For a mortgage broker, analytics for generating leads might just be the single most powerful tool. If you already have a CRM platform — or at least have some familiarity with the technology — you know that the right system offers seemingly endless ways to generate new leads. 

Today, we’ll be focusing on one especially helpful facet of any CRM: data analytics. Here are a few ways to effectively leverage your CRM data and start generating leads today.

Segment Your Leads

Getting a sudden influx of new mortgage leads is never a bad thing. But if you do get several new leads at once, the worst thing you can do is to follow up with each one in the exact same way.

Why? People aren’t robots, and marketing strategies that work beautifully on one person might not work on the next. Quality CRM systems gather a range of data on potential leads. To give yourself the best chance of success, segment your leads into similar groups and curate follow-up content specifically for each group.

There are many different ways to segment your leads. Here are a few examples:

• Age
• Income and Budget
• Location
• Lifestyle/Behaviors
• Type of loan product they need
• Whether they’re a first-time homebuyer

It might take some trial and error to find the best way to segment your leads, but this is time well spent.

Analytics for Generating Leads: See What’s Working — and What Isn’t

One of the best features of quality CRMs is their ability to show you which campaigns are getting results. For example, say you change your standard follow-up email sent to new leads. 

You think that the change is a solid improvement, but then you take a look at the CRM data. You notice that ever since you changed that email — without changing anything else — your conversion rate has fallen dramatically.

When you have clear data like this, it’s easy to catch minor problems before they become massive. Since the CRM helped you spot an email that wasn’t performing well, you can quickly and easily adjust your strategy and replace it with a more effective piece of copy.

Add a Personal Touch

No one likes generic, sales-driven mass emails. Your CRM can be set up to send specific, targeted marketing emails or texts to potential clients and existing ones based on their interests. And because most CRMs will aggregate client data into profiles, you can even set up these automated emails to use the recipient’s name.

Get Promising Leads With the Right CRM

When you’re using analytics for generating leads and to drive marketing decisions, you want to make sure that data is as accurate as possible. And the best way to get accurate data is to invest in the right CRM. BNTouch is proud to be one of the most comprehensive CRM systems on the market. 

With us, you get more than 25 tools and more than 180 pre-built marketing campaigns for generating leads and building your business. Do you want to see what we can achieve together? Contact us and set up your demo today.

To learn more or schedule a demo, contact BNTouch today.

The post The Power of Analytics for Generating Leads: How to Leverage CRM Data appeared first on .

You know that success relies heavily on generating mortgage leads for brokers in the mortgage business. Drawing in new clients and nurture relationships with the clients you already have might sound simple, but growing a business requires you to spin many plates at one time. For instance, you need to simultaneously stay up-to-date with current loan applications, customer questions, marketing, and your company’s website and social media pages.

Fortunately, there’s a tool that streamlines everything you need to run a successful brokerage business: a customer relationship management (CRM) system. When it comes to generating and closing mortgage leads for brokers, quality CRM software is a necessity. Here are some of the benefits a CRM can offer your business.

Interactive Client Portals

Online account management isn’t just convenient for your clients. It also saves you time. Many quality CRMs offer borrower portals where your clients can check their application statuses, make payments, upload documents, and more. Because your clients can access their accounts 24/7, they won’t have to call or email you with questions.

Mortgage Leads for Brokers: Automated Marketing Campaigns

Larger firms often have an entire marketing team dedicated to generating qualified mortgage leads for brokers. However, if you have a smaller firm, you’re likely in charge of your own digital marketing. A good CRM can take the guesswork out of the marketing process with pre-made marketing campaigns. Here are some of the content templates you’ll find:

• Weekly and monthly market updates
• Pre-made email campaigns
• Birthday and anniversary ecards
• Personalized refinance analysis reports
• Social media content
• Explainer videos
• Email newsletters

You don’t have to have any marketing experience to use templates like these. Just plug in your information, and you’ll be ready to go.

Many CRMs also allow you to set up targeted text and email marketing messages. High-end CRMs frequently use an intelligent system that analyzes client data and automatically sends certain texts and emails when appropriate.

For example, when someone first signs up for your email newsletter, the system can automatically send them a text and an email. Of course, almost everyone is bombarded with texts and emails on a daily basis, so it’s important to make sure that some of what you send is clearly helpful to your customers.

Application status updates are a shining example of helpful texts/emails your clients are sure to appreciate. Whether they’re tracking a package or eagerly waiting for their mortgage application to be approved, everyone likes a status update.

