A robust customer relationship management (CRM) solution holds great value. Every reputable loan officer will tell you as much. CRMs make it easier to stay connected with potential clients. And they also help build rapport with existing customers. One thing you might not know about CRMs is that they can help loan officers. Mortgage CRM refinancing tools make these transactions easier to manage.

Common Challenges With Mortgage Refinancing 

We’ll discuss how mortgage CRM refinancing tools can be a good fit in a moment. First, it’s important to note the parts of refinancing that stress clients out in the first place. 

Some common challenges include the following:

Information Overload

You’ve handled dozens of refinancing transactions. A good chance exists that you could complete the loan file with your eyes closed. Your clients, though, aren’t anywhere as familiar with the process as you.

Many may feel overwhelmed by the long list of documents they have to submit. Keeping up with every one of them will become a headache in a hurry. Homeowners may also have a tough time remembering and meeting deadlines. And that could lead to delays in transactions.

Stress

Refinancing should be as smooth and stress-free for your clients as possible. But without mortgage CRM refinancing tools, it can become the opposite in no time. Outdated processes and manual document collection practices add undue friction to client journeys. The more of that you can drop, the better. 

Remember, getting the current deal done is only one part of the task. You also need to deliver a seamless experience so your clients will refer you to friends and family. The more stress they feel during the process, the lower your chances of getting a referral. 

Poor Communication 

It doesn’t matter how diligent you are. A lack of mortgage CRM refinancing tools means you’ll have a tough time juggling all your clients. Important messages can get lost in translation.

Not only that but time-sensitive emails or texts may get overlooked. These missteps can diminish the client experience and hurt your reputation.

How Mortgage CRM Refinancing Tools Make Life Easier for Everyone

You can use mortgage CRM refinancing tools to do the following:

Automate Refinance Applications

The best mortgage CRM refinancing tools have many automation capabilities. Borrowers won’t have to fill out countless forms by hand. Instead, they can input their information online. The CRM system will organize that data and alert you when new applications or documents come in. 

Automation reduces errors that can occur with manual data entry. It also speeds up deals.

You will be able to review applications faster and help clients choose the loans that best meet their needs.

Borrowers will appreciate the convenience of an online application. They will also enjoy receiving confirmation of the receipt, review, and approval of their documents. 

Make Pre-Qualifications Simple

Mortgage CRM refinancing tools can simplify pre-qualifications. They are a hub for collecting and organizing customer data. You can use that information to complete application forms and verify refinance eligibility.

CRMs can also integrate with your loan software. By doing so, they’ll speed up other tasks, like checking credit scores and verifying debt-to-income ratios.

You’ll be able to provide clients with answers much sooner. You can give them accurate information about their loan eligibility. You’ll even be able to share estimated interest rates and monthly payments. 

The better you are at keeping borrowers in the know, the better their experience will be. Delivering a seamless refinancing journey opens the door for referrals and repeat business.  

Collect Documents With Ease

Collecting documents is one of the most tedious parts of refinancing. Your clients have to track down lots of paperwork and scan, fax, or hand deliver files to your office. And then you have to keep everything organized. Piles of pay stubs, bank statements, and other documents can become overwhelming. 

The good news is that mortgage CRM refinancing tools offer secure portals where borrowers can upload their documents. These portals keep all files organized in one place. And you’ll receive a notification anytime someone adds a new document. You won’t have to sift through emails or physical files. 

Digitizing the document collection process also reduces the risk of delays. If your client is missing an important file, you can notify them in no time so they can fix the problem. You also have a lower chance of losing a key document in your email. 

Improve Communication

Clear communication is key to fast and smooth refinancing. Inadequate or infrequent contact can cause friction with your clients. They may become frustrated with the process and might even decide not to work with you again in the future. And that can cost you thousands in missed opportunities. 

Mortgage CRM refinancing tools provide you with several tools to improve client interactions. You can set up automated alerts to update clients on their application status. 

These tools also allow for personalized communication. You can send birthday greetings or check-ins to build stronger relationships. Follow-up messages are a great tool for earning repeat business. 

Reduce Manual Effort

Mortgage CRM refinancing tools reduce the manual effort needed for refinancing transactions. You’ll be able to simplify tasks like data entry and scheduling follow-ups. The best CRMs even automate things like reminders to clients about outstanding files.

Borrowers won’t have to work as hard to get their loans approved. They can upload important documents online and save a ton of time. Clients will know the exact forms that still need uploading. That means they can gather them fast to speed up the transaction. 

The bottom line is that CRM technology makes refinance deals less of a burden on everyone. You and your clients will save time and avoid annoying delays. Everyone wins when you make a CRM a key part of the refinancing process. 

Integrate With Other Systems

Mortgage CRM refinancing tools often integrate with other software. For example, your CRM might connect with an underwriting system. This integration streamlines the entire process from starting to finishing. You won’t have to move data from one platform to another by hand. 

You’ll enjoy having all the necessary information in one place. You won’t have to switch between programs as often or enter data many times. And that means you can spend more of your day connecting with and serving clients. 

Promote Security and Peace of Mind 

Clients trust you with sensitive information. This includes their IDs, pay stubs, bank statements, and Social Security cards. You must honor that trust by keeping their confidential information secure.

Paper document submission practices can put client data at risk. People can lose or steal physical files. Email-based document sharing isn’t much better, either.

Hackers could compromise your server or your client accounts. And if that happens, all their data could fall into the wrong hands.

The best CRM solutions and tools will have the latest security features. They encrypt data to keep it out of the wrong hands and reduce the risk of a breach. By using tools with strong security capabilities, you give clients peace of mind that their information is safe. They can upload everything into a secure portal instead of exposing their data to unnecessary risks. 

Choosing the Best CRM Tools for Mortgage Refinancing

Here’s what you should look for in mortgage CRM refinancing tools: 

Various Features

Some CRM tools to keep an eye out for include the following::

• Automation
• Integration with other apps
• Campaign management tools
• Security and compliance features

You should also look for a solution with file-sharing and task reminder capabilities. You can use these tools to send and receive documents when working on refinance deals. You’ll even be able to set up custom reminders so you never forget to review a file or connect with your clients.

User-Friendly Designs

It doesn’t matter how many unique features a CRM has if using them is tedious. That’s why you need to focus on a user-friendly design over everything else. Find an app you enjoy using and go from there.

The best CRM platforms offer free demos so you can get to know the solution before you commit to it. Try out a few leading options and install the one that best aligns with your business needs. 

Integrations 

Finally, consider what sort of integrations the platform offers. Top CRMs can integrate and share information with your email app and other common tools. That will help save you time and provide a more complete view of the deals you have in the works. 

Demo the Leading CRM Refinance Loan Management Software 

Mortgage CRM refinancing tools can modernize the way you serve clients. But you’ll find that not all platforms are equal. You need a dynamic CRM that is purpose-built to make life easier for loan officers. BNTouch is that platform. 

Request a demo of BNTouch and see how our CRM can help you simplify the refinance process. Once you try it, you’ll never want to do business without it again!

Contact us to book a free demo today!

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