Customer referrals are one of the best ways to follow up with new leads. People trust the recommendations of friends and family, which could bring these clients to your doorstep by building a lenders referral network. 

A mortgage CRM can help you manage these leads, but it all starts with the right network. Here are five simple strategies to build a strong referral network.

1. Partner with Real Estate Agents

Real estate professionals can be a great way to gain referrals. And it’s a two-way street — real estate agents can introduce you to potential borrowers, and in exchange, you offer affordable loan options.

Using a Mortgage CRM makes the process even easier. Real estate professionals can drop new leads right into your mortgage pipeline. This lets you take advantage of the professional network built by others in your community. In return, you’ll be providing a valuable service of your own, so it’s a win-win.

2. Host an Event

Community events can be a great way to attract interested borrowers. For instance, you might host an event titled “Tips for First-Time Home Buyers.” The registration process is an easy way to grab contact details and other information to follow up on later.

Bonus tip: partner with other real estate professionals to host your event. That way, you’ll get the benefit of each others’ marketing network and it may enhance the event by pooling your community’s knowledge base.

3. Publish Compelling Content

Publishing great content provides a convenient “entry point” in the referral process. 

For example, a person familiar with your services might not necessarily recommend you to their friends directly. But they might say, “Check out this article on refinancing options.” If the person likes your content, they may be more likely to take the next step and use you as their lender.

4. Follow Up with Past Clients

Past clients make the best marketers. Happy customers will tell their friends about their positive experiences and recommend you to other potential customers.

Follow up with your past clients after the first month and/or after the first year. Let them know you still appreciate them. These small points of contact will remind them of their experience and increase the chances that they will mention you to their friends.

5. Create a Borrower Pipeline

What do you do with a referral once you get one? A borrower pipeline will guide your strategy for converting new leads into satisfied clients. With a well-thought-out pipeline, you’ll be able to adjust your efforts to match different stages of the customer journey.

A mortgage CRM platform can help you manage the sales process, addressing the needs of your clients through every step. It will also automate key procedures to make the process faster and more efficient.

Where Can You Find a Quality Mortgage CRM Solution?

Customer relationship management (CRM) software helps you nurture strong relationships. And relationships are at the core of any lending business. The BNTouch platform can help you with marketing, lead generation, and team collaboration.

To learn more, request a demo today!

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As a mortgage lender, customers come to you for guidance and support. After all, the mortgage industry can be unfamiliar territory, especially for new buyers. A customer relationship management (CRM) platform is about more than convenience. Leveraging the right tools can help you nurture strong relationships.

Here’s how to build these relationships using your mortgage CRM platform.

Generate More Leads

Every relationship starts somewhere. A mortgage CRM system can help you generate and organize your leads, allowing you to convert them into long-term customers.

You can generate leads using several methods, including:

• Social media marketing
• Digital advertising
• Email marketing campaigns
• Customer referrals
• Information gathered from community events

A CRM system provides the framework for all your marketing content. You can use templates to produce social media content, as well as video tools that help to engage prospective borrowers.

Not only that, but a mortgage CRM platform also keeps you organized. You can pull lead information from various disconnected sources, accessing customer data through a centralized dashboard.

As a result, you’ll be better equipped to track your leads as they enter your borrower pipeline. You’ll also be better equipped to manage communications with these leads as they become clients.

Build a Referral Network

Customer referrals are the most effective form of lead generation. A referral network can increase your chances of someone recommending your services to a potential client. And with a mortgage CRM, building this network is easier than ever.

Past clients can be a source of referrals, but your network can also include other industry professionals.

Partner with local real estate agents. These agents may be able to send some business your way. A mortgage CRM allows them to refer clients electronically, which is great when they meet new customers at trade shows or other events.

This network is a two-way street. Real estate agents offer you referrals, but in exchange, you’re providing top-notch lending services. Powering your services with a CRM platform will only increase your reputation — and your value.

Offer Great Content

Mortgage customers are looking for a relationship with someone they can trust. Share your knowledge through informative, relevant content. You might already be using content marketing to capture new leads. But compelling content can help your customers feel more secure in their decisions.

This way, when clients come to you with questions, you can direct them to your resource library for a full explanation. For some borrowers, this can break down complex loan processes and educate them about mortgage options.

Your content can also augment your referral network. People may be more willing to send an article to their friends than refer them to your services directly. This provides an easy vehicle to start a relationship with your clients and build that relationship over time.

Communicate Regularly

Relationships thrive with consistent communication. This is especially true for borrowers who are looking for regular updates about the mortgage process. Otherwise, borrowers feel left in the dark about their mortgage application.

