By CommenceCRM

Mortgage Broker’s Guide to Choosing the Best Mortgage CRM

Cropped shot of a handsome middle aged man shaking hands with a financial advisor during a consultation at home

A mortgage broker usually deals with lengthy processes before clients close a deal. This process can be very time-consuming when done manually. Thanks to customer relationship management (CRM) software, mortgage brokers are able to work easier and more efficiently. However, it’s important to choose a mortgage CRM system that best fits your line of work.

So what should a mortgage broker keep in mind when choosing the best mortgage CRM? To choose a mortgage CRM software, a mortgage broker should determine whether the software fits their company’s needs, grows their pipeline, and generates important analytics. Afterward, there are certain factors to consider such as affordability and simplicity. 

Important Components of Mortgage CRM

Mortgage CRM has different components that help it stand out from other software. Even though customer relationship management used to be a manual process, technology has played a huge role in making the process more efficient. The components of CRM include the following: 

  • Regulation compliance: Mortgage CRM allows mortgage brokers to stay updated on the latest regulations and compliances. Since these regulations are always evolving, it’s important that mortgage brokers are regularly briefed about the regulations of different organizations such as the Federal Housing Administration (FHA).
  • Drip marketing campaign: Drip marketing campaigns can significantly help a loan officer reach a specific audience. This helps mortgage companies stay relevant to potential clients, especially because the mortgage industry isn’t an industry people interact with on a regular basis.   
  • Analytics and reporting: CRM tools provide excellent analytics and reporting so mortgage brokers have a better view of their business and workflow. The platform provides an all-in-one place that a mortgage loan officer can access.
    Mobility and accessibility: The digital age has made it a requirement for platforms to be accessible on almost any device. Mortgage CRM allows mortgage brokers to respond to any client concerns no matter where they are. It also becomes easier for them to access any tasks or appointments they have to prioritize. 

Advantages of Using CRM as a Mortgage Broker

As a mortgage broker, it’s important to know the advantages of using a CRM tool so that you can utilize the tool to your advantage. Here are some advantages of using CRM as a mortgage broker: 

1. Improves Lead Generation

A CRM tool is great for generating leads and attracting potential customers because of how it reports data. It’s not enough that mortgage brokers have important information about their customers on hand. They should learn how to analyze and utilize these data to their advantage. CRM allows employees to dig deeper into data and help employees turn the data into leads and eventually, generate sales. 

2. More Efficient Loan Process

One of the great benefits of mortgage CRM software is that it simplifies mortgage lending for the mortgage lender and buyer. Through using CRM, both parties are provided with a single platform to access all important data. This makes the loan process more efficient than having to do everything manually. Using CRM also ensures that your clients don’t get frustrated about a difficult loan process and that they stay loyal to your company.  

3. Helps With Marketing

Mortgage CRM software is also a great tool to optimize marketing strategies. The platform helps mortgage brokers analyze the behavior and personalities of all customers. This way, they aren’t creating ineffective campaigns since marketers already have a great idea of their client’s interests. 

For example, CRM software can help visualize what kind of marketing campaigns work well. Through looking at the individual interests of each client, the platform can create personalized drip campaigns that trigger specific audiences. From the first point of contact and all the follow-ups, CRM provides a more personalized interaction between mortgage brokers and customers. 

4. Fosters Better Customer Relationship

An excellent customer relationship is one of the main goals of CRM tools. Since mortgage CRM stores information about clients, mortgage brokers can use this information to foster better customer relations. Looking at the information the software provides allows mortgage brokers to create more personalized relationships with clients based on their wants and needs. 

5. Saves Time and Money

Aside from having a single platform to store and access all important data, a mortgage CRM also allows employees to collaborate on a single task. As a result, this helps them save time and money because they can focus on doing work and making decisions that significantly benefit the company. 

For example, CRM software provides an idea of what kind of marketing emails customers are inclined to click and open. So instead of sending out emails that essentially don’t do anything, they’re able to send out emails that can turn leads into potential customers.  

Mortgage CRM Vs. Other Tracking Tools

Many mortgage brokers may ask about why they should choose mortgage CRM when there are other tracking tools available for them to use. However, looking deeper and finding out the edge mortgage CRM has compared to other tools helps mortgage brokers understand how they could greatly benefit from the platform. This also helps them choose what kind of CRM tool is more suitable for their business.    

