Mortgage CRMs vs. General CRMs: What’s the Difference?

Mortgage CRMs vs. General CRMs: What’s the Difference?

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Customer relationship management (CRM) software is a technology designed to help businesses better manage their clients while also enhancing and automating many different aspects of day-to-day tasks. While general CRMs can work well for just about any sales industry, the mortgage industry is slightly different. A mortgage-specific CRM provides the same quality customer management as general CRMs provide, but they also deliver specific tools designed specifically for the mortgage industry.

Key Takeaways

  • While a general CRM can help loan officers and mortgage professionals better manage their client base, it offers limited tools when it comes to improving daily productivity that is specific to the mortgage industry.
  • Mortgage CRMs not only allow mortgage brokers and loan officers to manage their client data but also offer the tools necessary to enhance productivity and speed up the loan process, such as LOS integration or digital documentation that meets compliance regulations.

What is a mortgage CRM?

Customer relationship management (CRM) software is designed to help businesses manage every aspect of their client relationships. This includes everything from general contact information to communication scheduling and history. The goal of a CRM is to help build, manage, and nurture client relationships but it goes further than that. A quality CRM helps businesses automate mundane tasks and increase efficiency.

A mortgage CRM includes the basic tools found in a general CRM but also includes mortgage-industry-specific tools designed to help loan officers and mortgage brokers streamline the loan process while still meeting compliance regulations. 

Mortgage CRM vs. General CRM

So, what really makes a mortgage CRM different than a general CRM? As a mortgage professional, is it really necessary to find a mortgage CRM software, and what difference will it make for your business?

A mortgage CRM is important to improving customer service, maintaining relationships with clients, increasing productivity, and staying within compliance for loan officers. 

Focuses on customer service

In the mortgage industry, the client experience is the most crucial aspect of a loan officer’s success. An unhappy client can simply walk away to another lender, so your focus as a loan officer should always be on creating an unmatched client experience. A good mortgage CRM focuses on the need to make prospects feel as though they are your only client and you are devoted to their mortgage needs. Not only does a mortgage CRM help you maintain client data, but it also provides you with a clear picture of where your client is in the mortgage process, all your previous communications, and any notes or documentation. A mortgage CRM provides a clear, real-time picture of every one of your clients at the touch of a button, allowing you immediate access to all the information you need to provide the best service to your client.

Helps you maintain regular communication

In the mortgage industry, quality communication with your clients is essential to your success. A quality mortgage CRM helps increase effectiveness and efficiency when it comes to all your daily communications. With tools like integrated emails and SMS messaging, you are able to send communications out directly through your CRM. Task assignments can automatically trigger notifications to your calendar for calls and communications as well as trigger automatic marketing drip campaigns based on specific triggers. These tools help loan officers maintain regular client and referral partner communication, which, over time, helps to build trust and nurture a positive relationship.

Digital documentation compliance

In the mortgage industry, paperwork and documentation are essential to the loan process. Everything from personal records necessary for the approval process to signatures on disclosure statements, as a loan officer, you and your client will be transferring and signing numerous documents. A quality mortgage CRM understands this aspect of the industry and offers the ability to provide and receive digital documentation through secure storage while also allowing for digital signatures, helping to streamline the loan process for both the lender and the borrower. This is all done while still maintaining regulatory compliance.

Increased productivity and consistency

A quality mortgage CRM can help loan officers stand out above the local competition. While the loan process is often inconsistent due to outside variables, a mortgage-specific CRM can help by bringing new aspects of consistency into the process. With tools such as automation, task management, and effective workflows, loan officers can improve efficiency and minimize downtime often experienced between loan application and processing, helping to allow loan officers the ability to deliver faster turnaround times and improve the mortgage experience for clients.

Designed to integrate with LOS

A loan origination system, or LOS, is a mortgage platform that is designed to manage the loan process from application to completion. It allows for a wide range of functions, including compliance agreements, document management, credit pull functionality, and more. A LOS is essential for loan officers and mortgage professionals for loan management but it does not, however, manage client relationships. In this case, a quality mortgage CRM system understands the need for a LOS system and provides for seamless integration, allowing loan officers the ability to leverage both tools together to further boost efficiency and productivity.

Benefits of using a mortgage CRM vs. a general CRM for your mortgage business

Now that you understand the difference between a general CRM and a mortgage CRM, you can probably see some of the benefits of choosing a mortgage-specific CRM for your business. Here we highlight some of the top benefits loan officers can experience when choosing a mortgage CRM solution.

  • Quality client data gathering and lead management
  • Pipeline management and tracking throughout the loan process
  • Clearer picture of your target audience and the ability to segment your client data
  • Email marketing campaigns and drip marketing automation
  • Improved productivity and accuracy of data
  • Personalized client interaction and improved customer relationships
  • Increased efficiency and an improved workflow

Choosing the best mortgage CRM software for your business

You can ensure you choose the best mortgage CRM software for your business by considering your budget and production level. 

While a general CRM can provide some benefits to mortgage professionals, a mortgage-specific CRM is going to offer many more benefits and industry-specific tools to help loan officers stand above their competition. With the right mortgage CRM, loan officers can integrate with a LOS system and take their business to the next level.

Skyrocket your production

If you are looking to take your mortgage business to the next level, the team at Good Vibe Squad is here to help. With a wide range of industry-specific tools including mortgage lead generation, loan officer coaching, and our custom LoanMore mortgage CRM, Good Vibe Squad helps loan officers exceed their goals. To learn more, book a strategy call today.

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