A mortgage CRM system lets you quickly and regularly connect with your clients. You can send them electronic forms, educational resources, and updates on the process.

A CRM platform can also send automated updates after a customer completes a vital phase of the mortgage process. Your customers will never be left wondering about their progress or next steps.

Additionally, the centralized dashboard keeps your correspondence organized. This helps you review past communications and ensures that you never miss an email or a question from a client.

Maintain Your Social Media Presence

A social media profile alone doesn’t do much to build relationships. Some businesses create a social media page but fail to update it or respond to followers.

Staying active on social media allows you to promote content and interact with others. Responding quickly to comments and messages can build a more personal brand.

How does mortgage CRM software help you do this? A good CRM platform will include templates you can use to develop social media content. With a single click, you can post content to your social accounts. By spending less time managing each account, you’ll have more time to devote to customer interaction. And the analytics features will help you gauge the success of each campaign, making adjustments for the future.

Adapt to Customer Feedback

Customers want to know that their voice matters. But lenders also need to hear from their customers. Soliciting customer feedback gives your clients a voice, and it can help you learn and adapt to the needs of your core customer base.

The right mortgage CRM system can help you design and distribute customer surveys. You can use these surveys to review feedback and even invite testimonials from past clients. You can publish positive testimonies and reviews on your website and social media platforms to attract new clients.

Negative feedback gives you a chance to respond to undesirable customer experiences. In some cases, you may be able to address the customer’s concerns and salvage the customer relationship. At the very least, you’ll gain valuable insight into how not to repeat your mistakes.

Provide a Customer Portal

Today’s customers are used to self-management tools. Even healthcare providers offer a patient portal that allows users to interact and view their test results. A mortgage CRM system does the same thing.

A customer portal allows borrowers to submit documents, sign forms, and receive feedback about their progress. A mobile app will allow borrowers to perform these tasks from anywhere in the world. An app also means that borrowers receive fast feedback with push notifications and other alerts.

The portal also works both ways. Customers can use the portal on the go, and so can you. This means you can stay on top of customer communications even when you’re away from the office.

A mortgage CRM lets you deliver a higher, faster standard of customer service. You can also use the portal to network with other real estate professionals, who can use the portal to drop leads into your pipeline.

Real-Time Answers with Live Chat

The front door of your lending business is the front page of your website. Borrowers will likely visit your home page before they ever contact you. A live chat feature allows visitors to ask questions and gain access to instant feedback. By some estimates, 38% of users made a purchasing decision based on a live chat session.

A mortgage CRM makes this even easier. While customers are interacting with the chat feature of your website, you’re able to respond through your phone or mobile device. This means that you’re never out of reach and able to answer questions and offer guidance to your web visitors.

Best of all, a live chat feature will collect the name, phone number, and email of the website visitor. You can put these details into your mortgage pipeline, allowing you to generate new leads and convert curious parties into satisfied customers.

Offer Greater Convenience

In the lending industry, speed and convenience are worth their weight in gold. But the traditional way involves lots of paperwork. This can slow the process, especially when a borrower has to make a special visit to sign a document.

Mortgage CRM systems streamline the entire process. For starters, a CRM platform keeps your most important documents in one place. You and your office staff won’t have to search your hard drive to find the right paperwork.

But a mortgage CRM can also offer e-signature capability. This means that borrowers can complete forms electronically. This accelerates the lending process since borrowers won’t have to make an appointment to complete each phase of the application process.

Follow Up with Past Clients

Don’t lose touch with your past clients! Many times, your satisfied customers become your unofficial marketing team. If you’ve delivered a good service, your clients may be likely to share their positive experiences or even recommend you to their friends.

Maintaining an email newsletter is one major way of staying connected. But it also helps to send a personalized message. Send a follow-up email a month or even a year after a close. Make sure that everything is going smoothly. These simple touch points remind your clients of their positive experiences and keep your name in front of their eyes.

Like other communications, a mortgage CRM platform can help. CRM software allows you to maintain and organize your client list. You can automatically send follow-up messages to former clients, helping you stay in contact. And because the process is automated, you won’t have to worry about managing each email you send.

How Do You Pick the Right Mortgage CRM?

To access all of these features, you’ll need to select the right mortgage CRM platform. The BNTouch platform provides a comprehensive approach to managing your customer relationships. BNTouch also offers marketing content and collaborative tools that keep your entire team operating at your peak.

To learn more about how BNTouch can transform your business, request a demo today!

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The best marketing strategies don’t just get your name out there. They also help you capture information about potential borrowers. As a lender, it’s important to develop a pipeline that helps you connect with customer leads. Here are five marketing ideas for lenders to attract more leads.

