Mortgage and lending firms work with many borrowers and handle an abundance of confidential loan processing documents. When implementing a CRM platform like Salesforce, it’s essential that you make sure it’s optimized and used to its full advantage.
Before you continue reading, familiarize yourself with the Salesforce basics for mortgage and lending companies here.
In this article, we’ll highlight the following topics:
Best Products for Your Commercial Lending CRM
While there are many Salesforce products that businesses in the financial sector should use, some are more effective for mortgage and lending firms than others. Here are some of the best products for your commercial lending CRM:
Salesforce Financial Services Cloud
Salesforce Financial Services Cloud (FSC) is the ideal commercial lending CRM product because it allows loan officers, processors, underwriters, and brokers to access everything they need to know about a borrower on a single platform. Additionally, it provides mortgage origination transparency between the company and a borrower.
Salesforce Marketing Cloud
Salesforce Marketing Cloud leverages potential and current borrower information to send borrowers relevant and high-converting marketing materials. Salesforce Marketing Cloud’s automated marketing solutions make sales and marketing efforts easier for your business.
Salesforce Pardot
Salesforce Pardot advances a mortgage and lending firm’s ability to effectively market to potential and current borrowers. When an individual opens and engages with an email, Pardot allows your mortgage lending team to see what that person interacts with. From there, your team can follow up with the borrower and pitch products or services they’re interested in.
Salesforce Experience Cloud
Salesforce Experience Cloud enables mortgage and lending companies to improve their customer experience. This product streamlines communications and operations from desktops to smartphones for both borrowers and mortgage lending teams.
Salesforce Sales Cloud
With Salesforce Sales Cloud, mortgage loan offers have the opportunity to find new borrowers and upsell current borrowers. This product enables your mortgage team to pitch borrowers the right products and services at the right time.
How Mortgage Firms Streamline Lending Processes
Many corporate mortgage and lending firms are integrating Salesforce into their day-to-day processes. Here are some ways major commercial lending companies are taking advantage of Salesforce:
By implementing Salesforce into its operations, Kiva can expand its network from traditional microfinance partners to new partners in different industries, such as universities. Through this expansion, Kiva financial partners have the ability to loan money to people who need it most.
Kiva uses Salesforce products like Sales Cloud and other customized apps to track new partners, conduct risk analysis reports, and manage fundraising efforts. Kiva’s customized Cloud solutions allow it to connect lenders and borrowers worldwide. Additionally, it uses Salesforce Service Cloud to communicate with partners and handle over 4,000 cases a month.
Since Kiva has expanded its reach with new partners, it can now offer different types of loans depending on a partner’s and a borrower’s needs. For example, since they’ve expanded their reach to universities, they can help students in third-world countries afford and complete their college education. Kiva is paving a path for these students that wouldn’t have been obtainable otherwise.
Kiva used to only rely on social networks to build brand awareness. However, since implementing Salesforce into its operations, the company now has new ways to reach potential borrowers and provide them with transparency in the lending process.
As a banking solution that’s constantly innovating, Barclays is always looking for new ways to wow their customers. Since collaborating with Salesforce, this globally recognized banking sector has taken its digital banking solutions to new heights.
Barclays uses Salesforce products like Salesforce Data Management Platform (DMP) and Marketing Cloud to gather insights about their target market and long-term customers. Tracking digital interactions from social media posts to colleague conversations has allowed the Barclays team to personalize each message directed at potential and ongoing customers. These targeted messages are distributed through Google Ads, third-party websites, email marketing campaigns, and mobile app notifications.
By implementing Salesforce, Barclays has enriched the employee and customer experience. Integrating Salesforce Financial Services Cloud has allowed their team to socially monitor their customers so relationship managers can pitch them the right products or services at the right time.
LendingTree uses Salesforce CRM to personalize their service offerings for their partners and clients. With a 360-degree view of each individual in the CRM system, LendingTree brings qualified leads to partners, ensuring no opportunity falls through the cracks.
LendingTree uses Salesforce products like Salesforce Service Cloud and MuleSoft to effectively transfer customer calls from one employee to another and integrate customer information in third-party systems. By taking advantage of these Salesforce products, LendingTree service teams have all the information they need about the client for a productive conversation.
Additionally, Salesforce automation has allowed the LendingTree sales team to focus on selling rather than manually sending sales and marketing materials. For instance, before Salesforce, LendingTree spent 75% of its time handling service requests. Now, they can automate their emails and service requests, allowing their sales and service teams to spend more time growing accounts.
Benefits of Using Salesforce CRM for Mortgage Lenders
Using Salesforce CRM for mortgage lending allows your team and borrowers to:
- Forecast behaviors with predictive analytics: Salesforce can forecast future borrower behaviors and needs rather than analyzing past behaviors.
- Offer critical insights into account profiles: Salesforce gives mortgage loan officers, processors, underwriters, and brokers insight into a borrower’s account, optimizing the mortgage origination process.
- Easily access data from any device: Since information is stored in the cloud, account data can be accessed remotely from any desktop or mobile device.
- Streamline communication: The Salesforce platform allows borrowers, loan officers, processors, underwriters, and brokers to communicate with one another effectively. This gives everyone involved full transparency into the loan origination process.
- Increase productivity: When everything you need is located under a single platform, you reduce the time spent looking for documents on a different platform. Salesforce enables your mortgage professionals to spend less time searching and more time selling and processing loans.
- Boost sales: With Salesforce, your mortgage team can upsell borrowers effectively. Since Salesforce products like Pardot let you know when an account interacts with your content, your team can pitch the right products at the right time.
Key Takeaways
While having Salesforce software is crucial, it’s only the first step to maximizing your CRM investment. To get the most out of your Salesforce investment, it’s essential that you have all the right products to help you build relationships with borrowers and pitch them the best products and services for their current situation.
Abstrakt Cloud Solutions is a St. Louis-based Salesforce consulting partner that helps mortgage and lending firms get the most out of their CRM investment. When you’re ready to optimize the way you process loans and build relationships with borrowers, contact our sales reps!