Lastly, you can even use the text and email marketing features to reach out to past borrowers. When your CRM tracks how long it’s been since a client took out a mortgage, you can program the system to send out refinance reminders. When you do so, you might accompany the messages with a helpful video or infographic explaining why refinancing is a path they should consider.

Collaboration With Your Whole Team

Closing a loan with the help of your team doesn’t have to be complicated. Your CRM makes it easy for every team member to access relevant documents and communicate about them in real-time. As a result, there’s no need to download, edit, and email.

Centralized Client Information

Generating mortgage leads for mortgage loan officers and mortgage brokers is only part of the process. To successfully close, you’ll also need to deliver prompt, professional service to all of your clients and would-be clients. 

However, it can be difficult to keep track of where each client is in the sales funnel. A quality CRM lets you store and access each client’s data in one place. With a single click, you can access critical information such as:

• Loan applications
• Credit scores
• Contact information
• Any previous contacts or conversations you’ve had with the client

Being able to quickly access client information saves you time. It also makes it easier to personalize your interactions and make a good impression.

AI-Powered Chatbots

Have you ever asked a question on a website using a built-in AI chatbot? Many people have. When you did, you might have appreciated how quickly the chatbot answered your question or the fact that it could answer it outside of business hours.

However, AI chatbots aren’t purely for the convenience of customers. They’re also a great way to generate mortgage leads for brokers.

How? Here’s an example. Suppose that Joe finds your website and asks your chatbot what credit score he needs to be approved for a mortgage. In the course of answering the question, the chatbot asks Joe about his age, his credit score, and whether he is considering purchasing a house in the near future. It also asks for his email address.

Your CRM software gathers and stores that data for you. Then, you can reach out to Joe the following day to see if he’s interested in applying for a mortgage with you.

Website Creation Support

You might already be familiar with search engine optimization (SEO) and how it’s an instrumental part of generating organic mortgage leads for brokers. If you have a high quality website or landing page with appropriate SEO content, potential clients might find your site while searching for information about mortgages — even if they weren’t specifically searching for brokers. 

Having a website is important, but creating and maintaining one takes more time and effort than many people realize. However, high-end CRM systems make it possible to create a professional website in just a few minutes. Most include website templates, automatic page optimization, and even integration with Google Analytics so you can track performance and make adjustments as necessary.

E-Signature Capabilities and Customizable Digital Forms

Before the dawn of the e-signature, mortgage paperwork was a lot more complicated. Now, when it comes time to close, you can simply use an e-sign template and send your client the document to sign right from your CRM.

That said, processing e-signatures in this way isn’t only convenient. It also offers a layer of added security. By keeping the mortgage documents in the CRM — instead of downloading and sending them via email — you reduce the risk of sensitive information getting into the wrong hands. Furthermore, you, your team, and your clients can sign in and view e-signed documents anytime.

It’s not just the final signature that’s digitized, however. Most CRMs let you send applicants a customized digital 1003 as well. 

Before sending the form to your client, you can remove unnecessary fields to make the process faster and easier. Your clients will be able to fill out the 1003 via the customized client portal. Best of all, virtually every CRM lets the client save their progress, take a break, and come back to finish filling out the form.

One-Click Social Media Posts

It’s easy to forget the importance of social media when it comes to generating mortgage leads for brokers. Most social media experts suggest that businesses maintain active profiles on multiple social platforms. Many such platforms make this easier by allowing business owners to schedule posts in advance. 

Still, on a daily basis, you’re usually juggling numerous other tasks as well. This can make it challenging to consistently log into Facebook, Instagram, and other sites. 

Because social media is such a key part of any company’s success, many CRM platforms let you design stunning visuals and other social media content. Then, they allow you to post them right from your CRM. Build trust and authority with your followers when you share insightful infographics, helpful industry trend reports, and eye-catching explainer videos.

Customized Surveys

Do you want to make your business the best it can be? Soliciting feedback from your customers is a great place to start. Sure, Google reviews offer you general feedback, but have you ever wished you could get more specific customer input?

Many quality CRM software systems offer just that. They allow you to create customized surveys so you can get the exact feedback you need. You don’t have to remember to send out surveys, either. Most CRMs will let you create surveys for each step of the mortgage pipeline, and the system will automatically send each customer a survey once they’ve completed the relevant step.

