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1. Automation
Automation offered through CRM means you will spend less time manually entering contact, sales, and marketing information into the system. More than that, CRM automation cuts down on the time it takes for communication and follow ups, creating more time for the best mortgage brokers and lenders to meet with customers and nurture relationships.
2. Loan pipeline management
Mortgage CRM software typically ties in with existing loan origination software (LOS) systems to improve loan pipeline management. This type of integration usually allows lenders to view loan reports on demand, as well as track loans while they travel through the LOS and synchronize key data, like 1003 application data and loan status values. The benefit is mortgage lenders can access loan information, contact information, and phone call and email history—all in one place.
3. Referral partner marketing
Mortgage companies benefit greatly from programs that facilitate drip marketing campaigns and campaign tracking to send messages targeted to referral partners and clients. Tracking these types of campaigns helps mortgage lenders better understand how to cultivate and reward clients/partners for their loyalty.
4. Regulation compliance
It is critical that mortgage lenders are aware of new regulations and compliance issues in the mortgage industry. Integrated compliance modules are available in some mortgage products to help guarantee that business operations follow regulations enforced by organizations like the Federal Housing Administration.
5. Mortgage event alerts
With successful CRM software, mortgage lenders are alerted to important events, like which clients want to refinance several months or weeks in the future. There are CRM systems that have news update applications to provide the most up-to-date information, like increasing annual premiums or changing up-front mortgage insurance rates, for instance.
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