1. Create a “Lead Magnet”

Offer your online visitors something of value in exchange for their contact information. A subscription to your newsletter or blog might be a start, but customers may still be wary of junk mail clogging their inboxes.

Instead, create a “lead magnet.” This is a product or discount that entices visitors to provide their details. For instance, if you specialize in loans for first-time borrowers, create a brief e-book. Customers can download the book from your site only after providing their name, phone, or email address.

2. Invest in PPC Marketing

Digital advertising can increase your exposure to potential borrowers. Pay-per-click (PPC) advertising such as Google Ads can display an ad for your company every time a user searches for a related business.

When you pair PPC marketing with a strong lead magnet, you’ll be better equipped to capture data about your online visitors.

Best of all, you only pay when people click, which makes this one of the more budget-friendly marketing ideas for lenders.

3. Share Great Content

Content marketing lets you flex your skills as you engage new customer segments. Blogs and videos showcase your expertise and let prospective customers get to know your company. As always, make sure your content is set up to capture customer data.

A modern customer relationship management (CRM) platform makes this easier. Many CRMs offer prebuilt content and templates to help you generate articles, videos, and other resources.

4. Host an Event

An event can be a great way to connect directly with prospective borrowers. You may want to partner with other area professionals to put together a seminar. Offering tips for new home buyers might attract your target market, and you can use the registration process to capture new leads.

Even if you don’t host an in-person event, a live webinar can accomplish the same goal, and it also offers the chance to capture client data.

5. Build Your Network

Other professionals, such as realtors and lawyers, can connect you to potential clients. In fact, real estate professionals might be impressed with the pipeline you’ve created, thanks to your CRM platform. 

Others can even feed you new leads when on the go, and you can manage these relationships through the intuitive dashboard on your CRM software.

Even former clients can offer referrals. Following up with your customers within the first year can make them more likely to recommend your services to their friends and family.

Marketing Tools You Can Rely On

These marketing ideas for lenders can be easily accomplished through a customer relationship management (CRM) platform. BNTouch can streamline your administrative processes and put marketing tools at your fingertips. Want to see these features in action? Contact BNTouch today to schedule a demo.

The post 5 Unbeatable Marketing Ideas for Lenders to Attract More Leads appeared first on .

It’s no secret that the mortgage market is a competitive one. Yet surprisingly, many homebuyers are content to investigate only one mortgage lender. The right marketing strategy can ensure you stand out from the competition and showcase your unique value. Here are some tips for how to market mortgage loans.

Find Your Niche

Lenders often focus on a particular area of the real estate industry. For example, your business may specialize in the following:

• Commercial real estate
• First-time home buyers
• Refinancing options

Highlighting your niche can better equip you to reach the associated customer base. Emphasizing this niche in your marketing materials can distinguish you from other lenders.

Modernize Your Website

You probably already have a company website. But when was the last time it was updated? You may want to “audit” your web content to ensure:

• It features a clean design
• It looks great on mobile devices
• Users can navigate your site easily

You’ll also get more first-time visitors through search engine optimization (SEO) strategies. This means using keywords that help increase your online visibility. 

For example, when a user searches for “first-time home loans,” you want your website to rise to the top of the search engine results page. SEO can help you achieve more clicks.

Invest in Quality Content

Content is king. Many of your key customers are coming to you not only for the product itself but also for guidance along the journey. Creating quality content can help them learn more about the lending process. It can also showcase your expertise and build credibility and trust among your future clients.

Here’s a tip: use video marketing for a more direct, personal approach. If you have the right customer relationship management (CRM) platform, you may already have access to content creation tools that include video marketing.

Find the Right Marketing Channels

Where is your core market? What channels work best for reaching them? The answer to these questions may vary depending on where borrowers are in their customer journey.

This means that social media ads or Google Ads can be a great way to make an initial impression. But once you capture their info, email marketing can offer a more personal touch. Using the right channels at the right time can help you nurture strong relationships and become the preferred choice of lender.

Build a Local Network

There may be other real estate professionals in your area who want to learn how to market mortgage loans or other products. Networking with these professionals can help you learn from one another. Some realtors may be so impressed with your mortgage pipeline that they help pass on new leads.

In other cases, a local network can help you assemble local events and seminars that you can use to connect with your client base.

Get the Marketing Tools You Need

Learning how to market mortgage loans is a vital step in a larger journey. The BNTouch platform can help market your business and build strong client relationships.

Contact our team today to schedule a demo and learn how the right CRM platform can enhance your business.

The post A Complete Guide for Lenders on How to Market Mortgage Loans appeared first on .

Home buyers are often encouraged to compare rates between lenders when buying a home. Yet, according to a 2020 study from the National Association of Realtors, only 73% of buyers interviewed more than one lender. 

