience. We have solutions for independent loan officers, growing companies, and multi-location enterprises. Get in on the revolution and book your free demo today!

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Are you looking for a way to streamline the mortgage process? Want to give your loan officers the tools they need to boost productivity and improve customer satisfaction? If so, then you need to incorporate the latest tech tools into your business model.

While modernizing your mortgage processing capabilities sounds like a great idea, you might not be sure where to start. After all, the market is flooded with CRM software and various tech tools. It can be difficult to sort through all of the hype so that you can find high-quality solutions.

That is why our team of experts created this helpful guide. Below, we’ll outline the top tech tools for streamlining your mortgage process.

Our Picks

Mortgage processing is an ultra-competitive market. If you want to outpace the competition, then you need the latest tech tools that can offer great value to your company. As we created our list, we focused on practical solutions that deal with the issues you encounter every day and left out any tech that is too niche or overly specialized.

Our picks for the top mortgage tech tools include:

Digital Loan Platforms

If you want to offer a user-friendly buying experience, then you need to have a digital loan platform in place. This software allows consumers to complete essential documents online and submit them from anywhere in the world. You can receive automated notices anytime an action is taken on the account.

Digital loan platforms allow your loan officers to manage and review documents through a versatile mobile app. You can keep borrowers in the loop and speed up the mortgage process at the same time.

Client Retention Software

In the past, buying a home was a once-in-a-lifetime experience. That is no longer the case. Modern home buyers are more likely to relocate. They’re also always on the hunt for a lower interest rate. This gives you the opportunity to earn repeat business.

With the right customer relationship management (CRM) software, you can store client information and stay connected for years to come. You can program the software to send out automated birthday alerts and other messages. You can even send them alerts about refinance opportunities when rates drop. In short, CRM software can help you retain clients for life.

Mortgage Marketing Software

Think about all of the hours you spend creating your marketing materials and posting content to social media platforms. Imagine how much more productive you could be if you had a tool to manage marketing.

Modern marketing engines allow you to do just that. This advanced software makes it easier than ever to continuously promote your firm and generate new leads. You can even automate the lead distribution process!

Revolutionize Your Business Model with BNTouch

Are you ready to up your game and streamline the mortgage process? If so, then BNTouch can help.

Contrary to popular belief, accessing the latest mortgage processing tools can actually be extremely affordable. BNTouch has a variety of software packages designed to meet the needs of any loan officer. Whether you are an independent broker or are running a multi-location enterprise, we have the perfect solutions for your business.

If you are ready to experience the difference with BNTouch, then it is time to schedule a demo. Once you see our products in action, you will wonder how you ever did business without us! Contact us today to get started.

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Just a few short years ago, mortgage processing relied heavily on physical document collection and in-person interactions. This made closing on a home a time-consuming and inefficient experience. With no better options available, clients and loan officers just accepted this inefficiency as “part of the process.” 

However, consumer expectations have changed. The modern home buyer is much more open to a tech-centered mortgage processing experience. In fact, many of them actually prefer self-service and digital communication.

If you want to exceed customer expectations and stay relevant, then you must adopt these trends. But you might not be sure where to begin.

Below, we’ll take a look at what kicked off this shift in the mortgage industry. We’ll also outline the tech trends that are on the rise in 2021. 

By implementing these new tools into your business model, you can revolutionize the way you process mortgages.

What Happened?

Over the last decade or so, countless industries have shifted towards a digital buying experience. Many experts affectionately call this the “Amazon Effect.” The digital retail trailblazer disrupted traditional retail practices. It allows consumers to purchase products online and receive them just a few short days later.

The Amazon Effect has unavoidably impacted the mortgage industry, as well. Modern home buyers now expect:

Instant Gratification

Perhaps the biggest impact of the Amazon Effect is that buyers expect instant gratification. Unfortunately, even the best loan officers cannot close on a mortgage overnight. Gathering the necessary financial documents and processing the application takes time.

With that being said, consumers need some sort of rapid feedback. By incorporating modern tech tools into your business model, you can fill that need. Every time a client signs a document or submits requested information, you can send them a notification. This allows you to keep the customer happy and information while you’re processing their mortgage.

