Categories: Mortgage Marketing

What Is the Difference Between Mortgage CRM and LOS Software?

Loan officers and other users of loan origination software are already familiar with the way these programs function and what they’re used for: entering borrower data, pulling credit, running automated underwriting, pricing/locking, generating docs and submitting loans.

Next to closing loans, this series of initial loan origination process steps is what mortgage industry participants work hard to achieve.

The mortgage loan application itself is the end result of what can be months and even years of positioning, educating, selling and proving one’s trustworthiness or record of success by today’s mortgage professionals.

Mortgage loan origination software provides all the means to properly service your clients as well as coalesce the process of taking, processing and underwriting loans. But how does one best get to that point where the prospect says, “let’s do it”?

The Difference Between a Mortgage CRM and LOS

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Mortgage CRM or Mortgage Client Relationship Management as a mortgage software solution is what you need to convert leads into prospects, prospects into applicants, applicants into clients, and clients into repeat customers and referral partners.

It doesn’t matter if you’re a mortgage banker or mortgage broker, a rookie or a seasoned pro; the loan officer’s world is not an easy one to manage.

Ever admire a drummer’s skills? Each hand, foot and finger are working independently yet simultaneously to create each intricate part of a whole. As a loan officer engaged in the lending process, you’re no less talented.

Your day is almost always going to involve a myriad of tasks and specialties, from answering simple questions to engineering solutions for ultra-complex scenarios that never seem to be properly addressed or even included in the lending guidelines.

Marketer, salesperson, psychologist, teacher, mentor, counselor, copy clerk—the duties and roles go on and on. And like the drummer’s hands and feet, you’re probably juggling all these activities in a massive conglomerated process that few looking in from the outside would ever understand. Yet somehow, at the end of the pipeline, you manage to close loans.

If you have been in the business for at least a while, you’ve likely developed some kind of process. Perhaps it’s just thought of as time management or segmentation of your duties by the hour or day or maybe not. You may just be bouncing from one email to the next random notification day in and day out to get your job done ultimately.

If you’re busy enough or want to be, you’ve also probably at least explored the idea of adopting a purpose-built mortgage CRM software program that will help you organize your time and your duties. Better still would be a program that can alleviate at least some of your responsibilities through marketing automation.

Today’s quality mortgage CRM software systems can start with simple “set it and forget it” marketing campaigns and progress through triggered pipeline management and status communication.  Just think about the benefits possible if you could eliminate all the time spent communicating status and procedural next steps to keep your deals flowing smoothly through your pipe!

And that’s just the beginning. Another differentiator between a Mortgage CRM and LOS Software (Loan Origination Software) involves service and communication AFTER the closing.  This is often where a mortgage CRM program can shine. It’s so simple to adopt and deploy multi-year or even perpetual contact campaigns to assure that your past customers will never forget your name and the value you provide. And when they’re ready to use your services again, you’ll be just a click away.

Add to all that a CRM that is already jam-packed with all the content you could ever imagine. From simple educational flyers to branded landing pages, custom dynamic animations, postcards, calculators, games and videos, what you have is the total recipe for continued success. There’s nothing like nurturing those you’ve already worked with as referral sources for their friends, family and co-workers.

Developing a steady stream of prospects and new applicants ready to take that leap over from your mortgage CRM to your LOS Software defines a much more gratifying and rewarding career with relative built-in certainty of where and even when that next application is going to happen.

If you’ve not yet seen what the best mortgage CRM can do for your business, why not schedule a demo to see the Surefire system in action today. In due time, your mortgage software and your bank account will thank you.

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