One of the best ways loan officers can help ensure the success of their businesses is by using mortgage CRM software. Fortunately, there are many different mortgage-based CRMs on the market today, but not all of them are made equal.
Each has certain advantages and benefits that can significantly impact the success of your business. First, however, you need to understand the differences between programs to ensure you’re choosing not just the best mortgage CRM but the best one to fit your specific needs.
Let’s look at some data to consider before choosing a mortgage CRM before investigating five top mortgage CRMs on the market today.
Factors to consider
- Integration: Mortgage CRM integration should be a relatively easy, pain-free process. The systems are usually straightforward to understand. If you find that it’s going to take you unthinkable amounts of time to integrate your existing mortgage loan systems, information, and databases with new mortgage CRM software, consider an alternative provider whose system might better match your existing programs.
- Pricing: Making sure your mortgage CRM software stays within a budget is a key factor in determining which system you end up with. You may be tempted to push your budget to get the best possible system out there, but consider where your company is now. If a cheaper option will work efficiently for you over the next three to five years, carefully consider it before you jump on board with a flashier system that may not work for you now.
- Ability to scale: As with most things, you want your mortgage CRM system to be able to grow with your business. You may find a perfect program for where your company is now, but how will that same CRM function a year from now? Or five? Will it be able to expand with your company, or will it need to be replaced?
- Easy implementation: As you’re choosing the right CRM for you, make sure you investigate the ease with which they can be implemented. You don’t want to choose a CRM because it looks great, only to find that working with the system in day-to-day business is too complicated or challenging to keep up with.
Top CRM software for loan officers
There are many mortgage CRM software systems on the market today. This can make it difficult to narrow down your choices to the best one for you. To help with that process a little, here are the descriptions, features, and disadvantages of five top CRM software systems on the market today:
- Cohesive sales and marketing dashboard
- Pipeline management
- Data analytics
- Automated email and text message marketing
- Callback calendar reminders
- Integrated mortgage coaches
- Referral management
- Personalized loan scenario presentations
- Intelligent sales workflow
Pricing is difficult to determine, making this service riskier for smaller businesses.
2. BNTouch Mortgage CRM
- Price packages for every budget
- SMS marketing automation
- Lead distribution management
- Email marketing
- Proprietary mortgage tools
- Digital applications
- Pre-built marketing content
- Automated and curated social media content
- Integration with LOS, Outlook, Zapier, and Others
- Poor customer service
- Confusing email system
- Steep learning curve
- In-built templates for flyers, documents, etc.
- Loan document management
- Video email capabilities
- Lead capturing
- Loan referral tracking
- Document collection sending
- Automated concierge packages
- Loan transaction tracking
- Data analytics
- Integration with Act-On, Optimal Blue, and Mortgage Coach
- High customizability results in a steep learning curve
- Software systems not easy to navigate
- Calculations and conversions hard to input without support assistance
4. Mortgage iQ
- Lead management
- Marketing services for email, drip campaigns, and more
- Correspondent and consumer direct lenders
- iCloud compatible
- Integrations with Facebook, Five9, Wufoo, and Contact Center Compliance
- Templates and template editor
- Very small online presence with review sites indicating lesser authority and trustworthiness than some competitors.
- Limited loan and data tracking
- Limited analytics
- Easy-to-use workflows
- Follow-ups with lead generations
- Geographical and other demographic-specific generation techniques
- High-quality customer service
- Easy integration
- Future development roadmaps
- Room to scale
- Automation for most features
- Multi-step campaigns
- Lacking quality self-reporting features
- Limited customization
- Steep learning curve due to excess features
Benefits of mortgage CRM
There are many benefits to using a mortgage CRM. Let’s take a quick look at a few of the top reasons you should invest in one today:
- Organization: You can organize your information much more cohesively.
- Automation: Many time-consuming daily tasks can be automated by the system, saving you time and money.
- Customer service: Customer service improves when you’re on top of emails and the information you have. CRMs organize and maintain all of that for you while also offering automated customer service options.
- Analytics and reporting: While CRMs are great at keeping track of vast amounts of information, they are also capable of taking that information, analyzing it, and producing valuable new reports that can boost lead generation and expand the business.
Why do you need a mortgage CRM?
Mortgage CRMs are one of the easiest ways to simplify your workload, manage marketing and client relations, and streamline in-house communication between various clients and projects. However, there are many great CRM providers on the market today, so it can be challenging to choose the right one unless you know what you’re looking for.
If you find yourself in need of some extra help with mortgage CRMs, Good Vibe Squad is happy to help out–so, contact us today!