Valuable Analytics Tools

It’s easy to be impressed by CRM software’s seemingly endless functions. But one often-overlooked function is also one of the most important: analytics. CRMs gather and store a gold mine of data on your customers, your loan products, and just about every other metric you could think of. When you leverage your system’s analytic capabilities, you can find the answers to questions like:

• Which of your lead-generation techniques is working best?
• Which loan product is the most popular?
• Which team member is the most productive?
• What is the biggest complaint your customers have about your business?
• What is the thing your customers like best about your business?

You don’t have to be a data scientist to reap the benefits of built-in analytics tools. Many systems like Google Analytics for example, offer helpful visualizations. That way, even people with no background in data analysis can understand the insights and what they mean.

Generate Leads and Transform Your Workflow With BNTouch

Mortgage CRM tools have long been an outstanding way to generate mortgage leads for brokers. The right one can even transform your business for the better. However, not all CRMs are created equal. BNTouch helps you automate key processes while still giving clients the individual attention they deserve.

Do you want to see what BNTouch can do for you? Contact us today and schedule a demo.

To learn more or schedule a demo, contact BNTouch today.

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Loan originator marketing is about more than just getting noticed. It also involves building a rapport with your potential clients. The following loan officer strategies can help you craft your personal brand. As a result, you’ll improve client relationships.

What Is a Personal Brand?

Your personal brand is what sets you apart. Your brand might include your company mission statement and logo. However, it also extends to the experience your clients can expect when working with you.

Loan Officer Advertising Strategies for Building Your Personal Brand

How can you build your brand as a loan officer? Here are some loan originator marketing strategies that can help you connect with potential borrowers.

Create Authoritative Content

As a mortgage professional, you need to communicate knowledge in your field. One of the best ways to do that is by publishing authoritative content. 

For example, you can publish blog content on subjects like “alternative loan programs for first-time buyers.” Blogs like these are helpful for two main reasons. First, they show your clear knowledge of the industry. Second, they let you include keywords that improve your search engine rankings.

Video Content

Video is a simple, natural way to connect with clients. You can create and publish video content that instructs visitors on the lending process.

But you can also use video to highlight details that only apply to your practice. They provide borrowers with a “face-to-face” interaction long before you even meet them. And even more helpful is that you can use videos in emails and social media posts in addition to embedding them on your website.

Omnichannel Marketing

Many business owners already operate a basic Facebook page or other social media profiles. But the best way to build your brand is through omnichannel marketing, which means using more than one social media platform.

The advantage of this is simple. Some social media platforms will be better suited to reaching your target market. Sites like Instagram, for instance, help you better connect with millennial home buyers. 

Vector illustration, Customer reviews rating, Different people give a review rating and feedback, Support for business satisfaction.

Use Testimonials

Let your clients build your brand for you. Customer reviews and testimonials can offer insights into your strong points. Publishing stories from past clients also clues future clients into what to expect from your business.

A mortgage CRM platform can solicit feedback from past customers. You can then respond to any negative feedback to protect your reputation. You can also publish positive reviews through your web page or social channels. 

Network with Other Professionals

Another option is to build your personal brand by networking with other industry professionals. For example, realtors and lawyers can be great sources of mortgage leads. 

Mortgage CRMs can facilitate these relationships via a partner portal. Your area partners can use that portal to send leads your way. You might even be able to impress them with your mortgage pipeline and boost your reputation.

The Best Loan Originator Marketing Tools

BNTouch offers a comprehensive CRM solution for your lending practice. Our platform offers tools for marketing, collaboration, and more to help you build your brand. To see these features for yourself, contact BNTouch today. We can schedule a demo to help you learn what a mortgage CRM can do for you.

The post How to Market Yourself: Loan Officer Personal Branding appeared first on .

A mortgage pre-approval generator can streamline the process for borrowers. But the right mortgage pre-approval tools can also help lenders nurture strong relationships. Here are some of the best practices for generating effective pre-approvals.

 1. Communicate the Requirements Up Front

Most buyers are unfamiliar with the mortgage pre-approval process. Ensure that you communicate how the process works and what documents are required.
Some buyers may not understand how pre-approval and pre-qualification differ. Educating these applicants can help you build a strong rapport. Doing so increases the odds that they will rely on you for the final loan.

2. Make the Process Accessible Online

One of the best mortgage pre-approval tips is to make the process accessible online. A mortgage pre-approval generator will speed up the process. It will also make it more convenient for applicants.
Therefore, your goal is to remove all friction from the application process. This will prevent applicants from checking out your competitors. It will also help you gather valuable data for your future marketing efforts.