For brokers and lenders, it’s vital to know how to market mortgage loans to rise above your competition. Here are some tips for refining your mortgage marketing plan.

Why Lenders Should Be Marketers

Lenders are in the business of making dreams come true. Your services provide customers with affordable options and can take the confusion out of the entire process. 

But you’re not the only game in town. Home buyers have a sea of options to choose from. If you want to increase the visibility of your lending practice, you’ll need a marketing plan that helps you stand out.

Top 10 Marketing Ideas for Lenders

Here are a few tried-and-true marketing ideas for lenders that can help promote your business.

1. Define Your Goals

Start by defining your goal. Are you seeking to create a comprehensive marketing plan for your business? Or are you looking to create a marketing campaign to drive a particular area?

Knowing your goals ahead of time can keep you focused throughout the process. Your goal might also help you narrow down your strategy or direct you to choose a particular marketing method or channel. Additionally, a clearly-defined goal will help you evaluate the success of your marketing plan down the line.

If your lending practice occupies a unique industry niche, this can further help you refine your goal. For example, do you specialize in commercial real estate or loans for first-time lenders? If so, you can create a plan to reach those who can benefit the most from these specialized services.

2. Create a Borrower Persona

Lenders must also understand the needs and behaviors of their target market. One way to do this is to create a “borrower persona.” How would you describe the lifestyle of your typical client? Think about things like:

• Age
• Income level
• Marital status
• Budget

Creating a borrower persona can help you think through ways of nurturing a long-term relationship. A borrower persona might also help you keep your lending practice focused on your target market.

Can you have more than one borrower profile? Of course. But the more you can focus on a unique market, the more effective your future marketing campaigns will be.

3. Design a Customer Funnel

A customer funnel is a process by which prospective borrowers are introduced to your business and guided to commit. A typical customer funnel will look something like this:

• Awareness (learning about your company for the first time)
• Evaluation (deciding on whether to choose your services)
• Commitment (choosing you as the preferred lender)

Your marketing strategy will look different at each phase of the funnel. At the top of the funnel, you’ll rely on a broad-based approach, such as social media marketing or pay-per-click (PPC) advertising. Content marketing can help borrowers evaluate your expertise and services.

The closer you are to the bottom, the more personal you should become. Email marketing platforms can offer a direct approach and help you nudge interested parties into committing.

4. Set a Budget

Marketing campaigns require funding. Social media and pay-per-click advertising cost money depending on the number of people you reach. It’s important to determine how much you’re willing to spend and how much to allocate to different marketing channels.

A customer relationship management platform already has mortgage marketing services built in. These tools can help you save money on separate systems as well as save you time through pre-built content, web templates, and more.

5. Build a Quality Website

The first step to cultivating your online presence is through a quality website. Even if you already have a web page, it’s always good to consider an update to keep your content fresh. Consider such questions as:

• Is my site’s appearance clean and modern?
• Does my site look great on mobile devices?
• Can customers navigate the site easily?
• How does my site help me capture customer data?

Search engine optimization (SEO) strategy can also help you leverage keywords to reach the top of search engine results pages. For instance, you want to make sure your site shows up at top of the search results when a customer Googles “mortgage lenders near me.” 

Including the right keywords (along with your location) can help you connect with more customers.

6. Create Compelling Content

Content marketing remains one of the best mortgage ideas for lenders. After all, you have a wealth of knowledge — why not share it with the world?

Lenders can create blog posts and even video posts (or “vlogs”) that offer something of value. A post called “Tips for New Home Buyers,” for example, might generate interest and introduce your business to first-time buyers.

Over time, your content will become a resource library that adds value to your website. You can also promote your content through social media, where “likes” and “shares” can give your business greater exposure.

Make sure your content contains a section that enables you to capture leads. Asking readers to subscribe to a newsletter can be a good start, but you might have better results by offering something of value. A free e-book, for example, can be a great “lead magnet” that helps you build your mailing list.

7. Leverage Social Media Channels

Businesses love social media because it offers free exposure. But most major platforms (Facebook, Instagram, Twitter) also have paid advertising options. If you’re wondering how to market mortgage loans, these channels might be a good starting point.

You might promote a particular post to attract new viewers to your website. Facebook offers several options for online marketers, including options for video content.

Staying active on social media by responding to comments and questions can build credibility.

Admittedly, content marketing and social media promotion can be demanding. But the best customer relationship management (CRM) platforms offer mortgage marketing services that make it easier. Pre-built marketing content can keep you agile and efficient as you build your following. 

Your CRM may also help you produce video content, which you can share online through your webpage or social media channels.

