How Mortgage Brokers Can Make More Money in 2021

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How Mortgage Brokers Can Make More Money in 2021

• Welcome back to Building Up Better, Shapes
  blog series aimed to help brokers build up
  stronger, more profitable businesses in 2021 by
  harnessing the power of technology.

In this post, well dive deeper into everyones
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.  
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If you havent taken the plunge and invested in a
CRM to make your lending workflow more efficient,
lower your processing costs, or increase your
teams productivity, youre not too late.  And
even if youve 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 theres a better
way. Lets 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 databasein 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 wont
switch the lender they chose. Lenders must be
leveraging high-performing marketing campaigns to
attract the best leads possible.
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Why a CRM Mortgage CRMs give your team full
control over your lead sources, so youll 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 arent driving ROI for your
business. Benefit 2 Lower Your Loan Processing
(and other) Costs If theres an Achilles heel
for lenders everywhere, its the rising costs of
origination fees. If youre 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, youll
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, theres no need to spend time and money
hiring and training an administrator to navigate
all that paperwork.
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Benefit 3 Boost Your Teams 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
dont 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.
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Take Action Today Want to get started making
more money for your mortgage business in 2021
with a CRM? Weve helped thousands of brokers
build more efficient workflows that have helped
them grow revenue and save time. Its not a
secret its CRM science.  Schedule a chat with
us to learn how we can help grow your mortgage
business Get Started Today! Article Source-
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-make-more-money-in-2021