3. Keep Applicants Updated

Under ideal conditions, the pre-approval process is fast and easy. But what if a borrower forgets a vital document? That can slow the process and cause you to lose a potential client.
Thus, contact the applicant immediately to resolve any snags in the pre-approval process. A mortgage CRM can be ideal for staying in contact. You can retrieve the data you need and keep the process moving forward.

4. Consider Alternative Credit Histories

Not every applicant will have a standard financial history. Freelancers and contractors, for instance, won’t have traditional pay stubs or W2s. This can make it challenging to get a mortgage pre-approval estimate.
Also, make sure you can account for non-traditional credit histories. This might include things like Form 1099, contracts, or other financial records. Working with these buyers can help your practice stand out from competitors.

5. Automate the Pre-Approval Process

Automation can streamline the pre-approval process. A mortgage pre-approval generator can provide the tools you need.

For instance, a high-quality pre-approval generator can:

• Dynamically create/retrieve pre-approval letters
• Generate letters automatically based on established criteria
• Customize access and limits to control who can modify financial data

This allows you to generate pre-approval letters quickly while remaining flexible for each client.

6. Adapt to Unique Customer Needs

The pre-approval process can expose some buyers’ lack of financial readiness. This can include buyers with low credit or high debt. Lenders can identify these buyers and connect them to alternative loan programs.

For instance, your practice may offer options such as FHA loans or USDA loans. These can be great options for borrowers who lack a down payment. Use your mortgage pre-approval tools to identify potential candidates for these loans. Then you’ll be better suited to address these unique needs.

Use a Mortgage Pre-Approval Generator

A mortgage pre-approval generator can enhance your business. It also makes things easy for the borrower. The BNTouch platform offers dynamic features and automation. See these features for yourself. Contact BNTouch to schedule your demo.

To learn more or schedule a demo, contact BNTouch today.

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How is technology transforming your lending practice? A mortgage pre-approval generator can enhance the customer journey. It can also help you build relationships with each potential client. Here are some of the mortgage pre-approval best practices for mortgage pre-approval tools.

Offer Online Accessibility

No matter what kind of mortgage pre-approval tools you use, make sure they’re accessible online. This makes it more convenient for borrowers to engage in the mortgage pre-approval process.

Many customer relationship management (CRM) platforms already offer an online portal. This makes it easy to connect with borrowers and streamline the application process. Your platform will make it easy to perform tasks such as:

• Uploading documents
• Signing forms electronically
• Communicating with the client

Additionally, online tools are fast — and easy. Give clients what they expect with a secure online portal.

Educate Users on the Pre-Approval Process

Borrowers may be confused by the different types of mortgage pre-approval calculators. But that also creates a unique opportunity. You can work to educate clients on topics such as:

• The difference between pre-approval and pre-qualification
• The steps in the pre-approval process
• The validity period of the pre-approval letter
• The ways your rates compare to other lenders

Educating your web visitors can give them greater confidence about the process. It may also make them more likely to stick with you through the rest of the borrowing journey.

Integrate With Your Mortgage CRM

A mortgage pre-approval generator will harvest key information from each applicant. You can use this data to drop the applicant into your borrower pipeline.

Your mortgage CRM can allow you to connect further with each borrower. For example, you might send a follow-up email to let the client know what to expect next. Or the user’s financial data may reveal a less-than-perfect credit history or high debt. Use this as an opportunity to promote affordable loan options, such as an FHA loan or USDA loan.

Automate Your Pre-Approval Letters

The best pre-approval generators offer automation and other core features. For example, you can use a generator to dynamically create pre-approval letters. This allows you to adapt each letter based on your unique needs — or the needs of your client.

The best platforms also let you define unique parameters. The system will then create pre-approval letters based on these parameters. As a result, you’ll automate your core processes while remaining flexible for each client.

Communicate Clearly and Regularly

Do you want to build strong relationships? Then your best option is to communicate with each client. The best tools allow you to provide feedback to your applicants. You can let them know about their progress through the pre-approval process.

That’s also important if you’re missing a vital piece of data. You can contact the applicant immediately and ask them to submit the missing data. That way, you’ll keep the process moving forward.

Use the Right Mortgage Pre-Approval Tools

The right tools make all the difference. Selecting the right pre-approval generator can help you grow your business. It can also allow you to deliver a superior customer experience. 

The BNTouch platform offers a pre-approval generator with dynamic features and customizable options. To discover how these tools can enhance your lending practice, contact BNTouch for a demo.

