Every mortgage and lending company needs a CRM to keep up with borrowers’ loan processes. Salesforce for mortgage and lending companies is ideal because this CRM software offers a variety of product options and significant benefits to mortgage loan officers, processors, underwriters, and brokers.
In this blog, we’ll highlight the following topics:
Best Salesforce Products for Mortgage and Lending
Salesforce CRM is essential for a positive lending and mortgage experience. However, it’s essential that you have the best Salesforce products for day-to-day operations. Here are some of the best Salesforce products for mortgage and lending companies:
Salesforce Financial Services Cloud
Salesforce Financial Services Cloud (FSC) is the ideal Salesforce product for mortgage and lending companies. This solution enables mortgage loan officers, processors, underwriters, and brokers to provide transparency for borrowers starting at loan origination and throughout the entire lending process. In addition, Salesforce FSC allows each member of the mortgage origination process to communicate with one another seamlessly from a single platform.
Salesforce FSC is a Customer 360 platform that gives authorized users insight into a borrower’s lending solution. Salesforce FSC delivers easy-to-understand flow solutions—both standardized and customizable—for each mortgage and lending team member depending on their needs.
The flows provided by Salesforce FSC are the standard mortgage flow templates based on the most recent U.S. Uniform Residential Loan Application (as of February 2019). This standardized flow template walks loan officers and borrowers through the mortgage loan application process. Additionally, it enables borrowers to create a case to launch a mortgage flow for generic lending assistance. Salesforce FSC’s customizable flow templates allow you to personalize loan applications based on your business’s specific needs.
Salesforce Marketing Cloud
Salesforce Marketing Cloud is a Salesforce product that enables your mortgage and lending team to create high-quality marketing materials for potential and ongoing borrowers. This Salesforce product allows you to personalize experiences for each borrower, no matter their stage in the lending process. Creating and distributing personalized marketing materials (such as emails and newsletters) boosts upselling opportunities and enhances a customer’s experience with your mortgage and lending company.
Along with Salesforce Marketing Cloud, many mortgage and lending firms like to integrate Salesforce Pardot so their teams can see what content potential and ongoing borrowers are engaging with most. This Salesforce product gives loan officers further insight into a customer’s buyer journey, so they know what products to pitch to increase sales opportunities.
Salesforce Experience Cloud
Salesforce Experience Cloud is a Salesforce product designed to enhance the customer experience between a company and a client. With Salesforce Experience Cloud, mortgage and lending companies have the opportunity to launch data-powered sites, portals, and apps quickly to boost customer service. This empowers mortgage loan officers, processors, underwriters, and brokers to connect with borrowers seamlessly from any digital device at any time.
What Is the Mortgage Innovation Solution for Financial Services Cloud?
While Salesforce Financial Services Cloud is an excellent product for any business in the financial sector, it offers significant benefits for mortgage and lending companies. The Mortgage Innovation Solution for Salesforce FSC is engineered to streamline and accelerate the mortgage loan application process. Here are some of the features included in the Salesforce FSC Mortgage Innovation Solution:
Guided Residential Loan Application
The Guided Residential Loan Application takes loan officers and borrowers through an easy-to-digest journey of a residential loan application. These loan applications are pre-built by the Salesforce FSC platform, provide step-by-step actions of the following application stage, and present recommendations to capture relevant data.
Without Salesforce FSC and the Mortgage Innovation Solution, loan officers have to spend a significant amount of their workday manually uploading data and documentation throughout the loan origination process. This increases the risk of human error because they could be entering information quickly to prioritize other pressing tasks. Additionally, when a loan officer manually inputs information, the borrower must have a lengthier approval process to ensure that everything is accurate. Integrating Salesforce FSC for mortgage and lending processes makes the mortgage experience much smoother and quicker for both the borrower and loan officer.
Mortgage Data Model
The Mortgage Innovation Solution obtains a Mortgage Data Model that delivers 13 pre-built mortgage objects, making it easier to gather information like an applicant’s address, employment status, and income rate.
Gathering this information enables loan officers to offer applicants their best possible lending solution. In addition, it gives a loan officer insight into a potential borrower’s household relationships, long-term goals, and other financial accounts.
Since customers have to provide loan officers with so much information during the mortgage origination process, it’s essential to have a streamlined procedure for gathering this data. Additionally, the Mortgage Data Models allow lenders to take the information captured from applicants and refer them to other lines of business when it makes sense to their budget and current stage of life.
Document and Tracking Approvals
The Mortgage Innovation Solution Document Tracking and Approvals feature presents loan officers, processors, underwriters, and brokers with easy accessibility to a borrower’s wide collection of documents. These crucial documents can also be tracked by creating and implementing templatized checklists or an automated approval management system.
For instance, a loan officer and a borrower can develop a checklist that ensures no lending document falls through the cracks. If a vital document happens to be missing from the checklist, borrowers can easily upload the document through the secure Salesforce portal.
Benefits of Using Salesforce Management Software for Mortgage and Lending
While there are a variety of CRM platforms in the world, what makes Salesforce different from the rest? Here are some of the key benefits of using Salesforce management software for your mortgage and lending operations:
Streamline Data Throughout the Organization
Salesforce CRM streamlines data throughout your mortgage and lending company. From loan officers to loan processors, Salesforce makes it easy to update borrower information in real time so everyone has the information they need when they need it.
Automate Underwriting Processes
Salesforce gives mortgage and lending firms the opportunity to automate their underwriting processes. This allows your company to cut back on employee costs and ensures that each underwriting process is accurate and up to date.
Automated underwriting also reduces the risk of miscommunication from one mortgage employee to another. Automating underwriting processes helps you reduce the chain of communication and enable borrowers to secure their mortgage loan quicker.
Present a More Transparent Lending Process
Salesforce for mortgage and lending creates a more transparent lending process for borrowers. It also provides a 360-degree view of the borrower for mortgage loan officers, processors, underwriters, and brokers and shows them the progress of the loan during the lending origination process.
Increase Reporting Accuracy
Salesforce has the capability to be integrated with other mortgage and lending systems. This increases reporting accuracy from one platform to another, and it can all be viewed from a single platform.
Customize Upselling Opportunities
Integrating Salesforce into your operations gives your mortgage and lending team the opportunity to customize upselling opportunities. Since you collected all the crucial information from borrowers, you have the opportunity to pitch them the right products and services at the right time. This provides a more customer-centric approach for the borrower.
Pre-Approve Offers for Existing Customers
Upselling existing borrowers is a task in itself—and to add to that, if they agree to a new product or service, they have to go through the approval process all over again. With Salesforce, your borrowers can be pre-approved for specific product or service offers. Additionally, this boosts your loan officer’s upselling opportunities because Salesforce shows them what’s available for borrowers and what they may be most interested in.
Key Takeaways
Salesforce for mortgage and lending companies is essential to keep up with a borrower’s loan process and enhance their experience with your company. While there may be many CRM platforms to choose from, Salesforce offers significant loan-focused products and features to advance relationships with potential and ongoing customers.
As a St. Louis-based Salesforce consultant, Abstrakt Cloud Solutions partners with mortgage and lending companies across the nation to help them maximize their Salesforce investment. When you’re ready to get the most out of your Salesforce investment, reach out to the Salesforce experts at Abstrakt Cloud Solutions!
