In today's competitive mortgage market, keeping your borrowers engaged and informed throughout the loan process is crucial. But with so many customer engagement platforms available, choosing the right one can feel overwhelming.
Fear not! This blog post explores some top mortgage customer engagement platforms, highlighting their strengths and helping you find the perfect fit to streamline your workflow, boost communication, and close more deals.
How to Choose the Best Mortgage CRM?
Customer Relationship Management (CRM) software can be a game-changer for mortgage lenders, automating tasks, boosting sales, and strengthening client relationships. But with many options available, how do you choose the right one? Here are some key considerations to guide your search:
Cost-Conscious Choices
Price isn't just about the monthly subscription fee—factor in potential add-on costs for crucial features, integrations, or upgrades. While budget-friendly options might exist, they may need more essential functionalities. Conversely, some high-priced solutions offer more than you need.
Features Tailored to Your Needs
Does the CRM cater specifically to the mortgage industry, or can it be customized to fit your business? Look for core features like lead management, loan tracking, document streamlining, insightful reports, and regulatory compliance tools.
Top-Notch Customer Support
Excellent customer service is invaluable. Whether navigating complex platform features or managing client interactions, responsive support can make all the difference.
Intuitive Interface is Key
The most innovative CRM features are useless if the platform itself is cumbersome. Opt for user-friendly and intuitive interfaces. Consider a trial or demo to see if your team can comfortably navigate the system.
By prioritizing these factors, you'll be well on your way to finding the perfect CRM solution that empowers your mortgage business to thrive.
7 Best Mortgage Customer Engagement Platforms
Now that you have a general idea of what to look for in a mortgage CRM, you can explore your options. The following are some of the best ones for your mortgage business.
Botsplash
In the fast-paced mortgage industry, converting leads into satisfied customers is crucial. Botsplash Mortgage Solutions tackles this challenge head-on by ensuring you maximize the value of every lead. Botsplash has helped mortgage companies boost their lock rates by an impressive 8%, a key metric in closing deals. These rates are primarily due to meeting customers on their terms.
Botsplash offers a variety of communication channels, from multi-agent chat for real-time support to document management and CRM integration for a streamlined experience. This omnichannel approach allows you to connect and engage with potential borrowers using their preferred methods, fostering trust and increasing conversions.
Pros:
- Omnichannel communication (multi-agent chat, document management, CRM integration)
- Meets customers on their preferred communication channels
- Live translate from Spanish to English and vice versa
- 'Blurb' feature that summarizes customer conversations
- Customized integrations to various platforms and software
Cons:
- Some features require refining
- CRM lacks email marketing capabilities
Pricing:
Botsplash pricing is based on the client's various needs and specifications. Reach out to them via their pricing page to learn more.
Salesforce
While not exclusive to the mortgage industry, Salesforce is a powerful CRM platform that users can customize to fit the needs of mortgage lenders. Their Financial Services Cloud offers features like lead capture, opportunity management, and contact management, allowing you to nurture leads and build strong client relationships. Salesforce Financial Services Cloud prioritizes borrower transparency with 360-degree views of their finances. It accelerates loan approvals through automation and streamlines the customer experience across channels.
By integrating with Salesforce's Marketing and Experience Clouds, it personalizes interactions and leverages data for better engagement. While initial setup requires a time investment and navigating legacy systems can be tricky, users ultimately praise its automation, customizability, user-friendly interface, and ability to free up time for strategic tasks.
Pros:
- 360-degree view of borrower finances for transparency
- Streamlines customer experience across channels
- Automates processes for faster loan approvals
- Integrates with Marketing and Experience Clouds for personalization and data-driven engagement
Cons:
- Requires significant time investment for setup and integration
- Steeper learning curve for new users
- Technical challenges for legacy system integration
Pricing:
Salesforce pricing ranges from $300 to $475 per month. You can get more details via their pricing website.
HubSpot
HubSpot excels in email marketing, offering hundreds of templates, detailed tracking, and automated scheduling. It also boasts a unique in-app VoIP calling system that records calls generates transcripts and integrates with a customer support hub. This hub allows you to build relationships through a service portal, knowledge base, and video blogs.
While HubSpot lacks mortgage-specific features, its extensive functionalities and affordability make it a customizable option worth considering for mortgage lenders.
