Financial institutions use mortgage CRM systems to manage customer data and grow their businesses. The right CRM for a company will depend on criteria like its type or size.
The best customer relationship management tools for mortgage processes depend on your business type, team size, budget and unique requirements.
In this article, you’ll learn what to look for when choosing CRM software and the five best systems for lenders, brokers and loan officers.
What is mortgage CRM software?
Mortgage customer relationship management (CRM) is the process financial institutions use to centralize customer data and track where borrowers are in the lending process. CRM software is a digital tool loan officers and mortgage brokers use to complete this process.
Here’s what mortgage CRM software looks like using Pipedrive.
Mortgage lenders use lead management systems like this to guide prospective customers through the loan process to becoming clients.
The loan sales cycle often involves multiple stages and plenty of documentation for borrowers and lenders, including:
- Applying for the loan
- Undergoing financial evaluation
- Securing approval
- Completing the necessary paperwork
Keeping all finance leads’ information in one place means professionals can pinpoint and prioritize those most likely to become customers. The process (known as lead qualification) is crucial to helping lenders identify creditworthy borrowers, minimize risk and be more profitable.
However, that’s not all mortgage CRM software can do.
What can mortgage CRM software do?
CRM software helps lenders track client relationships from first contact to signing a mortgage and beyond. It can also help optimize your marketing efforts, customer experience and team productivity.
Here are four crucial purposes of mortgage CRM software.
Keep mortgage pipelines filled and moving
Your sales pipeline lets you visually track potential home buyers as they move through their customer journey.
Using mortgage CRM software for this process (known as pipeline management) helps you visually represent each borrowing process stage and the sales activities (e.g., calls and meetings) that progress contacts through them.
For example, here’s what a custom pipeline looks like in Pipedrive.
A clear visual interface like this helps mortgage companies stay organized, take action when necessary to keep leads moving toward closing and keep up with complex sales processes.
Segment your target audience for more targeted marketing
Using a CRM system for customer segmentation helps mortgage businesses divide customers according to shared characteristics (e.g., first-time buyers vs. vacation-home borrowers).
Doing so helps you pinpoint each group’s interests and preferences, allowing you to better target the same types of borrowers with your mortgage marketing campaigns.
You can create and track these targeted campaigns using Pipedrive’s email marketing software.
Using a CRM database for segmentation can help those in the mortgage industry more easily gather and organize these key customer groups before reaching out to them.
Improve customer experience with real-time notifications
A CRM solution can help you identify friction points in your mortgage sales process that lead to poor customer experiences.
For example, you may need to follow up with leads more often. You can set up your CRM experience to alert you when this is necessary.
Pipedrive’s AI Sales Assistant leverages artificial intelligence technology to continually analyze your deals, contacts and outreach. It then notifies you with personalized insights and advice, such as suggesting useful Pipedrive features or highlighting real-time bottlenecks.
Use these alerts to pinpoint areas that need your attention (e.g., deals without scheduled calls or meetings) so you can reach potential borrowers when they’re most interested.
Automate repetitive tasks and increase productivity
Like any salesperson, mortgage professionals can spend hours on repetitive, low-priority tasks like data entry and appointment scheduling.
However, you can automate most steps of your lending process with CRM software.
For example, you could trigger personalized emails with onboarding or mortgage information when you close loans or haven’t heard from a lead in a while. You can also use marketing automation to streamline tasks like lead generation and marketing campaign management.
You can set up automations in Pipedrive with a few clicks using our templates (e.g., following up with new mortgage leads or interacting with new deals).