How Much Faith Do Your Customers And Partners Have In You
Trust is crucial, but when it comes to money business, it is beyond essential if thats possible. Most of the customers you are going to be working with as mortgage professionals have no prior experience in the business. For some of them, the loan they are seeking is the biggest financial move they have had to make. In that case, it takes a lot of trust for them to choose you over your competitors. It also takes a great impression and trust level for customers to come back to use your services. So, do your customers and partners trust you?
What Can Crm For Mortgage Do
Some of the main features a mortgage loan CRM often includes are automation, pipeline management, regulation compliance, referral management, and mortgage event notifications. Having all of these in a CRM for mortgage loan officers keeps all client information in one centralized location to streamline contact management.
Common Features Of Loan Origination Software
The core features of loan origination software include an online loan application dashboard, loan portfolio management, document tracking and disbursement management.
Let’s look at these in detail.
| Loan portfolio management | |
| Capture and access details of new leads, prospects or existing customers in a centralized location. | |
| Billing and invoicing | Generate invoices of loans delivered and payments received and share them with customers via email or SMS. |
Besides the features mentioned above, these solutions offer mobile applications and integration with third-party tools such as accounting solutions. This allows businesses to expand the loan origination software’s functionality.
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Mortgage Loan Qualification Process
Application
This is when mortgage brokers have a chance to shine. At this critical stage, its vital to maintain consistent contact with a client throughout the process to demonstrate the lenders dedication and professionalism.
Documentation
As any borrower knows, the list of documents that must be submitted before a mortgage originator can make a credit assessment is a long one. So its crucial at this stage to keep the client and referral partners informed through the various loan milestones.
Loan Approval
Some lenders make the mistake of thinking their customer relationship ends once the mortgage loan is closed and funded. Nothing could be further from the truth because a satisfied customer is the highest quality mortgage lead!
In fact, its even more vital that a mortgage originator remains in contact with a customer at this stage to encourage future referrals and warm reception to refinancing marketing campaigns.
Which Systems Need To Integrate With Your Los
While LOS software provides origination and fulfillment management to help LOs manage their pipeline, these systems are not designed for external communications.
This is why the best mortgage CRM systems like Surefire work with your LOS software to effectively manage your mortgage pipeline. When these systems work in tandem, your communications with internal team members, borrowers, agents and other third-party service providers will be optimized, giving you and your team members the ability to close more loans.
MORTGAGE MARKETING UNIVERSITY
SEE YOURSELF IN SUREFIRE
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Why Use A Mortgage Crm In The First Place
What sets your mortgage company apart from others? Most lenders hate to admit it but, mortgages are a commodity with little variation between competitors. Sure, your interest rates might be a quarter-point lower than the bank down the street. Thats not what makes you unique. Is it the wide variety of programs you offer? Not really, because chances are, theres a competitor that can offer that same program your borrower needs.
What sets you apart are the relationships you build with your customers and partners.
From the moment a borrower or realtor gives you a call, theyre asking two questions:
Their buying/referral decision is almost entirely based on those two questions. If they dont like you, theyll find every competitor within 50 miles with just a few taps on their phone. Because of this,
the stakes are higher than ever.
CRMs improve your relationships with clients and referral partners by making the mortgage process dramatically easier.
Because your borrowers will be amazed with how pleasant the experience is, your realtors in return will love sending business your way. Not only is the experience you provide what sets you apart from the competition, but it is also what will open the floodgates for referrals.
Encompass By Ellie Mae
Encompass automates digital mortgage processing, allowing you to easily manage the commercial loan origination process.
The software handles the entire process, from customer relationship management after closing, to shipping and more.
You can customize the system to best suit your business needs, enabling you to sync with other software you may be using and upload important documentation.
Youll also receive support from the apps in-house IT team, who will talk you through the platform and will assist you with any problems or queries you have along the way.
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Quickly And Efficiently Improves Your Team And Consumer Experience Without Disrupting Your Business Or Sacrificing Profits
MeridianLink continues to set the standard for the next generation of digital lending by offering solutions for all your origination needs. Our SaaS cloud-based products provide financial institutions a stress-free loan origination process, so they can focus on providing a superior consumer experience. Connect our time-tested, industry-trusted consumer and mortgage digital lending and account opening solutions plus credit data, and experience the evolution of lending automation, cross-selling, and loan optimization to accelerate growth and ROI.
Streak Pricing At A Glance*
- Free: Up to 1 user
- Solo: $15 per user, per month for one person
- Pro: $49 per user, per month
- Enterprise: $129 per user, per month
- Free trial: 14 days
*Pricing based on annual billing. Monthly billing is also available at a higher cost.