8. Invest in Digital Advertising

Taking an ad out in the newspaper is a thing of the past. These days, marketers rely on digital pay-per-click (PPC) ads. You design the ad using the tools provided by the platform, and users will see your ad when they meet the right criteria.

With Google Ads, for example, the popular search engine will display an ad for your business each time a user searches for related companies.

You’ll pay only when users click on the ad — not when the ad is displayed. You can also select the number of desired clicks, which can help you integrate these PPC methods into your marketing budget.

9. Host a Local Event

Your best customers will no doubt be local. Reach this target market by hosting a local event. You might even partner with other real estate professionals to organize a helpful seminar. 

Organize the topic around the needs or interests of your target market. “Tips for First-Time Buyers” will help you connect with younger adults interested in buying a house. Using the event to capture customer data can help you build your email marketing list and provide follow-up opportunities.

If in-person events are too cumbersome, you might host a live webinar. This allows you to connect directly with your target market and may even be a better option for busy customers. You can also use the registration process to build your email mailing list and follow up with attendees.

10. Build a Referral Network

Your best leads might come from your immediate social network. It also helps to have a modern customer relationship management (CRM) solution. 

Local realtors may be impressed by how you’ve built a mortgage pipeline and marketing funnel. This makes them more willing to work with you, and your CRM system makes it easy for realtors to share leads even on the go.

These leads enter the top of your marketing funnel, allowing you to follow up through directed email marketing.

Following up with your former clients can also be an effective way to generate leads. Sending a thank-you message to your satisfied clients can remind them of the help you provided. This may prompt them to recommend your services to others who may be looking to buy a house.

Bonus Tip: Leverage CRM Mortgage Marketing Services

Now that you’ve learned some good marketing ideas for lenders, the best way to put your plan into action is with the right tools. The BNTouch platform is an all-in-one software solution that reduces administrative burdens and helps you focus on the customer. 

To see these features in action, contact BNTouch to request a demo.

The post Stay Ahead of the Competition with a Mortgage Marketing Plan appeared first on .

Is your lending practice going digital? A digital mortgage process can make you more agile and efficient. But it’s also important to consider all the moving pieces when you make the switch. Here are some helpful tips to keep in mind when switching to a digital process: 

Choose the Right Platform

For starters, make sure you choose the right platform. There are many different customer relationship management (CRM) tools available. They are not all created equal. 

Take your time to consider the features of a digital system and how these features align with your business goals. It might be helpful to start with a list of your key business processes. Then, you can match this list to the platforms on the market. 

But don’t stop there. Consider where you want your lending process to be in, say, five years. Then, choose a provider that can get you there by offering marketing tools and advanced reporting features.  

Stay Focused on Your Relationships

A CRM platform or other software system might seem like a magic bullet. But in business, people always make a difference. Your digital system should therefore supplement your client relationships. 

For instance, you can use automated communication tools to send updates to your clients. But you can also use the communication portal to offer personalized guidance that your clients are sure to appreciate.     

Make Time for Content Creation

Switching to a digital mortgage process will also open new doors regarding marketing. The best software platforms will include options to help you make custom videos or other forms of web content. These templates are helpful but you will still need time and input to craft material that reflects your business.     

Delegate Wisely

When you implement a new system, you may discover that you have more features than you can manage on your own. Lending companies can delegate certain roles and responsibilities to ensure efficiency throughout the workforce. 

For example, consider appointing someone to be in charge of marketing content. Another worker might be in charge of conducting customer surveys. The point is to use your new platform’s features so your business can reach its full potential.   

Let Your People Adjust

Change always takes time. While today’s digital systems are more intuitive than ever, some of your staff members may need time to switch to a digital mortgage process. 

This transition may also mean offering training to bring everyone up to speed on the features of your program and how to use them as part of the customer journey. You might even highlight success stories, showing the benefits of relying on this new system. 

Make the Switch

With the right platform, it’s easier than ever to go digital. BNTouch offers an all-in-one CRM platform. You can use our tools for marketing your company and monitoring your core processes. To see these features in action, request a demo today.

We’ll show you how much of your work we can automate.

The post Helpful Tips for Lenders Switching to a Digital Mortgage Process appeared first on .

Digital mortgages are here to stay. Still, the lending industry will always be affected by broad consumer trends. What are the most important market trends affecting today’s digital mortgages?

Here are the top 5:

1. Consumers Already Rely on Digital Tools

American consumers rely on digital platforms for online shopping, banking, and more. It’s only natural that homebuyers would rely on digital tools to shop for digital mortgages. More specifically, borrowers are shopping with their thumbs. Mobile technology increasingly dominates the world of online behavior. 

To stay competitive, lenders will need to optimize their sites to work well on various devices. This setup includes the layout itself, as well as offering intuitive menus and application features. 

