The Fundamentals of Mortgage CRM: Part 1
Understanding why capturing the data is important and what data must be collected.
Why do Fortune 500 companies spend tens of millions of dollars on information technology systems? They understand there is nothing more important than having accurate information about their customers and the transactions these customers represent. Think about what happens when a major lender starts servicing a loan you originated? They begin a never-ending marketing campaign to win the loyalty of your borrower so they can capture the borrower's next refinance or purchase loan.
In the past a broker or an individual LO did not have the resources to compete at this level. The cost of the technology, its complexity and the resources required to make it all work were out of reach for most of us. The goal of MyLoanBiz is to change all this.
You have the initial touch point with your clients, which means you have the relationship. If you can market to them with the same sophistication that the major lenders do then you will be in a position to retain your customers for life.
The heart of your business must be your database. It is your platform for:
- Managing leads
- Tracking loans in process
- Monitoring closed loans for refinance opportunities
- Marketing to current prospects and past customers
- Ranking & communicating with your referral partners
In order to accomplish all this, your database must contain accurate data that is well organized into these three major components:
- Contacts & Accounts
- Referral Sources
- Deals
Once you accomplish this you can start the business of making money from you data.
One of our many goals for 2008 is to make it easier for our clients to start utilizing the technology we have developed. The quicker you can set it up and begin leveraging it the faster you will start reaping its rewards. Over the next few months you will begin to see blog posts on how to utilize all the functionality we have developed as well as a new series of online training demos. We look forward to making 2008 a banner year for your origination business.
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