How Lenders Can Utilize CRM to Grow Sales 


As interest rates continue to rise and as call volume from potential borrowers declines, it is crucial for mortgage lenders to implement effective strategies that will help their LOs stay “in flow” with their customers and generate business in this tough market.

As such, customer relationship management (CRM) software is expected to grow in importance for mortgage companies looking to boost their marketshare – especially in this challenging environment. When utilized effectively, CRM software provides multiple benefits, including time-savings, reduced expenses, and, ultimately, increased closed loan volume.

But how can LOs use CRM software to their best advantage? From discussions with LOs who consistently increase sales and bring in business, no matter the market, the following things need to be prioritized in order to get the most out of one’s CRM system:

Sales Activities Alerts and Tracking

Staying in flow with one’s customers is key no matter the market, thus having a CRM that works by automating reminders, alerts, and notifications right to one’s home page, email, and mobile device of when to reach out to one’s customers is critical to one’s success. The ability to conduct a mortgage review, make a birthday call, or simply check-in after a loan closes from anywhere allows LOs to do what they do best – connect with clients and referral partners and build relationships. 

Additionally, utilizing and maximizing one’s data to provide one’s LOs with predictive analytics and tools, like rent v. own, program compares, and mortgage reviews all within one CRM system sets one’s LOs up for success on-the-go or at the office. Overall, automated sales activities and predictive analytics should provide one and one’s LOs with the keys for success by having the ability to track what, how, when, and by what methods one is staying in flow with one’s customers allows one’s LOs to see, in real time, what works for them to increase their business. 

One Database to Consolidate Client Details

A lender’s CRM and loan origination system (LOS) need to communicate in order to minimize the potential for typos, duplications, errors, and misspellings that result in email bounce backs, undeliverable mail, and an overall lack of communication with one’s customers. Having a single database that stores all borrower information and communicates between the systems is crucial to effectively stay in flow with one’s customers. With customer information all in one system, the percentage of typos, duplications, errors, and misspellings almost completely disappears because when one system updates, the other system updates, creating seamless communication between the two systems.

Sales Reporting

Any good CRM will have the ability to generate and automate reports that will track return on investment (“ROI”) in terms of leads, referrals, and closed-loan volume, but a great CRM will also generate reports for one’s top referral partners, sales goals, and flow activities. These reports can then be used to drive decision making, assess performance, and modify activities. This benefits the whole company and will help one stay on track to reach one’s sales goals.

So how does one know if one is using their CRM system effectively to grow sales? After all, there is no “one size fits all” solution when it comes to using a CRM.

The ideal CRM software should therefore be chosen based on the features that will set ones LOs up for success. Therefore, mortgage companies should ask the following questions when selecting CRM software based on its feature set:

  • Does it provide automated notifications to LOs so they do not have to use outlook, excel, or a notebook to track important dates? 
  • Does it allow LOs to assign sales activities to others on his/her team?
  • Does it allow one to generate marketing campaigns as well as personalized emails?
  • Does it provide LOs with sales goals and a sales scoreboard?
  • Does it provide predictive analytics to teams?
  • Does it provide equity analytics my borrowers?
  • Does it track top referral partners?
  • Does it offer a rent vs. own calculator?
  • Does it facilitate performance data for mortgage coaching and annual reviews?
  • Does it help measure if sales strategies are working?
  • Does it have a mobile application?
  • Does it facilitate Approval Letters?

Having one system that allows an LO to get all the information they need and conduct all the sales activities to “stay in flow” with borrowers is the one that will help that LO grow sales. 

Making sure the CRM system includes the features that LOs need is critical for achieving the best results.

Anita Padilla-Fitzgerald is owner and CEO at Take 3 Technologies, which offers cloud-based software solutions that transform how mortgage bankers, brokers, banks, and credit unions use data and technology to work with their borrowers.

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