The Ability to Serve Themselves

Consumers also have an increased desire to engage in self-service. While they do not want to process the mortgage all on their own, they do want to feel involved. As you will see below, many modern tech trends are geared towards self-service.

Your software should allow clients to submit documents, check on their loan status, and message their loan officer. Prospective customers should also be able to readily access information regarding the loan process in general. This can include information about current loan rates and a breakdown of each mortgage type.

Trends on the Rise in 2021

Now that you know how the shift started, let’s take a look at trends on the rise in 2021. Many of these tech trends have already been adopted on a wide scale. However, they are poised to affect an even larger part of the market in the coming year. Companies that successfully leverage technology will set themselves up for sustainable growth.

If you have been searching for a way to take your brokerage to the next level, these tech trends might be just what you are looking for.

The Mortgage Processing is Going Digital

For the last few years, digital listing sites have been taking over the home buying market. Clients can easily search for properties and access resources to help them make a purchase. 

The rest of the mortgage ecosystem is finally catching up. With the right technology, almost everything can be handled digitally. Loan officers can process online 1003s, manage documents, and send updates to buyers via SMS. Many mortgage brokerages are even transitioning to digital or hybrid closings.  

If you are a loan officer, you can join the evolution, too. You can either build your own digital processes from the ground up or partner with a high-quality CRM provider.

Companies like BNTouch have already done the heavy lifting. Our CRM software gives you all the tools needed to process mortgages digitally. Our tech focuses on providing a great customer experience from start to finish.

An Increased Emphasis on Self-Service

Take a look at any of the nationwide lenders’ mortgage websites. You will notice a common theme:  The ability to engage in self-service. These companies understand that modern consumers need instant feedback and want to help themselves.

In 2021, even more, mortgage brokers will incorporate self-service into their existing sites. We recommend that you do the same.

Ask yourself:  Can customers readily access your portfolio or products? If not, then your self-service capabilities are due for an upgrade

A curious consumer should be able to navigate to your site and quickly interact with your products. This may include taking actions such as:

• Completing a contact form
• Filling out a loan application
• Checking on the status of a loan
• Logging into their account (existing clients)
• Viewing the most recent mortgage rates
• Finding information about various loan types
• Submitting requested documents

Self-service also frees up your staff to focus on other projects. It reduces costs and improves customer acquisition rates. 

A small note of caution:  While customers appreciate the ability to self-serve, make sure that they can reach someone when needed. Overly automated services can diminish the consumer experience.

Automated Data Collection

As any loan officer will tell you, collecting client data and backfilling a 1003 form is tedious. It can slow down the entire mortgage process and take your team away from other valuable tasks. This also creates plenty of room for error.

Thanks to single-source validation, this process can be streamlined. Single-source validation allows your mortgage brokers to import data from the IRS or other financial institutions with a few clicks. This data is automatically filled into a 1003 form, letting your team submit applications faster. The best part is that it drastically reduces the chances of a filing error.

If your team is still collecting client data manually, then it is time to up your game. Digitize your mortgage processing practices and gain access to valuable data import tools. Your loan officers and clients will thank you for it!

Streamlined Lead Distribution

Modern technology is not just about improving the user experience. It also allows mortgage brokers to track key performance metrics. The top brokerages analyze employee data to maximize performance and distribute leads. With the right technology, you can, too.

Top CRM software includes integrated lead distribution platforms. These platforms allow you to receive leads and distribute them automatically. You can even integrate it with your current lead provider. While you are at it, you can track team performance and optimize productivity. This can help to ensure that your employees are well equipped to meet the needs of the clients they serve.

A Focus on Mobile Compatibility

Another significant tech trend in the mortgage industry is a shift towards a mobile-first business model. Many mortgage brokerages initially focused on PC compatibility and added mobile tools as an afterthought. Some did not give mobile users any consideration at all. This approach is simply not sustainable.

When you’re transitioning to a digitized mortgage processing strategy, you must focus on mobile users. The majority of your clients will access your tools via their phones or tablets. Some may exclusively use mobile devices during the mortgage process.

What better way to focus on mobile compatibility than with an app? When you’re searching for a CRM software provider, make sure that tech tools include an integrated mobile app. This will let you know that they have a mobile-first attitude.