Compared to other tracking tools, mortgage CRM caters to the specific needs of people who work in the industry. Basic work software doesn’t have the important features mortgage brokers need to facilitate a more efficient workflow. Policyholders also benefit from these features since it makes the mortgage process easier, and they’re more likely to stay loyal to mortgage companies that don’t give them a difficult time. 

Another edge that mortgage CRM has over other tracking tools is that it prioritizes customer satisfaction before anything else. Unlike other tracking tools that only provide a basic platform to streamline the work process, mortgage CRM uses customer information to drive growth. The platform ensures that it caters to every customer’s individual needs and preferences based on its analyzed data.

How to Determine the Right Mortgage CRM

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There are thousands of CRM tools to choose from, but not all tools will prove beneficial for mortgage brokers. It’s important to know how to determine the right mortgage CRM to ensure that they greatly benefit from the platform. Here’s how to determine the right mortgage CRM:  

1. Evaluate What Your Business Needs

The first step to determine the right mortgage CRM is to evaluate what your business needs. Some businesses tend to pay for additional CRM features that they don’t need at all. By evaluating what your business needs, a mortgage loan officer can avoid choosing a CRM that has features that don’t provide any benefits for the company. 

2. Grows Your Pipeline

Before choosing a CRM software to integrate with your mortgage business, remember to check whether it helps grow your pipeline. This means that the CRM tool you choose needs to help mortgage brokers progress their work and pick up exactly where they left off. Finding leads for a business will always be challenging, especially at the beginning. So once a loan officer finds a new mortgage lead, it’s important that they hold onto them, get them through the sales pipeline, and convert them into a paying customer. 

3. Generates Important Analytics

Remember to choose a mortgage CRM system that generates important analytics. The platform stores critical information about customers, but that information is deemed useless when it isn’t analyzed properly. This guarantees that customer satisfaction is a priority and creates loyalty among clients. 

A good example of important analytics includes evaluating the demographics of the people who live in a certain area. CRM can help mortgage brokers look into what kind of real estate a group of people is inclined to buy. When they have an idea of this information, they can upsell similar real estate to these potential clients. 

4. Ask Questions

Lastly, always ask questions about the CRM tool you choose. This is one of the best ways to determine whether a certain platform can help your business succeed in the long run. Here are some questions you may want to ask yourself and the vendor: 

  • What am I using mortgage CRM for?
  • How many employees are using the platform?
  • Does this CRM have the ability to scale?
  • Does this CRM line up with my company’s goals?
  • Can I integrate this mortgage CRM with other tools?

What to Consider When Choosing a Mortgage CRM

When choosing a CRM, it’s also important that you consider its features. With technology allowing software to develop additional features, prioritizing certain features can ensure that you receive the best software for the company. Mortgage brokers might want to consider the following features when choosing a mortgage CRM:  

1. Customizable

Though mortgage CRM is already specifically created with the mortgage industry in mind, every company still has individual needs. Having a customizable CRM software guarantees mortgage brokers that they can tweak certain features when necessary. It also helps them overcome personal challenges that mortgage CRM can’t solve. 

By choosing customizable CRM software, mortgage brokers are able to build their platform from the bottom. This decreases the time they spend navigating the platform since it offers an organized interface that caters to their necessities. Customization is also important when it comes to encountering problems while using the CRM because mortgage brokers can easily change the features as they progress. With customizable CRM, mortgage brokers are guaranteed that the software is able to handle an increase in data and users.   

2. Affordable

Affordability should also be another feature mortgage brokers consider when choosing CRM software because it guarantees ROI in a shorter amount of time. Some vendors advertise CRM with several features, but paying for these unnecessary extra features can be costly especially for smaller companies. With affordable CRM software, mortgage companies can allocate their money to other parts of their business. For example, they can use the money they save to train more employees to provide better customer service or create better marketing campaigns. 

3. Simple

A simple CRM means that mortgage brokers don’t have to spend extra time learning about all its features. To ensure that employees use their time more wisely, it’s important that they don’t get confused with complicated platforms. For example, the analytics that mortgage CRM should be easy to read and understand. Generating analytics that is difficult to understand could cause confusion among employees and slow down the work process.  