To learn more or schedule a demo, contact BNTouch today.

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Technology can transform the mortgage pre-approval process. By using a mortgage pre-approval generator, you make it easy for clients to secure the home of their dreams. BNTouch offers a unique path toward generating effective mortgage pre-approvals. Here’s what you can expect from our pre-approval generator.

What Is a Mortgage Pre-Approval Generator?

There are several types of mortgage pre-approval calculators. Some simply provide a mortgage pre-approval estimate. Others serve as a mortgage comparison calculator. The BNTouch platform provides an estimate and generates a pre-approval letter.

The goal is simple. The faster you can offer pre-approval, the more likely the applicant will be to use your services. Clients can secure good rates while you stand out from your competitors.

The Benefits of Generating Effective Pre-Approvals

BNTouch’s pre-approval generator offers several unique features. How do these features enhance your business?

Frictionless Online Process

First, applicants have access to a simple online process. This ensures that they will provide:

• The right contact information
• The required documents
• The relevant financial data

The end result? Fast, accurate pre-approvals. Buyers will prefer your business when your process outpaces your competitors. And you can also use borrower data to create customized pre-approval letters.

Dynamic Pre-Approval Letter Generation

The pre-approval generator performs more than the basic calculation. It also creates pre-approval letters. The system can also adapt these letters to your specific needs or the needs of your clients.

Storage tools also help you save and retrieve each letter. The data you gain can then be used for future marketing efforts.

Customizable Permissions and Loan Limits

Using our pre-approval generator allows you to maintain a set of permissions and limits for each loan. Why is that important? This feature will give you total control over who can access and modify loan information.

As a result, you’ll control who serves each client. This feature also adds another layer of security to protect your applicant data.

Automated Self-Generation

Automated features streamline the process even further. The BNTouch system can generate letters automatically. Users can set parameters unique to each client. The system will then generate letters that adhere to these guidelines.

This feature allows you to process more pre-approval letters than ever before. And it works around the clock without you having to monitor the process or create manual letters. Because you can set your own standards, you’ll retain the ability to deliver focused solutions to every client.

A Full Mortgage CRM Platform

These features only add to those of the customer relationship management (CRM) system. A mortgage CRM allows you to:

• Build a borrower pipeline
• Manage your marketing strategies
• Communicate with your clients
• Work together as a team

Together, these features help you grow your lending practice. You’ll be able to handle a larger customer volume while maintaining a high level of customer service.

Get a Demo Today

Are you ready to see these features in action? Contact BNTouch today. We can schedule a demo so you can see firsthand how a mortgage pre-approval generator can grow your business.

To learn more or schedule a demo, contact BNTouch today.

The post BNTouch’s Technological Approach to Generating Effective Pre-Approvals appeared first on .

A mortgage pre-approval generator is a must-have for any lender. Buyers can use this tool to better understand what they can afford, giving them an edge in a competitive market. Learn about some of the best practices for using a pre-approval generator. 

Types of Mortgage Pre-Approval Tools

Mortgage pre-approval tools come in several types. These are some of the most common tools in use today. 

Mortgage Calculator

Many people just starting out on their homebuying journeys turn to mortgage calculators. A user will enter their basic information into the calculator. They’ll then receive estimates on their purchase budget or monthly payments. 

Mortgage calculators don’t always lead to pre-approvals, but they can encourage customers to take a step toward working with a lender. 

Mortgage Pre-Qualification Calculator

True, pre-qualification is a much simpler process compared to pre-approval. However, many customers find it helpful to seek pre-qualification to get a ballpark of their purchase budget.

As a lender, you can use a pre-qualification calculator to build your lead pipeline. Collect the customer’s data when they use the form, then follow up via marketing emails to explain more about the process. Buyers who seek pre-qualification through your business will often stick around for the rest of the lending process.

Mortgage Pre-Approval Calculator

A pre-approval calculator will give users a clearer picture of their purchasing budget. This tool will use a borrower’s financial history to create an estimate of their future loan. 

Borrowers gain all the usual benefits of mortgage pre-approval. But as a lender, the pre-approval calculator can help you screen potential clients. For example, do you have a borrower with a poor financial history? Connect them to FHA loans or other affordable programs.

Mortgage Comparison Calculator

What is a mortgage comparison calculator? This tool generates loan information from multiple lenders. Most comparison tools allow buyers to compare lenders based on factors such as:

• Loan amount
• Interest rate
• Loan term

Borrowers get the advantage of finding the best loan option. Lenders can also gain the advantage of showcasing their interest rates and loan terms. 

