Mortgage technology is constantly evolving. While there is no single, all-inclusive piece of mortgage tech that can handle every component of a loan officer’s workflow, there are many components that can work together to ensure your success. Staying up to date with the latest mortgage tech tools is crucial to be competitive.
So what elements make up the perfect tech stack to help you meet your sales goals?
Your mortgage point-of-sale software is where your prospects and customers interact with your loan business and decide whether or not they plan to make a purchase.
The front end of this software is generally your mortgage company website, landing pages for loan officers, and mobile mortgage apps.
Loan origination software is what is used to manage loan applications, generate loan forms and disclosures, connect with processing and underwriting, clear loans for funding, and ensure compliance.
A Mortgage CDP or CRM
Customer data platforms help differentiate mortgage lenders by:
- providing lead management, relationship building and customer retention;
- capturing detailed information about your customers and their behaviors;
- pointing you to the right target market product development and activities for your particular client;
- increasing sales.
Tools that personalize their customer experience and help consumers feel more engaged with their mortgage process should be a top priority for mortgage professionals. For example, this can include automated email to educate and inform as well as automated text messages.
Most consumers do their research online before making a decision to contact a referral. In fact, 88% of consumers trust customer reviews as much as personal referrals. Therefore, loan officers should make it standard practice to request a customer review after every closing.
In addition, it’s important ask for personal feedback where customers can provide a confidential opinion about their experience. Companies like Social Survey, for instance, make it very simple to collect reviews and share them on social media channels.
Intelligence and Retention Systems
An automated borrower intelligence and retention system tailored to the mortgage industry can instantly alert lenders when a borrower is ready for a loan. This system identifies when potential borrowers have changes to their credit, are shopping with a competitor or list their home for sales.
A recent Nielsen study found that 56% of consumers would rather receive instant messages from a business than a call from customer service. By automating support with AI, chat bots are one of the best tools for improving the lending experience. Further, chat bots have the power to automate responses to commonly asked questions based on specific insights about the borrower.
Text messages are the quickest, easiest way to be in front of your customers. It is imperative that you understand the compliance around texting before you begin or use a platform that is compliant.
At Intent, we offer Mortgage Tech Tools from CDP/CRM and marketing automation to compliant texting.