Understanding Mortgage CRM Software As A Loan Officer

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Every sector of the real estate industry is based on relationships. However, any loan officer can tell you that mortgage lending depends on relationships with clients. To obtain a mortgage, borrowers must disclose their income, employment, and many other personal details — and the borrower handling their application must cultivate a sense of trust in handling this information. Indeed, trust is at the foundation of a lender-borrower relationship, and this relationship is the base of mortgage lending. As many mortgage processes move online, though, this may seem less important. On the contrary, effective customer relationship management (CRM) has never been more critical. Read on to learn why.

What Is Mortgage CRM Software?

CRM software is an application that gives companies the ability to interact with customers, manage their accounts, and solve problems that emerge throughout the relationship. This allows the borrower to quickly view an overview of each customer’s profile and serve them more efficiently. Another essential characteristic of CRM software is its ability to handle front-end operations while collecting vital data about customer behaviors. This data can then develop better products and policies and improve customers’ overall satisfaction.

CRM software is necessary for many industries, but it’s vital in the lending business. Mortgage CRM software often has unique loan management tools and client communication tools. The latter of these is a critical asset for connecting with borrowers and developing a relationship. Some CRM platforms offer a texting feature, for example, that provides a low-stakes way to initiate contact with prospective customers, identify their needs, and check in on them when necessary.

The Differences Between Loan Origination Software & Mortgage CRM

Although some mortgage CRM programs offer loan management tools, a CRM application should not be confused with loan origination software. Loan origination software is the primary management tool for all functions relating to a customer’s mortgage application. It includes features such as a credit pull tool, pre-qualification processing, and risk assessment calculators. These tools are ultimately used to process incoming applications, determine an applicant’s creditworthiness, and ensure that applications are compliant with all applicable regulations.

On the other hand, CRM is used to manage communications with the client. Communicating with a customer and assessing their mortgage application are two separate processes that different departments typically handle, so it makes sense that there would be different platforms used for each. Though they have different purposes, these platforms work best when utilized together. Many loan origination and CRM software platforms can be integrated for this reason.

Tracking Mortgage CRM Leads

One of the most powerful features of a CRM program is its ability to turn leads into customers. A lead’s profile in a CRM platform can be used to develop data, ask essential questions, and move prospective clients along in the application process. This is particularly helpful for mortgage lenders that buy leads in bulk. Purchased leads can certainly offer a range of advantages, but it can be challenging to turn leads into customers without the right tools for developing a relationship. With a CRM platform, you can easily reach out to countless leads and invest in those likely to move forward.

Communication is the key to conversion, and an effective CRM platform is the key to communication. If you buy mortgage leads, it’s time to get your money’s worth and invest in CRM software that can optimize your communications. Without an effective lead management strategy, you may miss out on valuable opportunities, which can translate to lost business. Get the most out of your leads regardless of whether they’re organic or purchased.

How Good Mortgage CRM Software Makes For Happier Borrowers

Mortgage lenders aren’t the only ones who can benefit from effective CRM software. Borrowers will benefit, too, from the range of tools available in a CRM. Perhaps the most significant advantage is the ease of communication that it can provide. A successful relationship between borrower and lender relies on communication. When all of your tools are centralized in a single platform, it’s easier to stay on top of every call, text, and email you receive — demonstrating to your clients that you care about their concerns. Borrowers are happiest when they know they’re a lender’s top priority.

Borrowers must have easy access to communication tools, and a CRM ensures that both parties can communicate clearly. Customers never need to worry about their email being lost or their text going unreceived when you have CRM software that efficiently tracks and manages all client communications. This allows lenders to focus on converting leads to customers by leveraging communication.

How To Determine Which Mortgage CRM is Best for You

Now that you understand the benefits of a CRM program, you might be wondering how to choose the right one. There are many different applications on the market, so it can be overwhelming to narrow down your options. CRM is not a one-size-fits-all consideration, though, so you should take steps to find the program that’s best suited to your unique lending needs. The first factor to consider is its ability to integrate with your existing software suite. You likely use loan origination software, so you should check to see what CRM applications can be used seamlessly with your current programs.

You should also assess which programs are the best match for your priorities. Some software is designed to prioritize text communication, for example, while others are tailored to lenders who usually use email. Other features such as customizability and intuitive design are also important to consider. Remember that you need a program that will be scalable to your company’s growth — and with the right CRM, you will undoubtedly see growth!

Look for a CRM program that can help you leverage your purchased mortgage leads and turn them into mortgage customers. Buying mortgage leads is a great way to boost business.


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