2. Borrowers Expect Lenders to Always Be Available

Borrowers expect 24/7 convenience and attention. Sounds impossible, right? But you can nurture client relationships using automated communication tools. 

For instance, if a borrower has completed a vital part of the mortgage process, your digital system can send an automated message. This way, borrowers can feel that they are receiving personalized attention. As a lender, this also helps you keep in touch with more clients.  

3. Customers Expect Speed

This particular market trend is unlikely ever to change. Customers expect a speedy process. They want fast approval in the earliest phases and to move through the mortgage pipeline more efficiently.

Errors can create major snags in the lending process. It takes time to locate the source of these errors. A digital platform can minimize errors that come from data entry. As a result, borrowers enjoy a faster experience.  

4. Consumers Have Concerns About Social Equity

Concerns about social injustice dominate the consumer landscape. Data indicates that some Americans have been denied loans due to their minority status. This reality raises doubts about the fairness of today’s mortgage lenders. 

Digital mortgages can combat this skepticism. The digital lending process emphasizes loan approval based on finances, not identity. The right tools can eliminate unconscious bias and provide your customers with social equity.  

5. Specialization in a Competitive Market

Digital lenders rapidly discover that their services are not unique. If anything, the number of digital lenders will only increase in years to come. What can you do to set yourself apart from the competition? 

Many lenders choose to emphasize a particular area of specialty. This area might include loans for first-time homebuyers, low-income loan programs, or other mortgage products. 

While offering various options, specialization can help you carve out a niche. It might also help other real estate professionals recommend your services to customers seeking a specialized loan.

Stay Ahead of the Curve

Keeping up with consumer trends is easier than you think. The BNTouch platform can help you with anything from marketing to communication. Our innovative customer relationship management platform provides an all-in-one solution for every lending practice. Want to learn more?

Contact BNTouch today to request a demo.

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American consumers have come to expect a frictionless digital shopping experience. They bring these same expectations to their digital mortgage lender. Connecting with your clients means understanding their expectations. Here are 5 reasons why homebuyers come to digital mortgage lenders:

1. To Proceed at Their Own Pace

For first-time homebuyers, the lending industry is unfamiliar territory. Digital mortgage lenders provide resources that let customers learn more about the process. Borrowers use these resources to learn more before contacting a lender.

Are you struggling to generate content? Consider how the right customer relationship management platform can help. You can create customized videos, social media content, and more. 

2. To Compare Rates of Digital Mortgage Lenders

Digital mortgage options let customers shop around. A Freddie Mac survey showed that borrowers saved an average of $3,000 when they took the time to compare rates between five different lenders.

Additionally, the digital process gives buyers time to consider their options. They can come to a final decision without the pressure of an in-person mortgage broker. It’s easy to compare rates and each mortgage company’s features.

3. To Find a Faster Process

Customers expect speed. Digital mortgage lenders rely on the latest technology to provide fast, accurate results. This setup means that borrowers will have an easier time receiving approval. It also means that borrowers will easily flow through the entire process.

A digital platform minimizes human error. Errors can cause major snags in the lending process and impede the customer journey. Digital lenders can end these errors to keep the process moving.

4. To Increase the Odds of Approval

Digital mortgage lenders do more than streamline the process. They also improve the odds of approval. Applying to many lenders increases the chances that at least one lender will approve the loan.

This tactic makes sense for historically underserved and minority populations. Some individuals are denied loans because of race or sexual orientation. But a digital system bases decisions on their financial history alone. This setup eliminates the possibility of unconscious bias and provides a fairer process.

5. To Receive Regular Communication

Borrowers appreciate strong communication. But they don’t necessarily expect a human touch each time. A digital platform can automate your communication. Clients receive an email when a key phase of the process is complete.

Additionally, a digital platform can centralize your communications. You don’t have to worry about missing a question from your borrowers. These platforms organize your documents to further speed up the customer journey.

BNTouch: Keep Your Customers Happy

Your customers deserve the best. That’s why mortgage lenders are increasingly turning to the BNTouch platform. Our digital tools can help you market your business and connect with clients. Discover these features for yourself. Contact BNTouch to request a demo, and start your journey to becoming an industry leader.

Learn more about what our solutions can do for your business. You’ll be glad that you did. Reach out today.

The post 5 Reasons Homebuyers Choose to Work with a Digital Mortgage Lender appeared first on .

Digital trends have helped countless industries become more agile and efficient. As a mortgage lender, it’s important to learn how a digital mortgage process can benefit both you and your borrowers. This guide will introduce you to the world of digital lending so that you can discover how it can enhance your business.  

What Is a Digital Mortgage?

