Mortgage CRMs are a tool that can make or break a company’s success. They have many great advantages – from their pipeline management services to their marketing services, compliance regulation, and the tackling of tedious tasks that prove to be all too time-consuming for loan officers.
What is a mortgage CRM?
Mortgage CRM, or Mortgage Customer Relationship Management, is a software specifically designed to provide applications and assistance to mortgage professionals to help them maintain their front-end operations. Among the many features of mortgage CRM include streamlined relationship and contact management, referral management, marketing automation functionality, and data organization features
Mortgage CRM vs. Loan Origination Software (LOS)
Even though mortgage CRM is a relatively straightforward system, people often confuse it with LOS, or Loan Origination Software.
LOS systems help manage the mortgage lending process by automating certain key systems and addressing challenges that may arise. Typically, it will cover loan applications, underwriting, approval, documentation, pricing, funding, and administration throughout the mortgage loan process.
Mortgage CRM, on the other hand, is more commonly used before LOS comes into play. Lenders use this when converting leads into prospective clients, then applicants, then official clients, repeat customers, and, finally, referral partners.
What are the features of a mortgage CRM?
1. Managing of contacts
2. Marketing automation
3. Pipeline management
4. Referral management
5. Regulation Compliance
6. Alert for mortgage or loan events
7. Tracking and analyzing all aspects
Other features of a mortgage CRM are:
- Lead Management
- Real-Time LOS Integration
- Extensive Libraries of Campaigns, Emails, and More
- Interactive Mortgage Tools
- Loan Milestone Notifications
- Pre-Written Templates
- Data Analytics
- Call Prompts
- Team-Based, Two-Way Texting
- iOS and Andriod Compatible Mobile Apps
Benefits of Mortgage CRM
There are many benefits to getting a mortgage CRM. Let’s look at a few of the top advantages:
- It’s time-saving: Thanks to all of the tasks that mortgage CRMs can automate. You will be able to save a ton of time you would have spent on paperwork, emails, and others.
- It boosts communication: Communication is an invaluable tool, and CRM software can help you promote communication in ways you would have never imagined before. It keeps track of all clients, referrals, leads, and even loan officers so that all contact information is in an easily accessible place. Further, it can take the information it has and uses its pipeline management systems to help move projects along with little human interference.
- Promotes lead generation: Mortgage CRMs are helpful in many ways with their automated services, endless databases, and tools for mortgage officers. But one of the side-effects of excellent CRM software is that it leaves loan officers with more time and resources to pursue and generate leads for their business.
Should you get mortgage CRM software?
Mortgage CRM software has many remarkable advantages that can go a long way toward helping a business thrive and expand. It works had to save loan officers time, money, and undue stress on the job by simplifying tedious tasks, streamlining communication, and even promoting the mortgage lending company through email and mobile marketing strategies.
Every mortgage lending company has to decide whether or not mortgage CRM software is right for them.
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