Once a client partners with you to handle their mortgage, simply ask them to download the app. You and your team will easily be able to send them alerts, request information, or take other steps to speed up the mortgage process.

More Efficient Team Collaboration

Maintaining open lines of communication as you’re processing a mortgage can be quite challenging. Buying a home involves a lot of moving parts and everyone has unique communication methods that they prefer to use.

In order to address this issue, many mortgage brokers are transitioning to team collaboration software. This technology allows lenders, borrowers, and realtors to communicate on a single platform. It eliminates the need to play endless games of “phone tag” or send countless emails.

With the right software, every member of your team will be able to stay connected. They can work on the same files, share notes, and more. Your clients can even open their mobile app and check on the current status of their files. This means that you will no longer have to field phone calls to answer questions about the status of a mortgage.

Modernizing Your Mortgage Processing Capabilities

As you can see, modern tech trends are changing the ways that brokers process mortgages. Every aspect of the home buying experience is going digital. If you want to get in on the action, then you will need the right CRM software. That’s where we come in!

BNTouch offers cutting-edge CRM software for loan officers and brokers. We have scalable solutions for businesses of all sizes. Whether you are working solo or are managing a large-scale operation, our tech tools can help your business to grow.

But don’t just take our word for it. See for yourself by scheduling a free demo. Once you try our innovative CRM software, you will never want to do business without it. Contact us today to learn more about this exciting opportunity to expand your business!

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Are you looking to elevate the performance of your loan officers? Ready to improve the productivity of your mortgage brokerage as a whole? If so, then you need to start leveraging metrics to assess the overall performance of your mortgage team.

Metrics are quantifiable figures that are used to assess the success or failure of particular processes within your brokerage. In the mortgage industry, metrics are often referred to as key performance indicators (KPIs). 

Below, we outline which metrics are the most pivotal to the success of your business and explore the best ways to accurately measure these statistics.

What Metrics Are Most Important?

While it is certainly important to track various metrics regarding the performance of your mortgage brokers, not all data is created equal. Some KPIs have a stronger correlation to the success of your mortgage team than others. 

Some of the most useful metrics to examine are:

Cycle Time

Cycle time is one of the most vital metrics that you can track. Which is calculated by dividing the total number of days from application to funding by the amount of loans funded during that time frame.

Cycle time is a strong indicator of your brokerage’s overall efficiency. By incorporating modern software such as the BNtouch Team CRM, you should see a reduction in your overall cycle time.

Tracking cycle time is a great way to boost your brokerage’s reputation, as well. While virtually every mortgage broker claims to process loans “fast,” calculating cycle time allows you to support this claim with hard data. 

You can even incorporate this information in an ad campaign by showing that “our team closes loans 25% faster than the average mortgage broker.”  

Conversion Rate

Another vital metric that every mortgage broker should be tracking is their conversion rate. This KPI is calculated by dividing the amount of loans funded by the total number of applications received during the same time period.

If you have a low conversion rate, then there is a good chance that your team is wasting resources in at least one facet of your business. Conversion rates gauge the overall health of your brokerage and should help you achieve sustained growth in the mortgage industry.

Approval Rate

Every loan officer should track their approval rates. The approval rate is determined by dividing the number of approved applications by the amount of submitted applications.

If your brokerage’s approval rate is low, then it means that your team is wasting resources on dead-end applicants. 

By implementing modern CRM software, you can speed up the document gathering and review process to minimize waste. These analytical tools can help you to rapidly identify unqualified borrowers, allowing you to shift your attention to stronger applicants.

Solutions from BNTouch

If your mortgage brokerage is underutilizing its performance metrics, BNTouch can help. We provide mortgage brokers and their teams with access to cutting-edge CRM software and reporting tools. Our affordable tools can optimize efficiency, improve conversion rates, and make your daily life less stressful.

If you would like to learn more about BNTouch, schedule a free demo today!

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Put simply, the term “analytics” refers to quantifiable statistics or data that can help you to evaluate the performance of your loan officers. If you are not leveraging , then you are preventing your business from reaching its optimal potential.