Must-Have Features of a Pre-Approval Generator

Generating effective pre-approvals starts by gaining the right information. The more data you can collect from borrowers, the more accurate your pre-approval estimates will be. Here are some of the most important features to look for in a pre-approval generator.

Collect Personal Information

First, a mortgage pre-approval generator must help you get the applicant’s personal information. This includes the customer’s:

• Name
• Address
• Social Security number
• Driver’s license number
• Contact details

This information will confirm the borrower’s identity and creditworthiness. 

Loan officers can also use the applicant’s contact information for email marketing. If you’re using a customer relationship management (CRM) platform, it’s even easier. You can have your mortgage CRM send a follow-up email to applicants. This email provides insights into what to expect next in the process.

Verify Documents

To be pre-approved, applicants must submit the proper documents. Mortgage underwriters then check the borrower’s financial information. A pre-approval generator should review documents such as:

• Pay stubs
• W-2s
• Tax returns
• Bank statements
• Proof of assets and liabilities

A mortgage CRM can help with this step as well. A borrower portal makes it easy to upload documents. In this way, it streamlines the mortgage pre-approval process.

Analyze Financial Information

Underwriters rely on the applicant’s financial history to determine the pre-approval amount. A pre-approval generator must be able to harvest information that includes the borrower’s:

• Income
• Assets
• Debts
• Employment history

The more thoroughly the pre-approval generator can review this information, the more the borrower can rely on an accurate pre-approval letter.

Perform a Credit Check

Every pre-approval generator should check the applicant’s credit history. The borrower’s credit score will indicate their creditworthiness. Thus, the score impacts the size of the loan and the interest rate. 

Calculate the Loan Amount

A mortgage pre-approval generator will use the above data to calculate the estimated loan terms:

• The total loan amount
• The interest rate
• The monthly mortgage premium

Borrowers will use this data to more precisely determine their purchase budget. They can also learn how monthly payments will fit into their budgets.

Send a Pre-Approval Letter

Homebuyers use written pre-approval letters to gain leverage in the negotiation process. That’s why you need a pre-approval generator that does more than offer numbers on a screen. Instead, you need a generator that can also send pre-approval letters to your clients. 

The best generators can do so automatically, with features that adapt to every possible client. A good system can also store these letters for future retrieval.

Inform Borrowers of the Validity Period

The pre-approval letter should contain the loan amount. It should also inform borrowers of the validity period. The exact length of this period can vary between lenders, though 90 days is usually the upper limit. Some pre-approvals only last 30 days. 

The mortgage pre-approval generator should be clear about this time frame, as it will impact the borrower’s homebuying journey.

Mortgage Pre-Approval Best Practices

A pre-approval generator will handle the most basic elements of the lending process. But if you want to take your lending business to the next level, you can adopt strategies to make the process even easier. Here are some mortgage pre-approval tips for your lending practice. 

Offer an Online Customer Portal

The pre-approval process should be simple. An online customer portal provides borrowers with added convenience. They can use the portal to submit documents and track their progress. With the right mortgage CRM, customers can even sign documents electronically. This eliminates the time-consuming need to come to your office.

The same portal also allows you to store and organize important documents. Once the applicant is pre-approved, you can use the same documents to speed up the final approval process.

Consider an Alternative Financial History

Not all applicants have a traditional financial history. Self-employed individuals and contractors, for example, may not have W-2s or pay stubs. This can make the lending process challenging.

You can make it easier. Make sure your mortgage pre-approval generator can evaluate alternative financial documents. These can include bank statements, 1099 contractor forms, or certain types of contracts. This feature will help you expand your lending options to nontraditional applicants.

Integrate Your Pre-Approval Generator and Mortgage Pipeline

A mortgage pre-approval generator is designed to harvest data. And few things are as important to lenders as customer data. That’s why it’s important to integrate your pre-approval process with your mortgage CRM system. Once you harvest customer data, you can drop the customer into your mortgage pipeline.

After all, an applicant seeking pre-approval will be a high-value lead. You can use your CRM system to follow up with the applicant. For example, once they complete the pre-approval application, you can send a follow-up email. In the email, introduce yourself and let them know what to expect from their next steps.

Automate Communications

The lending process isn’t always uniform. That’s even true for the pre-approval process. But every relationship demands clear communication. A mortgage CRM system will allow you to automate client communication.

