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How Mortgage Brokers Can Make More Money in 2021

 

Welcome back to “Building Up Better,” Shape’s blog series aimed to help brokers build up stronger, more profitable businesses in 2021 by harnessing the power of technology.

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In this post, we’ll dive deeper into everyone’s favorite topic: money. The last 12+ months have been a wild ride for brokers everywhere, but not every lender has optimized their workflow or tech stack to capitalize on the historic influx of new and refinancing borrowers.  

If you haven’t taken the plunge and invested in a CRM to make your lending workflow more efficient, lower your processing costs, or increase your team’s productivity, you’re not too late. 

And even if you’ve already got a system in place but are hesitant to fine-tune it because it may require some upfront time investment, please read on, too, because we guarantee there’s a better way.

Let’s dive into the three ways a CRM can help you make more money for your mortgage business in 2021. 

Benefit 1: Attract More (and better) Borrowers

CRMs are more than just your digital client database—in fact, CRMs designed with lenders in mind are packed with powerful tools and integrations that make finding, qualifying, nurturing, and converting great borrowers easier than ever before.  

According to the PwC home lending report, 46% of purchase borrowers consider only one lender during their search, and the majority of borrowers won’t switch the lender they chose. Lenders must be leveraging high-performing marketing campaigns to attract the best leads possible.

Why a CRM: Mortgage CRMs give your team full control over your lead sources, so you’ll get up-the-second data to understand your top-converting marketing channels inside and out. These kinds of reporting tools help you invest more strategically in the marketing activities that give you the best results and drop the initiatives that aren’t driving ROI for your business.

Benefit 2: Lower Your Loan Processing (and other) Costs

If there’s an Achilles heel for lenders everywhere, it’s the rising costs of origination fees. If you’re looking to lower the amount you spend without passing on more costs to your clients or hiring additional team members, look no further than a mortgage CRM. 

Why a CRM: When you opt for a mortgage CRM + POS that integrates directly with your LOS, you’ll drastically reduce time spent on data entry but also minimize errors or typos with borrower data. Because CRMs reduce the need for human input, they help reduce the margin of error and lower the likelihood of unnecessary rework.

In addition, many CRMs with great UX minimize the need for costly system administrators. With all your documents in one structured and centralized system, there’s no need to spend time and money hiring and training an administrator to navigate all that paperwork.

Benefit 3: Boost Your Team’s Productivity by 29% and Sales by 34%

Most employees waste up to 55% of their time on administrative tasks, and loan officers are no exception. Preparing financial documents, qualifying borrowers, or reviewing loan agreements takes a lot of time, and generating new business only adds to an already full plate. Without some workflow automation process, there's simply not enough time left in the day for your team to focus on lead outreach or closing more deals.

Why a CRM: The numbers don’t lie: teams who use a CRM to offload those every day, unproductive manual tasks see a boost of 29% in their productivity and 34% in their closed deals, and boosted revenue of 41%. Consider how much a third more revenue would mean to your mortgage business in 2021?

Mortgage CRMs can help achieve these kinds of results by more than just automating frequent tasks. The best mortgage CRMs can integrate with your other systems, so you never have to waste time switching between screens or wondering where to find the data you need.

In addition, tools like team tools like calendar, email, document syncing, and productivity reports help ensure that your business is data-driven, and not chance-driven. Real-time performance reports can help you see which of your loan officers perform at 100% and who needs some coaching to get back on track.

Take Action Today

Want to get started making more money for your mortgage business in 2021 with a CRM? We’ve helped thousands of brokers build more efficient workflows that have helped them grow revenue and save time. It’s not a secret; it’s CRM science. 

Schedule a chat with us to learn how we can help grow your mortgage business 

Article Source:- https://setshape.com/blog/how-mortgage-brokers-can-make-more-money-in-2021 

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