The right technology should bring you results, not headaches. Implementing a customer relationship management (CRM) platform in your lending business is a great way to streamline your processes and connect with your target market. But how do you choose which mortgage CRM platform is right for you? 

This guide will introduce you to the top features of a mortgage CRM and help you learn how each one can impact your lending business.

The right technology should bring you results, not headaches. Implementing a customer relationship management (CRM) platform in your lending business is a great way to streamline your processes and connect with your target market. But how do you choose which mortgage CRM platform is right for you? 

This guide will introduce you to the top features of a mortgage CRM and help you learn how each one can impact your lending business.

What Is a Mortgage CRM?

Business is all about relationships. So how can a software platform enhance those relationships? Customer relationship management software offers a diverse range of innovative tools. These tools can help you manage multiple aspects of your lending processes.

Busy loan officers can rely on a mortgage CRM platform to generate leads, communicate with clients, and oversee loans from start to finish. With the right tools, you’ll notice greater accuracy, enjoy better client visibility, and improve your ability to close deals in less time.

In any business, efficiency matters. Lenders especially understand the juggling routine that takes place from pre-loan to pre-closing. The right mortgage CRM can improve your core processes with mortgage-specific workflows to serve your clients’ needs. 

In fact, many lenders recoup more money than they invest in a CRM platform as they enjoy a higher volume of closed transactions and greater client satisfaction. 

Mortgage CRMs vs. Loan Origination Software

Many loan officers use loan origination software to manage their loan processes. However, traditional loan origination software is limited to the loan process. Mortgage CRMs do more. You can generate leads, coordinate between your team members, and manage your business in a comprehensive way with a CRM system.

If you already rely on loan origination software, consider upgrading to a full CRM platform. You could be missing out on additional features designed to enhance every workflow within your business. 

You’ll likely discover that a mortgage CRM system can replace your existing software. It can also integrate into your other tools to optimize your business end-to-end.

Features to Look for in a Mortgage CRM

What are the most essential features in a mortgage CRM? The best software will include a variety of tools to support your brokerage. If you’re thinking about adopting a customer relationship management platform, make sure to look for a system with the following features:

Communication Tools

First-time homebuyers want a lender to walk them through the process from start to finish. They look to you for guidance and understanding. Staying in touch from pre-approval through closing can help them feel at ease and more confident about their loan.

Mortgage CRMs make it easier to stay in touch. The best platforms organize your client correspondence within a centralized dashboard. This means you won’t have to worry about messages getting lost or questions going unanswered.

More significantly, a digital platform can send automated emails and texts to your clients. When your customer completes an important phase of the loan process, they’ll receive an automated status update.

The best platforms take this a step further with a live chat feature that integrates with your website. With these tools, clients and partners can get the answers they need in real-time. Automated responses also help you to collect leads that you can follow up on when you’re back at your desk, no matter what time a client reaches out.

Marketing Features

The right CRM system can also enhance your current marketing strategy. The top packages offer curated digital content including:

These materials help you generate new leads and build relationships with a broader network of potential clients. All of this content can be accessed and managed through the dashboard of your CRM, where you can also post content to your social media pages. It can even measure the engagement and assess the effectiveness of your marketing strategies.

Best of all, your marketing campaigns can be managed through one centralized dashboard. This eliminates the need to open multiple programs to monitor your social media, email campaigns, and other digital marketing efforts.

Web Development Tools

Modern businesses require modern websites. Customer relationship management software makes this easier than ever. Many mortgage CRMs include options to build clean, professional websites that are branded to match your logos and designs.

The best platforms come pre-loaded with website templates, which means your site can be up and running in minutes. Simply select the options that match your business, and fill in your information. Top templates are designed to look great on desktop computers as well as mobile devices.

You’ll also need the right tools to track your web traffic. Competitive platforms integrate with tools like Google Analytics to offer insight into your website traffic and how visitors are interacting with your content.

Pipeline Management

A mortgage CRM system can also help you strategize. You can use software to create pipelines for your borrowers, as well as your partners.

A mortgage pipeline is a systematic way of progressing through the loan process. When you’re interacting with borrowers, a pipeline helps you track every stage of the process. This gives you better control and visibility of the steps to close a loan.

For partners, a structured pipeline can demonstrate your commitment to strategic communication. This can go a long way to improving your relationship with real estate agents and other industry professionals.

