Best CRM for Mortgage Brokers

Abhishek A Agrawal
January 25, 2021

A CRM for mortgage brokers – is that a relatively new concept to you?

We’re sure you know everything there is to know about mortgages. However, do you have everything to make your business simpler!

Worry not, this article shall give you the answers you are looking for!

Mortgages are fairly complicated to loan-seekers as well as financiers. To begin with, real estate is an industry full of scams. So, we can’t really blame your borrowers for being skeptical.

When somebody gets a loan sanctioned, the whole house is a collateral up for seizing. No doubt borrowers are very cautious!

On the flip side, if a borrower doesn’t pay their installments on time, the lender is in trouble.

So, in real estate, mortgages can get very tricky for the loan seeker as well as the loan provider.

You, being a mortgage broker, need to assure both of your clients don’t run into losses. The lender and the borrower, they both need to feel your importance in the picture.

We know that you can actually bridge the gap between a mortgagor and a mortgagee with your expertise and skills, all you need is just a little help from the right CRM for mortgage brokers.

A CRM tool is a Customer Relationship Management system, which helps you do a lot more than just managing your leads and clients.

We’ll see in detail what all it can do, but for now, let us see how CRMs help you.


Importance Of CRM For Mortgage Brokers

  • Managing Your Leads
    You probably get a few hundred calls daily, enquiring for loans. However, not many of them convert right away. You need months of persuasion to convert leads into clients. What makes this all the more tiring is that no two of your leads think in the same way.

    Some leads may look for options that come with a lower interest rate, while some leads may want options where they don’t have to pay a fine if they retire the loan pre-mature.

    In your financing options too, you will find this diversity. No two lenders or even loans function the same!

    It can be quite a ride if you pack all your leads randomly; you need a CRM that will keep your leads organized and structured as per the various filters that you get to make.

    With CompanyHub, you can use custom fields to make as many filters as you need and your leads stay in this centralized database, which is pretty to look at and very efficient to work on.

    Just hover your cursor over the name of your lead to begin editing.

    Try for free now!

  • Loan Pipelines
    Are there any mortgage brokers who say their work is just “awfully simple”?

    Nope, there aren’t!

    If we look at a typical loan cycle, there are just too many roadblocks on the way for a mortgage broker to make a living.

    You may get a lead, you may pursue them fine but what if they have a new doubt every day. That isn’t something unusual. People are skeptical when it comes to investing all their life’s savings into a home, and why shouldn’t they be?

    So, the work really falls on mortgage brokers to help borrowers feel assured while also maintaining proper knowledge of the lenders’ products.

    This can be done if you first draw out your typical loan cycle. It starts with a lead and stops with a happy customer, but there are so many things along the way.

    1. Meetings
    2. Phone calls
    3. Document collection
    4. Meeting with underwriters
    5. Getting the lender and the borrower to agree
    6. Setting up payment dates for EMIs
    7. Regulating payments, etc etc – so much work!

    How do you make sure everything falls in place? You do so by drawing the roadmap ahead with the help of deal pipelines.

    A deal pipeline will not just help you structure your work but it will also show you the various stages on this journey.

    Smart CRMs such as CompanyHub give you deal pipelines that can be easily made.

    To move a deal from one stage to another, just drag and drop it.

    What’s more is that you can set automated tasks for each stage.

    Say, when a lead goes from pitch to purchase, you can set a trigger for the CRM to send them

    1. Payment Confirmations
    2. Welcome Mails
    3. Login Credentials
    4. Loan Papers, And More.

    However, the best part of deal pipelines is perhaps the fact that you can track your sales cycle and find out where a loan is stuck. Tracking your lending model real-time will help you get more business.

  • Workflow And Critical Task Management
    Now, you don’t just need a place to keep your data and to structure your procedures, but you need something much smarter!

    You need a CRM that gives you the liberty to focus on more productive jobs as the software handles everything that doesn’t really need your attention.

    For instance, the mortgage industry relies heavily on being punctual. Lenders need to be punctual once they receive the loan applications and they need to issue the loan on time.

    Your borrowers need to be punctual when they get the loan and have to pay the EMI. Remind everyone to make sure nothing gets delayed. Send automated reminders to your clients for approaching dates, EMIs, penalties, and more.

    Moreover, you can get your team on the road to productivity using notifications and reminders that are sent automatically when a deal has been stuck for too long or the payment hasn’t been received or the loan gets sanctioned but you need them in follow-ups.

    Don’t just get a workflow, get a smart workflow!

  • Needs List Management
    Documents – they run mortgages!

    You need so many forms of papers on the way to getting a loan sanctioned, including

    1. Identity Verification Papers
    2. Proof Of Livelihood
    3. Tax Returns
    4. Credit Account
    5. Legal Documentation
    6. Agreement Documents, And So On.