Analytics can have a positive impact on every facet of your business. You can speed up loan processing, generate more leads, and create more targeted advertising campaigns when you explore analytics effectively. 

Below, we’ll discuss three ways that analytics can show you your strengths.

1.  Identify Social Trends

Over the last decade, social media platforms have risen to the forefront of digital marketing. Companies that engage with potential clients on social media tend to perform better than those that neglect this vital commodity.

By reviewing analytics, you can optimize the effectiveness of your social media marketing strategies. You can find out what works and what doesn’t, which will help you to better allocate resources.

Analytics can help you identify which platforms are responsible for generating the greatest number of leads and which forms of social media are relatively ineffective. For instance, if the analytics show that the majority of your leads originate from Facebook and Instagram, then that would be the place that you should focus the majority of your resources for advertising.

Modern CRMs like the one offered by BNTouch not only provides you with detailed analytical data on social trends, but they also facilitate automated branded advertising. This means that your loan officers will have access to a greater number of high-quality leads without spending a lot of time designing campaigns.

2.  Improve Overall Efficiency

By leveraging analytics, you can identify which areas that your team is performing strongly in and where they may be lagging behind. Analytics are typically broken down into individual KPIs (key performance indicators) that give you essential feedback on your team’s output.

If a particular loan officer is consistently underperforming in a certain KPI, then you can be better equipped to address the issue with a high-powered CRM. You can assist the employee in improving performance by supporting them with the right tools, which will result in more efficient mortgage processing. 

You can also identify which loan officers are performing at optimal efficiency levels and assign additional leads accordingly.  Software from BNtouch even allows you to automate the lead distribution process based on performance to ensure that your brokerage is operating as efficiently as possible.

3.  Implement Focused Advertising Strategies

Analytics not only play a role in optimizing your social media presence, but they can also help you to revamp your advertising strategies as a whole. This approach reduces wasted resources and improves your ability to generate new leads.

For example, if you are processing a high volume of a particular type of loan (i.e., VA loans), then you may want to gear a portion of your advertising towards veterans. You can also partner with real estate agents that work primarily with this demographic.

Analytics can even allow you to back up your advertising claims with hard data. If you are claiming to process loans fast, listing your average cycle time in ads can improve your credibility. The ad may read something like, “Our loan officers process mortgages 20% faster than our competitors.”

If you are ready to highlight the strengths of your team through analytics, then it is time to contact BNTouch. Our innovative CRM software can provide you with the tools you need to improve performance and streamline the client experience.

Contact us today to schedule a free demo and see our software firsthand. 

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The modern mortgageoriginator must learn to leverage analytics if they want to stay competitive long-term. Simply put, analytics refers to the systematic analysis of data.

By utilizing analytics, you can adjust your business model to better serve clients and generate leads. Below, we outline 5 ways that you can use analytics to promote your brokerage.

1.  Improve Lead Distribution

While generating a new lead is certainly a win for any brokerage, it is only half the battle. It is important that you assign that lead to the right team member so that they can follow through with the potential client.

With that being said, it can be difficult to effectively distribute leads amongst your loan officers. By leveraging analytics, you can review each members’ performance. Advanced CRM software will even give you the option to automatically assign leads based on individual performance data. This takes the guesswork out of lead distribution and improves your chances of closing the deal.

2.  Automate Marketing to Align with Social Trends

It’s no secret that social media has become an integral part of digital advertising. Unfortunately, far too many mortgage brokers underutilize these effective advertising platforms.

With analytics, you can have a better idea about which platforms might be best suited for your efforts. For instance, if 60% of your leads originate from Instagram, then this is where you should allocate the majority of your resources.

Modern CRM software can provide you with valuable feedback on social media marketing. It can also give you the ability to automate your marketing campaigns and leverage templates for designs. This allows you to focus more of your energy on active clients, while deploying effective advertising to generate new leads.

3.  Configure Your CRM Functionality to Fit Your Team

It is important that you use analytics to assess the performance of each loan officer. This data can help you to more efficiently assign leads.

Reviewing employee performance data will allow you to configure your CRM’s functionality to better meet the needs of your team, as well. You will be able to provide each loan officer with access to mission-critical tools. You will also be able to choose the types of data that you want to receive automated performance reports on.