Collaborative Tools

Do you work in a large brokerage? Mortgage CRM can turn your staff into a well-oiled machine. Everyone in your office can work together through a shared, centralized platform. With the best tools, you can share documents, collaborate on marketing campaigns, and even close leads together. Chat features can even ensure that your team members stay in touch as they work to get borrowers to the closing table.

Bottom line? These features translate into greater efficiency. When your office moves faster, your business moves faster. That’s good news for you and for your clients. 

Customer and Partner Portals

Your customers and partners are used to transparency and communication. Thankfully, a solid mortgage CRM system can allow partners and borrowers to download an app for their mobile devices. Using this approach, you can send out push notifications about the loan process, keeping borrowers and agents informed of the status of loans.

But a customer portal is more than a means of communication. A portal will also allow you to collect documents and signatures electronically. Doing this can accelerate your core processes and improves customer satisfaction.

Partners can also use a portal to engage with your business. You can encourage your partners to use a personalized portal to submit client leads. Mobile-friendly systems ensure that they can submit leads even when they’re out and about. This can help your partners make the most of open houses or networking events.

Customer Surveys

The best feedback you’ll ever receive will come from your clients. A mortgage CRM software package makes it easier than ever to collect customer feedback.

For instance, a mortgage CRM can allow you to create branded surveys. You can send these surveys to borrowers at any stage of the loan process. The feedback you receive can be used to refine your workflows in the future. It also gives you the opportunity to follow up with clients to resolve issues and ensure maximum client satisfaction.

Customer feedback can even be integrated into your web design and marketing efforts. You can display positive reviews collected in the CRM on your landing pages or social media accounts. This kind of testimonial can help you gain credibility with future borrowers.

Automation

Many aspects of the loan process rely on basic, repetitive tasks. You can increase both speed and efficiency through the automated features of a mortgage CRM. Your software system can help you handle things like data entry and other essential tasks. This not only accelerates your core processes but also reduces the opportunity for error.

Automated communication means that you’re always “on.” You can send clients regular feedback from your brokerage without ever lifting a finger. 

Together, these features can help you take on a larger client load. This translates into more money for your business and more clients receiving the loans they need.

Which Mortgage CRM Is Right for Me?

Which features are essential for your business? The answer may depend on your unique industry niche. Do you specialize in loans aimed at first-time homebuyers? Then you may value customer portals and communication tools. 

There are, of course, many mortgage CRM options available. You’ll need to assess the needs of your business, the needs of your clients, and the needs of your partners. A comprehensive package will allow you to meet your current needs while planning the future. 

Consider investing in a CRM package that helps you reach these long-term goals. With the right technology, your company can reach its fullest potential.

BNTouch Makes Business Simple

The BNTouch platform offers all of these great features and more. When you invest in our mortgage CRM system, you’ll have a better handle on your marketing strategy, your customer relationships, and how you work as a team, all while driving more business.

Request a demo today and discover how BNTouch can enhance your lending business!

For most mortgage lending agencies, errors and productivity are polar opposites. The time it takes to pinpoint and correct errors can cut into your workflow, which is bad for you and your clients. 

Mortgage document automation can help you address both issues. Here’s how automation software can minimize errors and boost productivity for your lending practice.

For most mortgage lending agencies, errors and productivity are polar opposites. The time it takes to pinpoint and correct errors can cut into your workflow, which is bad for you and your clients. 

Mortgage document automation can help you address both issues. Here’s how automation software can minimize errors and boost productivity for your lending practice.

Why Do Errors Happen?

Errors can come from anywhere. Quite often, errors can be the result of human error. But because the lending process is complex, a small error in one part of the process can have major consequences down the line.

Pinpointing these errors takes time. It can also cost you money since you’ll be distracted from the kinds of revenue-generating activities that you depend on.

How Mortgage Document Automation Can Minimize Errors

Automation all but eliminates the human element. For instance, many platforms allow you to auto-complete certain portions of the lending documents. With no manual data entry, you’ll have fewer opportunities for errors to creep in.

Likewise, your software will rely on algorithms to perform routine calculations. This means that the data you work with will be accurate and reliable.

Why Reliability Matters

Lenders work in a data-intensive industry. Reliability matters because your reputation matters. You owe it to your clients to process loan requests quickly and accurately.

Errors slow the process down. Minimizing these errors can allow you to complete applications with no setbacks. Your clients will appreciate the rapid turnaround time. Rapid processing can likewise give you an edge over your competitors. 

How Mortgage Document Automation Can Boost Productivity

Think about how much time you spend dealing with paperwork. This kind of “administrivia” can take a bite out of your workday. The advantage of mortgage software is simple. By automating routine tasks, you’ll have more time to devote to other aspects of your business.

