Guide to CRM Software for loan officers

4 years ago

A Mortgage CRM creates a powerful competitive advantage for a loan officer by automating key marketing tasks and scaling up LO followup with everyone from prospects and clients to referral partners.

A Mortgage CRM creates a branded marketing platform for small lender teams. And for the Enterprise lender, a Mortgage CRM is the engine of productivity that allows you to market to borrowers, deliver engaging content, meet compliance regulations, and connect to all of the technology needed to recruit the top talent in the mortgage industry.

What is a CRM?

A CRM tool lets you store customer and prospect contact information, identify sales opportunities, record service issues, and manage marketing campaigns, all in one central location — and make information about every customer interaction available to anyone at your company who might need it.

Why do loan officers need a CRM?

A mortgage CRM is the permission-based marketing engine that allows small and big mortgage loan officer teams to generate custom leads and react to events from all of your marketing efforts – print and digital.

A mortgage loan officer CRM is the database of the future. It integrates your digital marketing and advertising efforts with your mobile app, leads, social media, and other marketing channels. But even more, it automates your lead generation, deepening engagement with every customer across touchpoints in your customer lifecycle.

So What if You Don’t Have Power at the Office?

Mortgage loan officer marketing can be done from anywhere, whether it’s from home or while travelling around the country on work.

Mortgage loan officer CRM platforms enable a loan officer to access information about each homeowner from any web-enabled device. So they can discover new leads, send text messages, and market to prospects and clients from a mobile device or from a remote location.

What if a Loan Officer has a car accident?

There are many CRM tools available that allow you to collaborate with your agents anywhere. Of course, it is also possible to create isolated CRMs for each agent using different technologies.

What About Succession Planning & Leadership?

CRM tools are already connected with 10X More Homes, your home loan blogging and article writing service. When you lead your team to success using CRM, you will have access to your team’s sales pipeline for each campaign. You will be able to measure ROI on social media marketing, lead generation, and service resolving.

By using a CRM solution you will also have real-time access to your team’s activities and status via social media, and appointment scheduling.

What About Campaign Management?

A CRM can also help you organize your business by letting you better manage direct-mail campaigns, social campaigns, and other marketing efforts by automatically notifying customers when you make longer-term strategic plans.

CRM can manage your retention strategies and service consultations, redeeming sponsorships, donations, and recall campaigns.

How Much Time Can you Save?

A mortgage loan officer CRM will shortcut the time it takes to compile information on potential or your current clients, and it will speed up market research efforts.

This smart, new technology will help you save time, and most importantly, help you streamline your marketing and selling efforts, becoming a higher income loan officer for your employer, or realizing the maximum potential of your entrepreneurial efforts – whatever you decide.

Benefits of CRM Software for loan officers

Mortgage loan officer CRM systems help a loan officer to better manage the highly complex marketing process, organizing lead generation strategies, marketing messages, and content.

  1. CRM automation

Every loan officer has a prospecting inbox, and it takes too much time to review every lead and contact them at the right day with the right message.

A CRM solution makes this process automated. From now on, the leads will be automatically organized in your sales funnel.

2.“As-applied” process

You won’t be able to have a real “as-applied” process with any marketing system if you don’t integrate your customer data into your CRM system. You have to manage your leads and your business through an application and not a bunch of spreadsheets.

  1. Client-facing marketing material

All your marketing material will be updated with a click. You don’t have to go through printing and posting stuff on the walls or brochures. For example, with a mortgage loan officer CRM solution, you will be able to change content right away on the phones, desks, and tablets in the branch.

If the lead has verified his interest in your MLS feed, he will be pushed into the funnel and you will be able to close the deal faster.

  1. Marketing automation

A CRM solution will make your marketing automation tasks easier – for example, if someone clicks on your ad, he will be automatically connected with the best agent in his area according to different filters – zip code, product he is searching for, the price he is willing to pay, whether he is interested in a refinance, and more.