4.  Educate Team Members

Analytics data can also aid you in creating new employee education strategies.

If you notice that many of your loan officers are struggling in a particular metric, be proactive. Create an in-house training course or address the issue on an individual basis. Doing so will improve the efficiency of your brokerage as a whole while also helping your loan officers to meet their individual performance goals.

5.  Collaborate More Efficiently

By leveraging analytics, your mortgage brokers will be able to collaborate with real estate agents and other professionals more efficiently. Streamlined communication is essential if you want to develop a strong reputation in the mortgage industry.

As you can see, analytics can help your mortgage brokerage to improve its performance in virtually every category. If you want to implement the latest analytics into your business strategy, then you need a high-performing CRM.

Fortunately, BNTouch has just the tools you need to take your business to the next level. We have scalable solutions for mortgage brokerages of all sizes. Our affordable software will give you access to a multitude of reporting tools and other software to support the mortgage process. 

Request your free demo today and take your business to new heights with BNTouch.  

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Mortgages have been around for centuries, but modern tools have revitalized the ways that mortgage brokers operate. From electronic signatures to automatic status updates. Loan officers are better equipped than ever before to perform their duties.

Modern CRM software has also given loan officers access to advanced analytics tools that can improve the entire mortgage experience. By leveraging analytics, you can reduce lead times, increase conversion rates, and boost total revenue.

What Are Analytics?

Analytics is a broad term that refers to a systematic means of computing statistics or data. Analytics are utilized to communicate and interpret meaningful patterns in data. However, interpreting data patterns is only half of the process.

The true benefit of analytics comes into play when the data patterns are applied to making meaningful changes within an organization. For loan officers, this means assessing the effectiveness of current strategies and making improvements to those practices. After all, when they are used correctly, analytics can dramatically improve the performance of your brokerage team.

Metrics vs. Analytics

During your journey to improve your business strategies, you have undoubtedly encountered the term “metrics.” While some business owners believe that analytics and metrics are the same, this is not precisely accurate.

As the name implies, analytics focuses on the analysis of data. On the other hand, metrics are the hard numbers that are being tracked. These numbers are used to gauge the progress or performance of your loan officers and your company as a whole.

In the mortgage industry, the most important metrics are referred to as KPIs (key performance indicators). While most analytical data is useful, you should focus the majority of your attention on KPIs.

Which Metrics Are Most Important for My Mortgage Brokerage?

Some metrics are more important than others. By paying particular attention to these KPIs, you can help your loan officers improve their performance while creating a better experience for consumers. 

Some of the most important KPIs for loan officers include:

Conversion Rate

As a loan officer, the conversion rate is one of the most important metrics you can use to gauge your overall success. The conversion rate is calculated by dividing the number of loans funded by the amount of applications submitted within a specific time frame.

By analyzing conversion rates, you can identify potential pitfalls in your company’s processes. Low conversion rates are typically the result of inefficient communication with clients, a lack of competitive offerings, or poor time management.

Regardless of the cause of a low conversion rate, the first step in improving your practices is to identify that there is a problem. You can then make necessary adjustments and periodically reassess until your conversion rates hit acceptable thresholds.

Cost Per Loan

Your brokerage’s average cost per loan is another essential KPI. This metric measures the general efficiency of your company. It also accounts for a variety of factors like:

• Cycle times
• Conversion rates
• Overhead expenditures
• Staffing

You must ensure that your cost per loan remains high if you want to maintain profitability. This KPI is of particular importance when you are scaling up your mortgage office.

If your cost per loan is low, it is important to remedy this issue before scaling your business. Otherwise, you may be pushing your profitability past the tipping point. Generally, poor cost per loan metrics are the result of inappropriate allocation of staffing, low conversion rates, and inefficient loan processing.

Approval Rate

While your brokerage’s approval rate is a relatively simple metric, it is also a telling one. Approval rate is calculated by dividing the number of approved applications by the amount of submitted applications.

A low approval rate is indicative of an issue with your loan processing practices. If your loan officers are taking too long to review loans, then unqualified applications will slip through. This results in wasted resources and will diminish the experience of qualified borrowers.