Pros:
- Affordable
- Extensive functionalities beyond core CRM features
- Excellent email marketing tools with templates, tracking, and automation
- Built-in VoIP calling system with recording, transcription, and customer support hub integration
Cons:
- Lacks mortgage-specific features
- It may require additional customization to fit mortgage business needs
Pricing:
HubSpot CMS plans range from $360 to $1,200 per month. They also come with a 14-day free trial. More information is available on their pricing page.
Zoho CRM
Despite being a later addition to Zoho's established suite, Zoho CRM has amassed over 80 million users globally. It's a perfect fit for startups and small mortgage businesses, offering a free plan that covers essential CRM needs. Solo loan officers and freelancers can leverage the Sales Force Automation feature, a virtual assistant that manages leads, clients, marketing, and deals. This not only saves time but eliminates hiring costs.
Zoho CRM goes beyond basics with Omnichannel customer management, allowing you to import email threads, integrate calls and sales from other apps, and manage client interactions seamlessly. The platform even provides note-taking, follow-up reminders, missed call alerts, and call analytics – all designed to streamline communication and boost efficiency.
Pros:
- Free plan available for startups and small businesses
- Scalable solution with features for solo loan officers, freelancers, and established businesses
- Sales Force Automation feature acts as a virtual assistant for lead and client management.
- Omnichannel customer management with features like email thread import, call/sales integration, and communication management tools
Cons:
- Limited customization options
- User Interface isn't smooth and needs improvement
- Lack of helpful tutorials for features
Pricing:
Depending on your business needs, Zoho CRM prices range from $14 to $52 per month. Please visit their pricing page for more information.
Velocify
Velocify is a cloud-based lead management solution designed specifically for mortgage brokers. It streamlines the entire mortgage process and offers a suite of tools like Velocify Pulse for managing calls, emails, and tasks with automation. Users love the user-friendly interface with multiple views for tracking performance and the click-to-dial function for accessible communication. While some customization limitations exist, Velocify's voicemail feature and customizable callback calendar are highly praised.
Overall, Velocify stands out as a powerful tool for mortgage brokers because it focuses on efficient lead nurturing and client engagement.
Pros:
- Explicitly designed for mortgage brokers
- Streamlines the entire mortgage process
- A suite of tools for managing calls, emails, tasks, and lead nurturing with automation
- User-friendly interface with performance tracking and click-to-dial functionality
- Highly praised voicemail feature and customizable callback calendar
Cons:
- Some limitations in customization, particularly for reports and email list generation
Pricing:
Pricing information for Velocify is yet to be made available. Reach out to their customer service representatives for details.
Insellerate
Insellerate is a mortgage CRM and engagement tool that utilizes AI to help lenders acquire and engage customers. It helps improve the effectiveness of your sales organization by providing actionable insights from customer data.
Pros:
- AI-powered customer acquisition and engagement
- Improved sales organization effectiveness
- Customer data analysis
Cons:
- Limited information on specific features
- Pricing information
Shape Mortgage Software
Shape Mortgage Software is a collection of products designed for mortgage professionals. It helps with various avenues, including sales, marketing, digital 1003 applications, and loan origination system integrations. Shape boasts itself as an all-in-one solution for mortgage professionals. It integrates CRM, dialer, marketing automation, point-of-sale systems, loan origination system connections, and website creation tools.
Shape even includes a built-in cloud calling platform with features like call recording and texting with MMS support, ensuring smooth communication throughout the mortgage process.
Pros:
- All-in-one solution for mortgage professionals
- Integrates CRM, dialer, marketing automation, point-of-sale systems, loan origination systems, and website creation tools
- Built-in cloud calling platform with call recording and texting
- Streamlines communication throughout the mortgage process
Cons:
- It may be complex to set up and manage due to the wide range of features
- The learning curve for new users
In Conclusion,
Selecting the right CRM can be manageable. By considering these key considerations – cost, features, customer support, and ease of use – you'll be equipped to choose a mortgage CRM that streamlines workflows, strengthens relationships, and propels your business toward long-term success.
Go through your options, and don't settle for a one-size-fits-all solution; find the perfect fit to unlock your mortgage business' full potential.
To learn more about Botsplash click the button below to schedule a demo with our team.