Though not an industry-specific CRM like others on this list, Streak was built purely for Gmail and Google Workspace users. Users can track tasks, contacts, and various pipelines directly from their Gmail system through the right integrations, which automatically updates and tells you what you need to do next based on your inbox. You can also manage and share documents such as mortgage proposals through the Google Drive integration.
The feel is virtually identical to using other Google Workspace applications, which is why we recommend it for Google users. Other features that give it our pick for the best overall include customizable pipelines and data fields, email link tracking, and email automation options. Mortgage provider users who subscribe to its higher-tier plans also get contact enrichment tools and the ability to integrate their voice-over-internet-protocol phone system.
The biggest flaw of Streak for mortgage providers is that it does not let you integrate the CRM with a loan origination system. Therefore, users canât manage loans in one central portal. Alternatively, Whiteboard and BNTouch are mortgage CRM alternatives that allow you to integrate with LOS platforms.
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Mortgage Marketing And Regulation Compliance
Compliance in mortgage marketing is critical, and lenders and mortgage professionals must be up to date with the industrys most recent compliance regulations and issues. To that end, you would find that many industry-specific marketing CRMs are equipped with integrated compliance modules. Some organizations make and enforce these regulations, such as FHA, HUD, and VA.
The best mortgage CRM should have the features that keep you updated on the latest changes in regulations by any of these agencies. These features ensure that no lines are crossed and that all the business operations align with the industrys best practices.
The Best 7 Free And Open Source Loan Origination Software
No matter the size, scale, or scope, every organization will require financing to conduct a wide range of business purposes, not limited to expansion, product development, manufacturing, administrative processes, etc. One of the most popular methods to obtain credit for the activities mentioned earlier is through a loan.
Obtaining a loan, even for businesses, is not difficult. Financial institutions, banks, FinTech organizations, and other economic and industrial establishments play a vital role in ensuring credit is available for companies. Companies can borrow different types of loans, viz. term loans , SBA loans , Invoice Financing, Merchant cash advances, trade credit loans, and business lines of credit, credit cards. Now, for firms to be eligible for these kinds of loans, they have to fulfill certain conditions – credit history and relevant borrower reports, business collateral, the total time spent in the business, and strength of the underlying financials of the company .
The process of obtaining a loan for businesses after ratifying of data, as stated above, is called loan origination. Origination is the series of steps by which a borrower may obtain the funds required after approval. These usually constitute KYC procedures, ascertain creditworthiness, process application through necessary channels, and finally disburse the agreed amount. The entire loan origination process is of extreme importance as:
Read on to understand more about loan origination software.
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Are Loan Origination Software And Loan Servicing Management Systems The Same
No. Loan origination systems cover only the origination stages of the loan management process. It provides numerous tools to control loan origination tasks. Businesses that deal with the loan origination phases of loan management leverage loan origination software to streamline their operations. In contrast, the best loan servicing management software systems are typically all-inclusive solutions that cover loan servicing and repayment in addition to loan origination tools. Thus, loan origination systems are origination-function-specific subsets of loan management systems.
The Story Of Effortless Loan Origination
ARIVE was conceived as a product to combine common software solutions for brokers. The average broker shares a similar workflow, yet uses 5+ different programs to process a loan. Why? ARIVE offers mortgage professionals the ability to originate with ease and confidence from anywhere with our web-based platform. Streamline pipeline management with instant pre-approvals, leads, digital docs, products and pricing, income analysis, integrated settlement fees, one-click AUS, forms and disclosures, lender integrations, quarterly mortgage call reports and more.
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Features Of Mortgage Crm Software
Most Mortgage CRM software as well as generic CRMs have one feature in common. They centralize your contact databases so that teams can better manage pipelines. This feature helps keep track of leads, prospects, and active customers to make sure that nobody falls through the cracks. However, if youre working with CRM software specific to the mortgage industry, youll benefit from additional features which include
Loan Partner Drip Marketing
The most competitive area of mortgage marketing is the referral space. For most loan officers, getting referrals is the best way to generate business. While you have your core base of referral and marketing partners, there are even more opportunities on the fringes. These opportunities are real estate agents youve worked with, and borrowers you helped with purchase loans and refinances. The saying goes, out of sight, out of mind. Mortgage Drip Marketing keeps you in the mind of your potential partners by automating email sequences. By having automated email sequences always going out, you experience three benefits:
Loan Pipeline Management:
Compliance Guidance
Should You Assess Your Crm Based On Communication
Without communication, there is no relationship. Whether in the area of lead generation, prospecting or pipeline building, mortgage professionals need to be in touch with their real estate agents and customers. Just by being in touch, you significantly increase your chances of earning clients for life. Most borrowers would prefer to work with a professional they had used in the past but end up losing touch due to poor follow-up.