Revenue Per Loan

In addition to the cost per loan KPI, revenue per loan is essential in generating good profit margins. Your revenue per loan is calculated by subtracting the total business revenue from your expenses. This figure is then divided by the number of funded mortgages within the same time frame.

The revenue per loan KPI allows you to assess the overall health of your mortgage brokerage. It provides a more accurate representation of your business’ profitability than the number of loans that are being processed.

If your revenue per loan is low, then you should implement digital CRM tools, like the ones offered by BNTouch. These tools will streamline your mortgage services and improve your overall customer experience. In turn, you will improve per-loan revenue and make your business more profitable.

Benefits of Using Analytics

As you can see, analytics can impact every aspect of your mortgage company’s day-to-day operations. 

When you begin assessing the performance of your team in terms of measurable KPIs, you will be able to optimize the quality of your mortgage services. 

The primary benefits of implementing analytics into your business operations include:

Enhanced Efficiency

Incorporating analytics can dramatically improve the efficiency of your daily operations. By having access to hard data, you will no longer have to rely on guesswork or hunches to make key business decisions.

Analytics will help you to more efficiently distribute leads amongst your team of loan officers. In fact, our CRM software can even automatically distribute these leads based on employee performance and other factors. This allows you to focus on serving your clients and growing your business.

Analytical data will also improve the way your team communicates. You can customize your CRM’s functionality to address specific challenges faced by your team. By facilitating seamless communication amongst loan officers, clients, and real estate agents, you can vastly improve your conversion rates.

A Personalized Approach to CRM

Analytics can help you to take a more personalized approach to customer relationship management. You can have access to incredibly accurate data, which can be used to create a tailor-made experience for your consumers.

For instance, if you find that your brokerage is having great success by advertising on a particular social media platform, you can shift your attention to this medium. You can also discover which types of content are sparking the greatest amount of client engagement. In turn, this can create the opportunity to pursue additional leads in an effective way, improving your return on investment for advertising.

Analytics can also reveal which types of loans that you are having the most success with. While you may not want to limit your company to a particular type of loan, it is important to make the most of the opportunities that are presented to you. Highlight your team’s experience with that specific loan type and make sure to mention it in your ads and social media posts.

Faster Decision-Making Processes

When you have access to advanced metrics, you can make decisions with confidence. You will no longer have to spend hours or days second-guessing a particular course of action.

Instead, you can trust the analytics and follow through on bold ideas that will help you grow your business. By continually reviewing this data, you will also have the ability to improve upon current practices as your business grows. You will be fully prepared to overcome any unforeseen hurdles that arise as you scale your brokerage.

Improved Consumer Experience

At the end of the day, the mortgage industry is all about the client. Leveraging analytics is an excellent way to improve the consumer experience throughout the loan buying process.

KPIs can help you to identify shortcomings in your current loan processing practices. Once you have corrected these issues, you can expedite loan processing, which will give your clients a more streamlined buying experience. This will boost your brokerage’s reputation and generate more leads.

Optimized Loan Officer Performance

When you effectively implement analytics into your business practices, you can optimize the performance of your loan officers. In addition, you will obtain a better understanding of which tools they need to carry out their daily responsibilities.

By monitoring loan officer performance, you will also have the opportunity to address issues directly through training programs and one-on-one coaching. This personalized approach will improve employee morale and performance, which can impact the long-term success of your business.

Implementing Analytics with BNTouch

Are you ready to optimize your mortgage services through the power of analytics? Ready to revolutionize your current business practices with cutting-edge CRM software? If so, then BNTouch is here to help.

Our innovative CRM software has helped hundreds of loan officers to grow their businesses. With our programs, you will have the ability to:

• Automate your marketing
• Convert more leads
• Stay connected with borrowers
• Recruit new partners
• Streamline communication
• Receive detailed analytics reports

All of these great features are included in a single, user-friendly CRM solution. No matter what the size of your mortgage brokerage may be, we have a solution for you. Currently, BNTouch offers CRM packages for individuals, teams, and multi-location enterprises.

If you would like to learn more, contact our team and schedule a free demo. Once you see our program in action, you will never want to process a mortgage without it. 

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