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Optimizing Your Mortgage Process Series: Leveraging Technology

In this series, we tackle all the things you need to be thinking about, as a broker, to optimize and be proud of your process. This is the final article in the series, Leveraging Technology. Read the prior article in the series, Authentic Communication with Clients.

Your mortgage process refers to your client's path and experience working with you to secure mortgage financing. In the previous article, we discussed how authentic communication, messaging, and tone help to foster a great mortgage experience. Now we’ll discuss how technology and using the right tools is the vehicle by which you deliver that message. 

The quality of your client experience is determined not only by how well you communicate but also by how well you incorporate technology into your mortgage process. Understanding and adapting to new technology can be difficult, especially if you have years of doing things a certain way. But despite how difficult it may seem, it’s worth pursuing; the future of your business depends on it. 

So, let’s look at the best tools to use as we walk through the mortgage process together, considering client acquisition and enhanced deal flow management. Keep in mind that the best client has been referred to you; this journey is designed to take a referral from lead through renewal.

Technology for client acquisition

At the start of your client journey is understanding how referrals find you online, which we discussed in this article: How Clients Find You. Combined with the article: Motivating Clients to Take Action, we concluded that the acquisition stage is about funnelling your client through SEO to a primary call to action on your website.

And while having a website in and of itself isn’t groundbreaking tech, the idea of using your website as the beginning of your mortgage process might be. If you’re serious about growing your mortgage business, you need a website that is easily updated, built on a domain you own, and tells clients exactly how to start the process of working with you. Essentially, your website is where the process of leveraging technology to guide your clients begins. 

As you map your client's journey, your goal should be to take them as far along in the mortgage process as they feel comfortable going, with the least amount of delays as possible. You need a digital mortgage platform paired with an independent CRM to manage your workflow to do this effectively. So let’s talk about Finmo

Not only is Finmo the best digital mortgage platform for application intake, document collection, and direct to lender submission available today, Finmo’s ability to connect seamlessly with other software through digital integration makes it an integral part of the mortgage process for any mortgage professional serious about growing their mortgage business. 

I’d suggest the best call to action you can use on your website is a link to your Finmo application. This takes the lead and puts them directly into your system.

Technology to Enhance Dealflow Management

Chances are, whether you have it mapped out or not, you have a client journey and process that you walk clients through to secure mortgage financing. And while you might not use these identical terms, your process probably includes some combination of the following steps: 

  • New lead identified 
  • Application received, supporting documents requested 
  • Educated sit down
  • Mortgage prep 
  • Application submitted to the lender 
  • Pre-approval 
  • Active Approval 
  • Broker Complete 
  • Lawyer/Compliance 
  • Funded 

The key to optimizing your mortgage process is to control your client's steps through the mortgage process. By creating replicable systems and walking every client through the same process, you can ensure they receive superior service; despite all clients having unique financial situations and different mortgage needs. The bottom line is, replicable systems help streamline your business and will make you more productive. 

To create these replicable systems, you need to manage your client workflow in a CRM. CRM stands for Customer Relationship Management and refers to software that helps manage your client relationships. In the mortgage world, it refers to how you keep track of your deal management. 

Until the last couple of years, I’d suggest that most mortgage professionals haven’t found success in using an independent CRM because it required retyping applications and updating software in multiple places. That is no longer the case. 

Using Finmo’s application integrated with your CRM directly, when an application comes in, that information is sent directly to your CRM. If the application is updated in Finmo, the information is updated in your CRM. No more duplication, no trying to keep multiple systems up to date, just current client and deal information in front of you all the time. 

If you aren’t using a CRM to manage your client workflow or have a CRM but don’t use it, I strongly suggest trying Pipedrive. Unlike many CRMs that are more administrative in design, Pipedrive is built with the salesperson in mind. Pipedrive has a very visual dashboard that is easy to operate and, when integrated with Finmo, will quickly become the main operating hub of your mortgage business.

Finmo plus Pipedrive is the killer combination. But don’t just take my word for it. If you listen to the Lead to Close podcast hosted by Greg Williamson and James Loewen, Episode 2 with Zach Silverman, they have a great conversation about CRMs and how they all use Pipedrive. It’s certainly worth a listen as these guys have set up very successful mortgage businesses. The entire show is pure mortgage industry gold; however, if you’re looking to skip to the part where they discuss Pipedrive specifically, you’ll want to jump to an hour and four minutes in.

Obviously, there are many CRMs available on the market. The best CRM is the one you will actually use. But the key here is to take the time to set up the integration between Finmo and your CRM to map out the entire client journey. 

A word of advice, if this all sounds overwhelming, don’t feel you have to do everything at once. Start by getting the right tools in place. Build a fundamental client flow, use that flow, and add to it as you identify additional beneficial processes and tools. Leveraging technology is a process. Getting started takes some work, but as you grow, you refine the processes, and your business grows because of it.

Other Beneficial Tech 

As I have consulted with hundreds of Canadian Mortgage Professionals since 2014 on marketing and technology, I get asked all the time about the best tools to use. Here is a list of my favourites and what I have found works best for my clients as they grow their mortgage businesses; in a rapid-fire sequence: 

  • Domain purchase - GoDaddy 
  • Website management - Duda 
  • Social Media Personal profile - Instagram 
  • Social Media Business profile - LinkedIn 
  • Email provider - Google Workspace 
  • Document storage - Google Workspace 
  • Calendar - Google Workspace 
  • Online calculators - Finmo 
  • Online appointment booking - ScheduleOnce or Calendly 
  • Online application - Finmo 
  • Lender submission platform - Finmo 
  • Lender product comparison - Lender Spotlight 
  • CRM - Pipedrive 
  • Video Calls - Google Meet 
  • Video Messages - Loom 
  • Document collection - Finmo 
  • Testimonials - Google My Business 
  • Integrated phone system - OpenPhone 
  • Video hosting platform - Vimeo 
  • Newsletter - Mailchimp 
  • Referral rewards - Guusto 

In Summary

Technology has changed the way we do business, I’d say for the better. Today’s client expects to browse MLS on their phone, run a few mortgage calculations, complete an online application, get a pre-approval via email, stay in touch digitally, submit documents through an online portal, and sign their mortgage commitment from the comfort of their own home. 

In short, your client expects a digital mortgage experience. 

So, if you aren’t adapting to the recent advancements in technology because you’re just too busy to learn new technology or you’re content doing things the way you’ve always done them because that’s easier for you, expect to be met with an impatient client who won’t be satisfied with your mortgage process. 

The controlling idea of this series has been, thinking through your mortgage process from your client’s perspective will allow you to optimize for a better client experience, which will help you grow your mortgage business. Adapting to and leveraging technology as you build or rebuild your systems to optimize your mortgage process is, without a doubt, where you’ll experience the most growth.Lendesk Mortgage Minute_Email-Banner

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