Sending automated messages on important occasions like birthdays and anniversaries goes a long way to endear you to your customers. For your realtors and partners, an email reminding them of how together, you closed a major loan and how incredible they were throughout the process, could propel you into becoming their favorite.
The best mortgage CRM also provides closing gifts that you can personalize for your clients. Closing gifts, such as cutting boards, serve as constant reminders of the awesome service you provided, keeping you top of mind with past borrowers.
You would build strong bonds, which would, in turn, affect the frequency with which your customers return to use your service.
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Most Popular Loan Origination Software
With several Loan Origination software available on the market, each competing with new features, it can become difficult and overwhelming to choose the right one for your business. Some key features to look out for include adaptability, flexibility and excellent data analysis and integration.
Loan Origination Software should be capable of handling most of the business processes and analysis that are required. It should be flexible enough to change as per the policies, credit scoring protocols and industrys regulatory requirements. The industry standards for each of these elements in an LOS software are dynamic in nature and change rather quickly.
This following lists some of the best LOS and highlights the key features to help professionals choose the best Loan Origination Software for their organisations. These LOS are the top most and renowned in the industry having all the features significant for optimization.
Features Of Loan Management Software
Loan management software can help you manage a loan throughout the entire cycle, or focus on specific areas. For example, you may have manual processes for determining the loan amounts, but you also need a simple system to track the payment plan terms and record incoming payments. Or, you may be looking for a complete system that approves/denies applications, determines loan amounts,
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Do You Need A Mortgage Crm Upgrade
Theres a good chance many of you reading this guide have a CRM system in place already and know what a vital asset it is to your mortgage company. However, is it still complementary to your business goals? Does it allow you to offer consistent customer service to borrowers?
If youve had the same mortgage CRM software in place for some time, it may be appropriate to reassess how its working for you and consider if its time for an upgrade. To help you out, here are just a few signs to look for to help you decide if its time to retire your old system and move up in the world of mortgage CRMs.
You Have an In-house CRM System
Its done its job for years, but its hard to believe an in-house CRM system can keep up with the more comprehensive and agile options out there created by the experts. Youre not a startup anymore, so your CRM system shouldnt be either.
Its Clunky and Requires a Lot of Maintenance
This is common with older CRM software. If youve had it for years and its still hard to understand or keeps breaking down, and you spend a lot of time and money debugging it, its probably time for an upgrade. Remember, every time a feature of your CRM system is down, you risk losing leads and customer satisfaction, and all of that adds up to lost revenue.
Your System Is Slow
Integrations Are Unnecessarily Complicated
It No Longer Fits Your Priorities
Why Refer To Goodfirms List Of Top Loan Origination Software
GoodFirms is a well-known review and rating site for IT solutions. It has been playing a significant role in helping companies to make an informed decision on the software product. The transparent review process filters the best product for the users and fulfills their explicit needs.
Do not miss to check the GoodFirms list of best loan origination software to pick the right and reliable software.
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The Benefits Of Happier Borrowers
Fully 90% of consumers read online reviews before contacting a business and 84% trust an anonymous reviewer just as much as someone they know. These stats show the power of opinions to impact your business.
Is your CRM built specifically for the mortgage industry? Can it handle client and partner feedback, online reputation management, and customer preferences that affect the success of your mortgage business?
When your borrowers are happier, theyre more inclined to post positive reviews online and make recommendations to their friends. This creates a cascading effect of more referrals, more deals, and more long-term loyalty to your business.
How We Increased Our Mortgage Loan Volume Without Sacrificing Service
You can ramp up your mortgage loan volume without sacrificing productivity or customer service. It happened at Great Western Financial Services in Colin County, Texas, where Tristan Sherrill is the branch manager.
Tristan, who has been recognized as the best mortgage professional in Dallas multiple times, was wrapping up a frustrating year with his companys CRM. Great Western was using a slick, big-name CRM that required an annual contract. Sure, it integrated with their Salesforce program, but it was extremely cumbersome to use.
For example, Tristan couldnt create a special group or subset without needing help from the CRMs tech support. He wasted more than 30 to 45 minutes on the phone reporting issues each time, then waiting for a custom solution from the company.
Whenever his team members used the CRM, it seemed to be more of a distraction than a productivity tool for them. Tristan heard endless complaints from unhappy loan officers. This bled over onto their customer relationships.
This frustration went on, month after month. It interfered with Great Westerns customer-first service model. It also irritated Tristan on a personal level. The CRM was throwing up roadblocks to providing great customer service, not to mention costing his branches time and deals.
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