The right software allows you to scan documents, verify data, and coordinate with clients and underwriters. You can also send automated updates to clients, giving them a front-row seat to the entire process.

At the very least, you’ll have greater bandwidth to take on new clients. An easy way to scale your practice is to introduce automation. You’ll be able to invest your extra time into expanding your client base.

Spend More Time with Clients

Borrowers expect a high degree of customer service. This is especially true for first-time home buyers, who come with questions and worries about the loan approval process.

Get out from under the mountain of paperwork. Spend more time building relationships with your clients. Automating your core processes ensures that you give each client personalized attention. That can go a long way toward solidifying your public reputation.

Enhance Your Business Today

The BNTouch platform is the perfect way for loan officers to reduce errors and boost productivity. You’ll have an easier time connecting with clients as well as staying organized.

Contact BNTouch today for a demo, and discover how you can enhance your lending business.

For many mortgage lenders, so every day is a juggling routine. You have to balance many administrative tasks with the needs of your clients. But mortgage automation software can make things easier. Here are eight reasons why you should invest in mortgage automation software.

For many mortgage lenders, so every day is a juggling routine. You have to balance many administrative tasks with the needs of your clients. But mortgage automation software can make things easier. Here are eight reasons why you should invest in mortgage automation software.

1. Unify Your Processes

Mortgage lenders rely on several different platforms during the lending process. For instance, you might use one system to check credit reports and another to access pricing data. 

Mortgage automation software brings these disparate components together in one platform. This makes things easier and reduces the chances of details getting but not getting lost in the shuffle.

2. Boost Your Productivity

By definition, automation refers to software that operates without your direct input. Instead of devoting time to repetitive tasks, have the machines do it for you. This will let you get more done. It will also free your schedule to focus on other aspects of your business.

3. Improve Your Accuracy

Every lender knows the problems that can creep in from something as simple as human error. Lenders also know the time it takes to pinpoint and correct these errors. Mortgage automation software can also minimize mistakes. Ensuring a smooth loan application process.

4. Network Better

Loan officers often partner with other industry professionals, also most notably real estate agents. Mortgage automation software can help you develop a sales pipeline, and to guide applicants through every phase of the process. This can encourage real estate agents to work with you because they have a greater understanding of your services and process.

5. Grow Your Business

With increased productivity comes increased revenue. You can reinvest this income back into your business. With more working capital, so you can expand, hire new workers, or take on a new marketing strategy.

6. Stay Compliant

Like any industry, lenders must show compliance with existing government regulations. A software system can provide transparency as well as thorough reporting. The data stored in your software platform can ensure that you comply with all industry regulations.

7. Enhance Your Communication

Mortgage automation software allows you to automate several different processes. This includes the communication you send to your clients. Without regular communication, your clients may become frustrated and take their business elsewhere. Automation ensures that your clients receive regular updates throughout the loan process.

8. Focus on Your Clients

Most importantly, automation lets you focus on what matters most: your clients. Automation clears away the distractions and gives you more time for each customer. You’ll be able to deliver the kind of personalized attention that clients expect. You also may land future clients through word-of-mouth from your satisfied customers.

Make Your Investment Today

The future of lending is here. The BNTouch platform provides solutions to a variety of specialized needs. Our services assist with marketing, collaboration, communication, and much more. You’ll be able to deliver a new level of customer satisfaction and watch your business thrive.

Ready to get started? Request a demo today. You’ll discover how BNTouch can enhance your services and outshine your competitors.

In today's financial industry, mortgage marketing is subject to numerous regulations that aim to protect consumers from misleading or deceptive advertising practices. The Consumer Financial Protection Bureau (CFPB) has established a set of rules and regulations to govern mortgage marketing and ensure that mortgage lenders and brokers comply with the Truth in Lending Act, Equal Credit Opportunity Act, Fair Housing and Equal Opportunity Act, and Mortgage Acts and Practices — Advertising. Understanding

In today's financial industry, mortgage marketing is subject to numerous regulations that aim to protect consumers from misleading or deceptive advertising practices. The Consumer Financial Protection Bureau (CFPB) has established a set of rules and regulations to govern mortgage marketing and ensure that mortgage lenders and brokers comply with the Truth in Lending Act, Equal Credit Opportunity Act, Fair Housing and Equal Opportunity Act, and Mortgage Acts and Practices — Advertising. Understanding these regulations is crucial for mortgage professionals to ensure they are promoting their services in a compliant and ethical manner.