Applicants can receive emails to let them know they’ve completed a vital phase of the pre-approval process. What if the borrower’s application is missing a document? You can notify them and keep the process moving. 

The faster you can provide pre-approval, the greater your chances of being the lender the applicant chooses for their mortgage.

Tailor Your Solutions to Each Client

With the right platform, you can tailor your solutions to each applicant. The application itself will reveal valuable information about the borrower’s financial situation. Lenders can then use this data to provide customized solutions to each client.

Imagine that an applicant has a less-than-stellar credit history or low income. Does your firm offer loan programs for low-income borrowers (FHA loans, USDA loans, etc.)? If so, you can easily connect that applicant to the right loan program. 

The Key Features of a Next-Gen Mortgage Pre-Approval Generator

To stay competitive, you’ll need tools that go beyond the basics. The best pre-approval generators now have even more advanced features. Here are some ways an advanced platform can enhance your business.

Dynamic Pre-Approval Letter Generation

The pre-approval letter generator lets you create and store pre-approval letters. Lenders can store letters and adapt them to specific needs. These letters can also be stored. You can refer to them if the applicant proceeds further in the lending process.

Customizable Permissions and Loan Limits

Users get total control over every pre-approval letter. Permissions and limits can be set for each loan. These settings determine who can access and modify loan information. 

Automated Self-Generation

The system can generate letters automatically. Once you set your parameters, the platform will adhere to your guidelines when creating letters. You’ll gain complete compliance with all standards.

Consider a Mortgage CRM

The BNTouch platform can improve your business as well as the customer journey. The BNTouch mortgage CRM already improves tasks like marketing and productivity. Our advanced pre-approval generator will take your business even further. Want to learn more? Contact BNTouch today to schedule your demo. 

To learn more or schedule a demo, contact BNTouch today.

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Properly managed, your referral network can be your greatest asset. However, your referral partners are only as valuable as the relationships you maintain. Here are five common referral partner management mistakes to avoid in referral partner management.

1. Using the Wrong Partners

Not all referral partners are created equal. If you’re not connecting to the “right” partners, you can miss out on referral opportunities that can build your business.

Focus on referral partners that align with your unique niche. If your lending practice offers programs for new home buyers, you might want to partner with local realtors. But if your specialty is refinancing, it might make more sense to partner with financial planners.

2. Not Communicating Your Unique Value Proposition

What makes your brand unique? Why might referral partners want to work with you? One of the most common mistakes lenders make is assuming that partners understand their business model. The more you can carve out a unique niche, the more local partners will want to work with you.

You might consider designing educational materials to communicate your vision and values to prospective partners. That way, you’ll be better equipped to tell your story and invite others to partner with you.

3. Lacking a Clear Way to Submit Leads

Forging a relationship with a referral partner is great. But to maximize the value of this relationship, you need a clear way to submit borrower referrals.

Email is great, but that places the responsibility on your partners. Lenders can simplify the process with a customer relationship management platform. The best mortgage CRMs offer a partner portal that partners can access through a mobile app.�

Having an app empowers your partners to drop referrals into your borrower pipeline as they receive them. That can be perfect when your partners meet potential clients on the road or at a networking event.

4. Failing to Regularly Communicate

No relationship is truly permanent. Don’t just assume that today’s partners will be there tomorrow.

Instead, make it a point to regularly communicate with your referral partners. Some CRM platforms offer referral partner management tools to make staying in touch with your partners easier. Facilitating communication will help you avoid friction in the partnership and keep the relationship positive.

5. Not Tracking Your Success Rate

How valuable is your referral network? The only way to answer this question is through hard data. A mortgage CRM’s referral partner management tools can help you track the number of partners you have and the number of referrals they submit.

You can track this data to determine how valuable each referral partner is. Tracking data also lets you determine the best practices for your unique business and adjust your partner relationships accordingly.

Your Best Referral Partner Management Tools

A mortgage CRM enables you to manage your relationship with your customers and referral partners. The BNTouch platform offers a partner portal and other features for managing your partners and borrower pipeline. To see these features for yourself, contact BNTouch for a demo.

To learn more or schedule a demo, contact BNTouch today.

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Many lending practices have some type of mortgage referral partner program. These allow other individuals or businesses to refer potential borrowers.

