What Makes A Good Mortgage CRM?
A mortgage CRM (closed-loop) system helps lenders automate the entire loan origination process by providing one place where borrowers can view available loans, submit applications, receive responses, and track status online.
Why choose a CRM?
CRMs provide lenders with data, automation, and reporting capabilities that improve the efficiency of the loan approval process. CRMs streamline the application process by allowing borrowers to apply for multiple properties at once. They also allow lenders to communicate directly with borrowers and provide automated response options.
What does a CRM do?
Lenders typically use CRMs to manage borrower requests, track applicant information, assign tasks, and perform financial analysis. CRMs can also send out automatic notifications and reminders, such as when payments are due.
How much does a mortgage CRM cost?
The average cost per monthly user is $1,000-$3,000 depending on the number of users. It depends on the size of the lender, its industry, and the amount of customization needed.
Benefits of a mortgage CRM
Automated processing saves time, reduces errors, and improves customer service. CRMs can also help lenders comply with the FHA 203k guidelines, which require lenders to conduct site visits prior to approving a loan. CRMs can assist in compliance by tracking property inspections and ensuring that documents are uploaded before closing.
What Is Mortgage CRM Software Mortgage CRM software helps mortgage brokers and lenders better manage the relationship with their borrowers. It collects borrower information, manages loan applications, and provides reports on performance metrics.