  1. Team collaboration

If the CRM solution for loan officers is connected with different systems, you will be able to access your analytics data at any time from team collaboration tools (Slack, HipChat, Skype, etc.). You will also be able to conduct real-time video and audio conference calls.

  1. Lead routing

Automatically capture lead data and assign it to the best agent at the appropriate branch. As soon as the agent receives the lead, a cookie is set to make sure the lead does not go back to the broker, and the loan officer will get a notification if the preferred agent has been assigned.

  1. Mobile marketing

Make marketing and lead generation from your smartphone or tablet easier. Design your lead capture forms so that they are mobile friendly.

How to Choose the Best Mortgage Loan Officer CRM

In order to really understand the value of a CRM tool designed to automate and scale your lead generation efforts and track your marketing campaigns in one centralized place, you need to choose the correct CRM software for loan officers.

The most important things to keep in mind when looking at loan officer CRM software is where it will save you time and energy.

The best CRM for mortgage loan officers will help you chase leads while they are hot. The memory of a person who recently saw a mortgage advertisement is much stronger than his memory of a generic ad.

Agents who use a mortgage loan officer CRM will have an easier time preparing customers for a meeting with a loan officer – let’s say a house will be sold. They will be able to research faster, get on the phone sooner, and reach the person by phone even if he doesn’t pick up at first.

The best CRM will also take a lot of work off the loan officers’ hands, allowing them to focus on helping families make the best decisions for their financial well-being, which is what their career is all about.

The best mortgage loan officer CRM is the one that works for you.

Features of a CRM for loan officers

A very important feature of a CRM for loan officers is automation. Automated processes are highly optimized to ensure loan officers save time.

Leads generated through different marketing campaigns should be automatically delivered to an appropriate agent.

The CRM should be able to consolidate needed information and customer data like: email address, phone number, and address. This can be integrated into marketing automation systems so that those fields are automatically populated when a website visitor reaches a certain point in a sales funnel.

It is important for a loan officer CRM to be able to track the intervals between all interactions with a client and which lifecycle stage a client is at. An example would be the timing from lead generation to application.

The loan officer CRM solution should allow its users to keep track of all the different clients and the status of their loans: the one who just applied and how it is progressing, the one who has been approved on the loan, and the one who has been closed with a win – all at a glance.

A mortgage loan officer business CRM should be able to compile different data from websites, social media, and campaigns into customizable reports that will help loan officers keep track of their progress.

The system needs to be easily customizable.

The unique feature of a CRM for loan officers is the facial recognition feature. The linked loan officer and their credit can see the face of a client who walks into their branch.

By using the face recognition feature, you will be able to know if someone is an existing client immediately.

The best mortgage loan officer CRM will:

  • Let you manage your front and back offices
  • Let you understand clients better
  • Let you understand your entire business better
  • Help you save time on administrative tasks and
  • Let you close more deals

Add Contacts to a CRM for Loan Officers to Improve Lead Generation

The perfect loan officer CRM must be able to integrate with different marketing automation and sales CRM solutions to allow for better lead generation and management.

How to search for properties in the MLS

It should be able to automatically add a client’s interest in a listing or search.

If you want to create a connection with a broker, you should have a real-time feed from them and all of their available properties in the MLS (Multiple Listing Service).

All of the broker’s fees and all those properties that are available should be wirelessly displayed.

The best CRM for loan officers must be able to automatically add a client’s interest in an MLS product.

It should be able to send email alerts when a new listing comes out or when someone modifies their profile. The notifications and real-time events can be used by a loan officer software to activate those actions that are not time-sensitive.

If your CRM is connected to lead generation advertising, there are certain fields that will be automatically populated.

The best CRM will be able to connect with different affiliate networks to streamline the distribution of valuable loans and the clients that would be most interested in them.

For example, you should be able to find your previous customers and display their properties for them. If they are in your database, they can sign up for a sale.