However, you may not know if your mortgage referral partner program is working. With that being said, here are five key metrics for evaluating your referral partner program:

1. Referral Rate

One of the most basic metrics is your referral rate. It simply refers to the number of referrals you receive in a given time period. Its true value may actually be in comparing the leads you receive from outside your business to the leads generated by your internal marketing strategies. In doing so, you can determine how much your referral partner program is contributing to your leads as a whole.

2. Conversion Rate

While your referral rate indicates how many referrals you receive, your conversion rate indicates how many of these referrals become borrowers. For instance, a low conversion rate means that you’re not convincing new leads to commit to the borrowing process. That might prompt you to redesign your introductory emails to better communicate your unique value.

3. Referrals Per Partner

A customer relationship management (CRM) system can measure the number of referrals you receive per partner. That can be helpful in showing what type of partner is the most effective. For instance, if most of your leads come from a real estate partner, then you might focus on developing more real estate relationships in the future.

Similarly, you can use that data to re-evaluate partner relationships. If you’re seeing a low referral rate from one partner, you might address points of friction or even consider severing that relationship altogether.

4. Customer LTV

A mortgage CRM system can also help you evaluate your customers’ long-term value (LTV). For mortgage lenders, that translates into how much revenue they generate per referral.

You can compare these numbers to those generated by your internal marketing efforts. Determine how much actual cash you are generating through a referral partner program. These figures can help you decide whether it’s more profitable to invest in your marketing efforts or lean more heavily on your referral partner program.

5. Customer Experience

The final metric is qualitative rather than quantitative. You can use a mortgage CRM system to request customer reviews and testimonials. Discover the kinds of experiences your referrals are having. See if there are ways you can improve the customer journey.

That can be challenging since there are no numbers attached, but customer reviews may highlight specific areas that you can improve. They can also allow you to maximize any features that customers find particularly helpful.

Make the Most of Your Referral Partner Program

Make the most of your mortgage referral partner program with a mortgage CRM platform. BNTouch offers partner management tools that can put your most valuable data at your fingertips. You’ll also better connect with partners through your online portal. To see these features for yourself, contact BNTouch to set up a demo.

To learn more or schedule a demo, contact BNTouch today.

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Referral partners can add value to your lending practice. They can connect you to a wider range of potential clients, but the true value depends on the quality of your relationship. 

Here are the best ways to build your referral network and nurture relationships with your referral partners:

Identify the Right Referral Partners

You start building a referral network by connecting to the right referral partners. Common types of referral partners include the following:

• Past clients
• Other real estate professionals
• Financial planners
• Attorneys
• Builders and developers
• Other local businesses

Your referral network should be built around your industry’s niche. For example, if you focus on first-time buyer programs, you might partner with real estate professionals. If you focus on refinancing, you might partner with financial planners instead. The point is to design your referral network around your unique business offerings. Proper referral partner management will also make it easier to market your value to other potential referral partners.

Build Relationships Through Networking

Once you identify your ideal referral partners, you can come up with ways to connect with them. One simple way involves attending local networking events. Business conferences and meet-and-greets can put you in contact with other local professionals. There, you can begin a relationship with like-minded businesses and real estate companies.

A mortgage customer relationship management (CRM) platform can assist in the process. A scanning feature will make it easy to capture business card info and store it to follow up on later.

Communicate Your Unique Value Proposition

Ask yourself what makes your lending practice unique and what you might offer to a potential referral partner. Answering these questions will make it easier to “sell” yourself to future partners.

In some cases, a partnership can be mutually beneficial. For instance, you might send referrals to a real estate agent. They may send some your way, too. It just depends on who makes the first contact.

Technology can also add to your value. If you use a CRM system to build a borrower pipeline, partners may be more eager to assist a lender with a well-organized system.

Offer a Partner Portal

A mortgage CRM system makes it easier to manage your referral network. Your referral partners can connect with you through an online portal. That not only streamlines communication but also empowers referral partners to submit referrals online.

The portal is available both on your desktop and through a mobile app. The latter gives partners the ability to submit referrals from anywhere in the world. If a real estate professional meets a new buyer at an event, they can instantly drop their information into your borrower pipeline.

A partner portal will also collect data on your referral network. You’ll be able to see how many referrals come from each partner, as well as the end results of each new lead.

Manage Your Referral Partners With a Mortgage CRM

A CRM platform makes it easier to connect to your referral network. The BNTouch system offers marketing tools, a partner portal, and other features to augment the quality of your lending services. To schedule a demo, contact BNTouch today.

To learn more or schedule a demo, contact BNTouch today.

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