Consumer Financial Protection Bureau (CFPB) Rules:

The Consumer Financial Protection Bureau (CFPB) is a federal agency responsible for implementing and enforcing consumer protection laws in the financial sector, including mortgage marketing. The CFPB has established rules and regulations that govern mortgage advertising and disclosures, requiring mortgage lenders and brokers to provide accurate and transparent information to consumers. For example, advertisements must provide accurate information about interest rates, loan terms, and other loan costs. Additionally, lenders and brokers must clearly disclose any potential conflicts of interest.

Truth in Lending Act:

The Truth in Lending Act (TILA) is a federal law that requires mortgage lenders to provide detailed information about the costs and terms of loans to consumers. This includes information about the annual percentage rate (APR), the amount of the loan, the loan term, and the total amount of interest and fees to be paid over the life of the loan. TILA helps consumers make informed decisions about the loans they are considering and protects them from deceptive practices.

Equal Credit Opportunity Act:

The Equal Credit Opportunity Act (ECOA) is a federal law that prohibits discrimination in lending based on race, color, religion, national origin, sex, marital status, age, or receipt of public assistance. ECOA requires mortgage lenders to provide equal credit opportunities to all borrowers, regardless of their protected status. This helps to ensure that all consumers have equal access to credit and can obtain a mortgage loan on fair terms.

Fair Housing and Equal Opportunity Act:

The Fair Housing and Equal Opportunity Act (FHEOA) is a federal law that prohibits discrimination in housing, including in mortgage lending. The FHEOA prohibits discrimination based on race, color, religion, national origin, sex, familial status, and handicap. Mortgage lenders must ensure that their advertisements, loan processes, and loan underwriting practices are fair and do not discriminate against protected groups.

Mortgage Acts and Practices — Advertising:

The Mortgage Acts and Practices — Advertising (MAPA) is a federal law that governs mortgage advertising and marketing practices. MAPA requires mortgage lenders and brokers to provide accurate, truthful, and not misleading information in their advertisements. MAPA also sets standards for advertising and marketing practices, such as the use of trigger leads, pre-screened lists, and other forms of marketing that can potentially lead to consumer harm.

Frequently Asked Questions:

Q: What is the Consumer Financial Protection Bureau (CFPB)?

A: The Consumer Financial Protection Bureau (CFPB) is a federal agency established in 2010 to protect consumers from financial fraud and ensure that consumers have access to fair and transparent financial products and services.

Q: What is the Truth in Lending Act (TILA)?

A: The Truth in Lending Act (TILA) is a federal law that requires mortgage lenders to disclose key terms of the loan, such as the annual percentage rate (APR), finance charges, and loan amount, to help consumers compare and understand the costs of different mortgage options.

Q: What is the Equal Credit Opportunity Act (ECOA)?

A: The Equal Credit Opportunity Act (ECOA) is a federal law that prohibits lenders from discriminating against consumers on the basis of race, color, religion, national origin, sex, marital status, age, or because a consumer receives income from a public assistance program.

Q: What is the Fair Housing and Equal Opportunity Act (FHEOA)?

A: The Fair Housing and Equal Opportunity Act (FHEOA) is a federal law that prohibits housing discrimination and is enforced by the U.S. Department of Housing and Urban Development (HUD). This law covers all aspects of the housing market, including mortgage lending, and prohibits discrimination based on race, color, national origin, religion, sex, familial status, or disability.

Q: What is Mortgage Acts and Practices – Advertising (MAP-Ad)?

A: Mortgage Acts and Practices – Advertising (MAP-Ad) is a rule established by the Consumer Financial Protection Bureau (CFPB) to regulate mortgage advertising and ensure that consumers receive accurate and truthful information about mortgage products and services.

Q: What is the CFPB and what role does it play in mortgage marketing?

A: The CFPB is a federal agency responsible for implementing and enforcing consumer protection laws in the financial sector, including mortgage marketing. The CFPB sets rules and regulations for mortgage advertising and disclosures, ensuring that mortgage lenders and brokers provide accurate and transparent information to consumers.

In conclusion, compliance in mortgage marketing is essential to protect consumers and ensure that they receive accurate and truthful information about mortgage products and services. The Consumer Financial Protection Bureau (CFPB), Truth in Lending Act (TILA), Equal Credit Opportunity Act (ECOA), Fair Housing and Equal Opportunity Act (FHEOA), and Mortgage Acts and Practices – Advertising (MAP-Ad) all play an important role in regulating mortgage marketing and protecting.