    So, ideally a CRM for mortgage brokers should come with a facility to share and save these documents in the most secure way possible.

    CRMs like CompanyHub will also facilitate easy tracking of documents that have come and those which are yet to come to you.

    You can use CRM to send automated mails requesting documents or reminding your sales reps about the same.

    Try for free now!

  • Centralized Communication
    Getting a loan sanctioned requires you to do a lot of to and fro. That’s a struggle you can not find a way around, but what you don’t need is this constant struggle of jumping from one software to another while you are working.

    So, you need a software that lets you do all your business from one place.

    A good Mortgage CRM would let you store your leads, their data, their communication, and documents all within itself.

    Like in CompanyHub, your sales reps can add notes based on their interactions with the client, right next to their name and other details.

    This is very helpful because your loan cycle can get months’ long in some cases. So, if you were to pick up from ground zero every time, you would further end up annoying clients and elongate the cycle even more!

    The notes allow you to pick up the conversation from where it was last concluded.

So, it is much evident now that using the right CRM, your mortgage broking agency can maintain an effortless connection with borrowers, lenders, and prospects all the same.

However, the million dollar question to ask now would be can we be sure whether a CRM is the “right CRM”. The one way you can be absolutely sure is by making the purchase.

But that sounds risky!

Choosing the right software for your business is, to put this mildly, a hefty investment, so we better know which one is the right one much before, else the investment would go in vain.

Here’s how you can check whether a CRM is the right CRM for Mortgage Brokers.


The Criteria To Evaluate The Best Mortgage CRM Must Include:

  • Team Features
    The first pointer on your “must-get” list should be team management features. You don’t have just one person running all the chores, you have various. You have the accounts department, the legal department, the sales department, and more!

    How do you make sure everybody stays on the same page?

    This would be quite a task if every sales rep had to be reminded to share the leads with the underwriters from your clients’ team.

    Smarter CRMs like CompanyHub get you more headspace to do more productive chores by reducing your involvement in petty and repetitive details.

    Assigning tasks can happen automatically too, but if you have a separate person for every stage of the deal, you can tell us, we’ll do the rest.

  • Mobile App
    The whole world is on their phones, and so, it makes sense to look for a CRM that’s on the phone too.

    Imagine your work day!

    Caught up in work and meetings and calls with the borrowers, and calls with lenders, and calls with the bank people, and then you have calls with your own team, YIKES! In the middle of so much going on, who’s got any time for desktops and tabs?

    Smart CRMs like CompanyHub give you a mobile CRM app too.

    Try Now!

  • Pipeline Management
    Some leads are more skeptical and they may demand meetings or calls every day. Plus, since this is a product nobody but only the lenders fully know about, you have to bear with them even if they want to nit-pick about the little aspects of the loan they have
    applied for.

    Plus, for you, the business doesn’t just end with loan applications. You need to check with the lender as well on the dates when they can revert and issue the loan.

    If there are some problems or shortcomings that may lead to a loan rejection, you need to start the deal all over again with a new loan in mind.

    So, you can not expect a short cycle and with each lead, your procedure needs to be personalized for them.

    That is why you need multiple pipelines for multiple prospects.

    Moreover, you need to see each of the loans or lenders you have in your kitty distinctively.

    No two loans have the same clauses, then why put them under just one monologous deal pipeline?

    Give each product a unique pipeline.

    With CompanyHub, you can just go on making ‘n’ number of pipelines and make ‘n’ number of stages within.

  • Ease Of Use
    Mortgage paperwork is fairly complicated. So, the people you work along have enough boredom and challenges their way!

    The CRM should not be another challenge.

    You ideally need a CRM for mortgage brokers, so that tool should simply be made as per them.

    There should be no problem understanding or even applying the CRM software. Plus, your tool also needs to have a more pleasant look to actually get your team onboard.

    Furthermore, you need excellent customer support.


    Although your CRM is simple to understand, but it’s new to you and your team as well, so what if you bump into some abstract difficulty, then your CRM vendor’s customer support needs to be fast and knowledgeable enough to help you promptly.

    Try now!

  • Reporting & Analytics
    This area is crucial for you. You need answers to all such questions questions –

    1. Which loan or mortgagor is selling?
    2. Which of your sales reps aren’t bringing much?
    3. What is the average demographic of your borrowers?
    4. What is the median income of your borrowers?

    Why not let a smart CRM find these answers! No scope of human error, besides real-time reporting.

    Your CRM needs to be like a super computer when it comes to delivering sharp insights, not just the ones literally any CRM provides but the ones that make sense to you and your business.

  • Referral Partner Marketing Management Tools
    Your business works on “He said, she said”. One happy customer may refer you to another, but more importantly, a broker refers a lender to another broker in return of some gains.