A digital mortgage relies on electronic processes to help clients buy a house. Technology allows lenders to interact with borrowers through every step of the mortgage process. As a result, the process is smoother and more efficient, with fewer errors. 

An entirely digital mortgage process would take place with no human interaction and zero paperwork. Instead, the best digital lending options would offer a hybrid approach. This means that borrowers can still rely on the convenience of electronic options, while also benefiting from personal touch points along the way.

What does this mean for lenders? Relationships will always be the cornerstone of any business. Digital lending can help you nurture those relationships. The right tools provide convenience and efficiency but can also help to support your customer service.  

The Benefits of a Digital Mortgage Process

According to Forbes magazine, 99% of lending institutions believe that technology improves the mortgage process. Three out of four lenders cite the simplicity that technology brings. Others note the faster process and minimal data entry. 

Digital lending offers benefits for both the borrower and mortgage lender. Here are just a few of the ways that technology enhances the mortgage process.  

1. Greater Convenience for Borrowers

Digital lending options allow borrowers to compare rates while they are still in their pajamas. This is especially important to first-time homebuyers. 

Real estate “rookies” feel more at ease when they can proceed through the process at their own pace. Digital platforms also allow borrowers to compare rates, loan terms, and other customizable options.   

2. Higher Application Volume

A convenient process allows lenders to submit applications at a faster rate. This means that lenders can expect higher customer volume by offering digital applications.

Thankfully, digital tools can also help you to manage this increased volume. The best tools can assist in creating a customer pipeline and help you to network with real estate partners.   

3. Digital Mortgages Provide Greater Equality

Unfortunately, the historic mortgage industry has not always been favorable to underrepresented populations. Homebuyers can experience discrimination based on race, sexual orientation, or a disability. A digital lending process can help to stem this problem. 

Digital applications give underserved populations greater access to mortgage options. The New York Times reports that lenders have noticed an increase in applications from minority groups once they implement digital options.

Digital tools also eliminate unconscious bias. The screening process relies on financial data and credit history alone. When bias is removed from the approval process, borrowers enjoy a more equitable lending solution.

4. Borrowers Save Money Using Digital Tools

Online mortgage tools make it easy for customers to shop around. In one Freddie Mac study, customers who compared rates between five different lenders saved an average of $3,000.

That’s good news for you as well as your customers. When borrowers find great mortgage rates with your company, it helps your reputation. It builds trust. It also means that borrowers may be more likely to recommend you to their friends down the line.

5. Streamlined Communication

In any relationship, communication is key. Digital mortgage solutions can become a valuable part of a broader customer relationship management (CRM) system. These systems allow you to track your clients through every phase of the lending process. You can even send automated messages to your clients. For example, if a borrower completes a vital phase of the process, they can quickly receive a confirmation email.

Going digital means your borrowers will have greater access to you. It also means that you never have to worry about missing a message or question. Stay in touch throughout the process with a customized CRM platform.

6. Built-In Marketing Tools

Customer communication is only the beginning. A CRM platform can also assist you with marketing efforts. This means that you can use the centralized dashboard to manage such things as:

• Email marketing
• Social media marketing
• Content management
• Video marketing

Some CRM providers even offer templates that you can use when creating content. You can also track the performance of your campaigns and see how they stack up against your competition.

How Does the Digital Mortgage Process Work?

The actual mechanics of a digital mortgage depend on the software provider you use. Still, most lending processes will be nearly identical to a traditional mortgage. The main difference is that the digital process takes place via an online system.

A digital lending process will allow you to perform your usual due diligence, such as:

• Credit checks
• Evaluating income statements
• Performing a debt-to-income (DTI) assessment

But here’s where the digital system really shines. The built-in algorithm will determine the kind of mortgage a borrower qualifies for. It can also determine the rate that the borrower can expect. It can even let borrowers know early on if they fail to qualify for a loan.

Guide the Whole Process

Of course, eligibility is only the first hurdle in the mortgage process. As a mortgage lender, you can use your digital system to walk borrowers through every phase of the process. You can also use your system to network with other real estate professionals.

Virtually every part of the lending process can now be completed electronically. E-signature options allow you to complete important documents quickly. This eliminates delays caused by in-person visits or sending forms through the mail. The result? Greater speed, more convenience, and fewer errors!

Digital Lending and Mortgage Leads

Digital tools can help you nurture your mortgage leads. You can use your platform to generate new leads, or you can manually enter leads that you gain through other networking opportunities. You can follow up with these leads, working to convert them into satisfied homeowners.

Current Trends in Digital Lending

It’s no surprise that the 2020 pandemic only accelerated the digital mortgage revolution. But even with normal life resuming, these digital options are here to stay.

