Maricor Bunal
Customer relationship management softwares have gone from a marketing innovation to the baseline requirement for a thriving company. This change has happened because increasing customer acquisition costs has led mortgage companies to innovate on customer retention and creating multiple transactions. This article will explore the role that a mortgage crm Bntouch can play in the loan origination process and why banks will need one in order to thrive.
- Lead Prospecting and Generating
Ten years ago, loan officers had to stay on top of new leads and and follow up with them every day via phone calls, e-mails or visits. Not much has changed in 2019 except for the fact that these follow ups can be automated.
CRMs, known as customer relationship management systems generally come with features that help salespeople with lead prospecting. Ten years ago, an LO would’ve had to dedicate at least 2 hours/day managing leads. Today, then can automate a lead prospecting campaign in an a single afternoon.
By scheduling automatic follow ups, segmenting leads, and documenting client behavior, CRMs are able to create profiles. This allows loan officers to give a more personalized service based on the customers need while also preventing the lead from falling through the cracks.
The two biggest advantages here are that this saves the LO a boatload of time which can be invested into new income-generating activities and prevents takes human error away from the equation.
- An Easier 1003
Nobody likes the 1003. It’s just that simple. It’s the most nightmarish obstacle that clients have to face and the source of a great deal of stress. For people who are unprepared, it can make the loan origination process drag out and a source of much confusion.
Great mortgage CRMs simplify the 1003 process. Mortgage software like bntouch’s focus on making the 1003 a more positive experience by allowing clients to fill it out online, submit their documentation online, and have access to real-time updates through various channels including SMS.
This feature is so important because after you close the deal the customer will most likely remember what felt instead of what you did. If your company made them feel confused, stressed, and annoyed with the 1003 then there’s a significantly higher chance that the customer will try a new bank for their next loan.
On the other hand, if you give them a positive experience, then you’ve given them another reason to keep coming back.
- Post Closing Marketing
If a customer has the slightest difficulty in remembering your name, your contact info, your bank or any details about you then there’s a much higher chance that they’ll look for a new LO. With margins in the thousands of dollars for an originated loan, there’s no room for losing deals.
Mortgage CRMs offer automated ways of staying in touch with clients long after your deal with them is closed. You can schedule automatic birthday messages, monthly e-mails, and a variety of other ways of pinging your closed clients.
Like with lead prospecting, the advantage is that this will save you both a boatload of time while also removing the room for human error. When you have an entire campaign pre-programmed, then you won’t “forget” to send out that follow e-mail or birthday card.
In short, CRMs are becoming an extension of the loan officer. They’re saving time and increasing revenue and for that reason are a necessity for any mortgage company that wants to thrive.