    So, their help usually comes at a cost.

    You need a tool, which helps you track your referral schemes and the commission you pay in return for business and how profitable the referral is for you.

    Tracking is simple in platforms like CompanyHub, where you just need to use custom fields and track whatever you want.

    Moreover, CompanyHub also lets you send automated mails to your referral partners, more on this, in the next point!

  • Automated Marketing Features
    Marketing is all about getting the right content to your target audience. However, for a mortgage broker, what is your target audience?

    You want to reach out to lenders and borrowers alike, however, these are very different groups.

    Moreover, you would find so much diversity within lenders and borrowers too.

    So, you can not make broad categories, you need to get micro level precise.

    You can make stuff for each category.

    For that, you will need a CRM that lets you make filters and groups up to infinite numbers.

    Secondly, that CRM should also help you mail and message all these categories effortlessly.

    Thus, you are looking at a CRM that is highly customizable while also being highly automated when it comes to communicating.

    You are looking at a  CRM with personalizable mail templates and custom tables.

    It’s crucial you get a system that can automate marketing because without automation, you would need to dedicate two or more people solely for the job of responding to mails and drafting new ones.

  • Automation Of Daily Tasks

    Why just keep automation for mails?

    There are plentiful tasks such as data entry, which require human intervention.

    A CRM for mortgage brokers is the ideal CRM if you get to automate such repetitive tasks. It should also let you set automated reminders for your team members.

    You may need these reminders for payments, events, loan installment dates, and many other things.

    Secondly, you need a CRM that can help you do certain things automatically when a deal moves from one stage to another like sending a payment receipt or sending a follow-up mail automatically.

    Automate Now

  • Integrations
    What happens if you already have some tools you have been using?

    Do you throw it all now? Definitely not!

    Your CRM should be able to integrate with your marketing and finance tools effortlessly so that no data is lost in this shift.

  • Security
    Most people are skeptical about mortgages. That’s because of all the real estate scams they have heard of. Perhaps, when finances and documents of high confidentiality get involved, you do not want to go with just “any CRM”.

    You need to make sure the privacy and the best interests pertaining to your lender as well as borrower stay fine.

    This is why you should check where a CRM that is claiming to be the right CRM for mortgage brokers is following the security regulations needed or not. To verify this, you can ask for certifications such as the SSL.

  • Scalability
    As your business grows, you would need to scale things up – more clients, more team members.

    So, you need a CRM that can let you expand. Highly customizable CRMs need to be a must in your kitty, or you will forever be shifting from one to another.


Comparison Between The Best Mortgage CRMs

CRM FeatureJungowhiteBoardbntouchMyCRMDashboard
Team management
Mobile app×
Pipeline management
Ease of use×××
Reporting & Analysis×
Referral partner marketing management tools×
Automated marketing features
Automated daily tasks
Pricing$100 per user as base fees$99 per user monthly + Set-up costs: $399 Individual Plan: $148 per month + Activation fee: $99
Team Plan: $158 per month for 2 users + Activation fee: $77 Enterprise Plan: Prices undisclosed
Free up to 4 users $22 per month over 5 usersProductivity Plan:
$21 per user monthly Automation Plan:
$36 per user monthly Accelerate Plan:
$64 per user monthly
Highlights Highly scalable Great for people who are using SalesForce and have familiarity with the system Various integrationsA dedicated success coach to help your implementation Segmented lists to help you channel your communicatio n with partners, lenders, borrowers, and prospects Easy to create, assign, and update tasksGreat automation tool Will up your marketing campaign game Can be customized to a great levelVery user-friendly Easy to set up tasks, projects, and move deal status Easy to find reports that are helpful Customer support is reliableReally simple yet sophisticated CRM! Mobile friendly Highly customizable Multiple Deal Pipelines
Customized Reporting Document Management Marketing and sales automation truly best!
DrawbacksMay need a lot of adjustments to start with The automation features may require some time getting acquainted with, and may not work for all.
No free trial
No multiple pipeline, which really sucks because you don’t just deal with one loan or mortgagor Not the most user-friendly CRM with sophisticated commands, which almost certainly need expert help A limit of 2,500 records up till highest plan Not the easiest to learnNot suited for bigger teams No mobile app!Lack of landing pages. SMS support is not added to their Automation feature yet.


Why go for CompanyHub?

As you can see from the comparison above, CompanyHub makes for a rich-in feature and low-in-price choice while also being a top product in the niche of CRM for mortgage brokers. However, what really sets this CRM apart from the rest of top mortgage CRMs is the fact that you can absolutely tailor-make CompanyHub for your particular business at the most reasonable costs; there is no limit to what you can make, and hence, become!
Try for free now!

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