4. Cloud-based

Nowadays, most mortgage CRM is already stored in the cloud which allows for easier collaboration among team members. Compared to traditional CRM, cloud-based CRM is easier to implement. More users can also be added more quickly since it doesn’t require an extensive process.  It’s also more efficient to have a cloud-based CRM because it automatically backs up all the stored data, reducing the risk of losing critical information. 

For smaller mortgage companies that don’t have a dedicated IT team, cloud-based CRM reduces the amount of inconvenience employees experience. Employees who have limited IT knowledge will find it easier to solve cloud-based CRM problems compared to traditional-based server solutions. It also saves companies money because there is no need for any hardware, software licenses, or installation costs.   

Best CRM for Mortgage Brokers

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Since there are thousands of mortgage CRM available on the market, it’s difficult to narrow down your choices to the best options available. Some of the best mortgage CRM available for mortgage brokers are the following: 

1. BNTouch Mortgage CRM

BNTouch Mortgage CRM promises to give back your most important currency — time. It has tools and features that are built from the ground up, specifically for the mortgage industry. The platform helps automate many tedious and time-consuming parts of being an officer. Here are some of the tools and features of BNTouch Mortgage CRM:

  • Borrower and partners management
  • Email & SMS marketing automation
  • Collaboration tools
  • Pre-built marketing content  
  • Customized video marketing
  • Curated social media content

2. Mortgage iQ CRM

Mortgage iQ CRM is a platform that’s dedicated to serving the needs of all an organization’s departments. It takes your business to the next level by improving your company’s efficiency to pay attention to all the customer relations that matter. They have the latest mortgage CRM tools needed for people who work with a larger team. Mortgage iQ CRM has these features: 

  • Lead management and tracking
  • Mobile interface
  • Dashboards and reporting
  • Marketing template editor
  • Data and workflow integration

3. Jungo

Jungo simplifies the management of mortgage sales by helping mortgage brokers communicate better and earn more businesses. The software can be integrated with other mortgage tools, so you can manage the business from one login. It’s also built on Salesforce, one of the top cloud-based CRM systems. With Jungo Mortgage CRM, you can do the following:

  • Add and manage contacts from anywhere
  • Integrate with popular mortgage marketing apps
  • Manage mortgage documents
  • Streamline lead generation and loan management workflows

4. Whiteboard CRM

Whiteboard Mortgage CRM is exclusively built to accelerate lead management, partner relationships, team production, and revenue growth. It’s a CRM created for mortgage professionals by leaders in the mortgage industry. The software can manage the workflows of both individual brokers and whole teams. Here are some of the software’s features:

  • Lead management
  • Pipeline management
  • Partner management
  • Task management
  • Team-based texting
  • LOS integrations
  • Reports and analytics

5. Velocify

Velocify is a CRM software that streamlines and optimizes the sales process so that mortgage brokers survive in today’s mortgage market. It’s an all-in-one and user-friendly platform that enables its users to manage and organize essential activities. To help mortgage brokers convert prospects and leads into paying customers, Velocify offers the following features:

  • Immediate sales notification
  • Salesforce integration
  • Quick sales automation
  • Integrated calendar
  • Real-time reports
  • Customizable insights
  • Automatic sales prioritization

6. Commence

Commence offers one of the best CRM software for mortgage brokers. It offers a more efficient way to accomplish work since it introduces a marketing enablement and a sales enablement program. The software is also customizable, so users can continue expanding the solution by themselves. Here are some of the features Commence CRM offers to mortgage brokers:

  • Account and contact management
  • Lead management
  • Customer support
  • Project management
  • Reporting and analytics
  • Email integration
  • Mobile CRM and social CRM

Choosing a Mortgage CRM With Commence

Choosing a great mortgage CRM platform is essential for mortgage brokers to grow their pipeline and generate more sales. Commence CRM offers a solution that offers a perfect balance of premium features at an affordable cost. Businesses that use Commence CRM software have reported a 14% to 21% increase in sales in the first nine months.  

Here at Commence, we are always committed to help our clients get sales and implement the best practices. Our team is more than happy to help you grow your business and answer any questions you have about our products. To learn more about what Commence CRM can offer to mortgage brokers, give us a call today. 

Learn more: Benefits of Commissions Tracking CRM for Insurance Agents