As a mortgage lender, it’s important to stay on top of current industry trends. Here are a few key developments in the world of digital lending.

1. Emphasis on Mobile Technology

Consumers are already accustomed to using their phones to manage their finances. One study by Bankrate revealed that 44% of banking customers used an app to manage their accounts.

To compete in the digital world, mortgage lenders will need to optimize their platform for the mobile world. This starts with responsive web design that looks good on every device. But it also demands that you use an intuitive, easy-to-use platform that customers can access with the swipe of a thumb.

2. Hybrid Communication with Mortgage Lender

On the one hand, mortgage customers still expect regular communication with their lender. But customers are also accustomed to automated emails and other kinds of rapid communication.

This means that a digital mortgage platform can enhance your client relationships. Send out automated emails when your clients complete an important step in their mortgage process.

In other words, you’ll need a hybrid approach. Give borrowers the convenience of automation but also offer them the personalized care they deserve.

3. Speed Is King

The “on-demand” world is thriving for a reason. Digital customers expect rapid turnaround. For mortgage customers, this means a faster application process and a streamlined closing process.

The easier you make the process, the better. Customers will remember you more favorably if you provide fast, efficient results. This also makes them more likely to recommend your services to their peers once they purchase their home. It can even encourage other industry professionals to recommend your services or to partner with you.

4. Personalization

In the same way that customers expect speed, they also expect personalized experiences. Your digital lending platform should help prospective borrowers to find products or services that match their needs.

This is also where video marketing can be helpful. Videos allow you to connect directly to your clients and illustrate how your services will meet their specific needs.

5. Specialization

Another way to stand out is by operating in a specialty area. For instance, you might consider such specialties as:

• Mortgages for first-time homebuyers
• Mortgages for low-income borrowers
• Commercial real estate
• Reverse mortgage programs

Having an area of specialty can help you connect directly to a distinct customer base. It can also help to set you apart from your local competition.

Many borrowers may already be searching for specialty options, which can help you to generate leads and connect to new buyers.

Digital Mortgages, Simplified

These great features can be available at your fingertips with the BNTouch platform. Our incredible, easy-to-use CRM system can help you nurture relationships, improve your marketing efforts, and work together with your whole team.

To request a demo, contact BNTouch today, and discover how our digital tools can transform your lending business.

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Time is money. The last thing you want in a customer relationship management (CRM) platform is a steep learning curve. As you’re evaluating a CRM for lenders, make sure to choose a product that’s easy to use. Here’s why that’s important.

Data Collection and Management

Mortgage CRM software all but eliminates the need for manual data entry. A robust system can pull client data from other channels or even take in leads from your lending partners. 

A CRM platform can also create a centralized database, making it easy to find the contact information and correspondence you need. No more clients slipping through the cracks!

Rapid Turnaround

An easy-to-use CRM doesn’t just benefit you. Your clients will also appreciate the fast turnaround for their loan applications. This can lead to greater customer satisfaction and give you an edge over your competitors.

Reduce Errors

No system is error-free, but an easy-to-use CRM for lenders can reduce the kinds of errors that creep in from the human side of data entry. Fewer errors mean a smoother process for you and the borrower. It’s a win-win for everyone!

Work Together

Your team deserves the best tools. A CRM platform can help your lending teams communicate, share documents, and collaborate on marketing projects. This improves efficiency and can even boost employee morale.

This is also true for your relationship with other industry professionals. A convenient portal for clients and partners can make working together a breeze. Your partners can use an app on their phones to connect with your office and even submit new leads from anywhere in the world.

Automate Your Communication

Regular status updates can give your clients a greater sense of confidence about the lending process. A mortgage CRM platform can send these updates automatically. This helps you meet the needs of your clients while prioritizing the things that matter most in your day. It also ensures that your customers receive the feedback they need in real-time, which can help you stand out from other lenders.

Manage Your Digital Presence

Need a modern website? No problem. High-quality CRM software can help you create clean, mobile-friendly web pages with a few clicks. 

Additionally, you can use a mortgage CRM system to solicit feedback from your customers. This customer feedback can be essential to refining your strategy and identifying new markets to target. Positive reviews can also be powerful to display on your web page and social media channels.

Make More of Your Time

The best CRM for lenders will provide an extensive array of automated features. Automation is possible for everything from marketing campaigns to client communication. This means that you’ll spend less time on manual entry and updates. You’ll have more time to devote to generating leads and serving your valued clients.

The Best CRM for Lenders

Save time and energy with a new CRM platform. BNTouch can help you modernize your lending business with our intuitive user interface and innovative features. 

Contact us today to schedule a demo and discover the beauty of simplicity.

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