With the database of clients, prospects, referral partners and leads becoming larger and more complex, Mortgage Banks needs to implement a CRM tool to improve customer services and automate marketing efforts.
Need for a CRM tool in Mortgage Industry
Improve the customer retention rate
Current national average of borrower retention rate is below 19% which is below par considering the rising origination costs. A CRM tool can help in increasing the chances of a borrower returning back for more loan needs by creating cross selling and upselling opportunities.
Engage with borrowers and other stake holders
A CRM tools ensures continuous engagement and personalized communication with borrowers, prospects and referral partners.
Database of contact information
CRM software is essentially a secure contact information base of borrowers, realtors, loan officers, referral partners and leads.
Automate marketing initiatives
CRM software automates and complements the marketing initiatives – both print and online, as well help in Cobranded Marketing.
Tool for Loan Officers
By using CRM software, Loan Officers can manage their leads and borrowers better with the pipeline view, drive more loans to closure and guide the borrowers throughout the loan process in an effective way.
CRM software comes bundled with lead generating mechanisms to generate inbound leads.
Top Functionalities of a CRM tool
Regulatory Compliance solution
Integration with LOS systems and third party apps
Social Media Component
Cross selling and Upselling opportunities
Analytics, reporting and tracking of KPIs, loan volumes, net revenue, ROI etc
Top Six CRM software for Mortgage Industry
We take a look at the list of top six CRM solutions available in the Mortgage Industry.
Jungo is the premier mortgage app for Salesforce, offering a comprehensive solution with workflow management, referral tracking, LOS and EDGE integration and marketing automation. These applications help Mortgage lenders to manage customer accounts, track sales leads, conduct and monitor marketing campaigns and provide service post sale.
Infusionsoft is a cloud-based sales and marketing solution that offers Customer Relationship Management (CRM), Marketing Automation and E-Commerce functionalities in one suite. Infusionsoft’s reporting and analytics tools help to do analysis to track the ROI of the sales and marketing activities.
Velocify helps mortgage companies of all sizes better collect, organize and distribute leads to the right loan officer quickly and effectively. Velocify also has some robust reporting features to keep track of the events down the pipeline.
ProsperWorks is a cloud-based customer relationship management tool that gives lenders complete views of their customers. ProsperWorks CRM seamlessly integrates with G Suite, gets rid of manual data entry, and is easy to use.
Bpm’online is a process-driven customer relationship management (CRM) solution for marketing, sales and service automation. Bpm’online sales allows lenders to manage leads, transactions, orders, invoices, following the best practices of sales, taking into account the type and channel of sales.
BNTouch Mortgage CRM is a mortgage-specific CRM system that offers mortgage brokers and lenders alike a solution featuring marketing automation capabilities. BNTouch Mortgage CRM can capture leads from a variety of sources and integrates with mortgage-specific lead sources.
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