Questions to ask before buying a CRM Software for loan officers

  1. Can I run the service using my own hosting?

You don’t want to commit to a hosting plan if you are just testing the service. Also, if the CRM is unable to run on your host, but you get no price reduction, that’s a red flag.

  1. Can you customize the CRM

If you want to have your own templates, modify the fonts, icons and colors, you will have to pay for design customization.

  1. Can the CRM generate leads?

CRM tools are designed to help you convert leads into sales. Make sure the vendor’s solutions can do this.

  1. Will the CRM integrate with your other software?

You cannot go back and forth between multiple CRM’s. Make sure you run your business from one CRM.

  1. Is it flexible and quick to adapt to new strategies for strong lead generation?

You must have the ability to modify your strategies to better optimize them to grow your business.

  1. Do I have the ability to change my team’s roles?

You have to be able to change things up and change your team’s roles if you’re closing fewer leads than usual.

  1. Does the CRM work better for a larger or a smaller firm?

Is selecting CRM based on your firm size your best move? Whether you’re a small or large firm, you should be able to benefit from.

  1. Is the CRM cloud-based or on-premise?

Can you run the CRM on your server or would that put you get locked in?

  1. Is it an easy start-up?

Can I start using the CRM easily? Or does it need a lot of your time to set it up?

  1. What are some of the training options?

Do you have to go back and forth with your provider to get all of the training and answers to your questions?

  1. Does the CRM help me better track my team’s performance?

That way you can focus on training specific areas that need addressing based on the statistics.

  1. Does the CRM help my team maximize their contribution?

The CRM needs to help your team members amplify their contribution to the business.

  1. Is there good reporting and analytics?

You have to be able to track everything you do. There should also be automated reports.

  1. Does the CRM offer good customer service?

It should be able to answer all of your questions. If it doesn’t, you should look elsewhere.

  1. Do I have full control of my data?

You should be able to export your data whenever you want and should have full control over it.

  1. Is it easy to use?

Make sure the platform is easy-to-use so your team has confidence in using it.

  1. Is it customizable?

You have to be able to customize the platform. For example, you have to be able to create forms in the CRM as well as a web interface for agents.

  1. What is the CRM’s reporting rate?

You need to know how often the CRM processes your data.

  1. Does it have 24-hour support?

The CRM should be able to offer 24 hour support because you may have urgent situations during the week.

  1. What are the CRM’s reporting frequencies?

You need to know how often the CRM processes your data.

  1. How much are the typical monthly fees?

The monthly fees will vary depending on the CRM software. However, most CRM vendors will offer a free trial period so you can see if it’s the right one for you.

  1. Is there a money back guarantee?

Some vendors offer money back guarantees so you can test out the platform and have your money back if you’re not satisfied.

  1. Is the CRM easy to migrate to?

If you want to migrate to a different CRM you should be able to do it without a lot of trouble.

  1. Is the CRM easy to use?

Is the system easy to navigate for your team? The best bang for your buck is probably what is easy for your team to use.

  1. Is customer support lightning fast?

You need to feel that you can get your questions answered quickly.

  1. Is it scalable?

Does the CRM software seamlessly extend to quickly meet new demands?

  1. Is it safe to store your data with the CRM?

If you store your data online with security issues, you have to make sure you are ready for the consequences.

  1. Does the CRM work on multiple devices?

Always ensure that you can always use your software from any device.

  1. Does the CRM integrate with multiple devices?

You need to be on the same page to run your business smoothly. That is why it is important that you have the smoothest working integration of the CRM to other systems.

  1. Is the CRM easy to use?

Is implementing your CRM easy or is there a learning curve?

  1. Does the CRM have social media integration?

The CRM you choose should be able to integrate with other platforms to help you grow your business.

  1. Can you easily invite people to view your lists?

That way everyone is up to date on the developments in their business.

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