There’s a popular action board game for kids called Hungry Hungry Hippos. A dozen or so balls roll around a ring, and your job is to hit a lever that opens your hippo’s mouth and try to gobble up as much of the “hippo food” as quickly as possible. For many lenders, getting leads to loan officers in the mortgage sales process is not much different from the chaos that unfolds in the game Hungry Hippos. No technology, no process, no real planning. Just keep moving, snapping for possible prospects, and hope for the best.
This is not entirely their fault. In my 25 years working with mortgage technology, I’ve seen some amazing innovations—online loan applications, electronic forms and disclosure statements and real-time product and pricing tools to name a few. I’ve been lucky to work for real pioneers in mortgage technology, including Motivity Solutions and VMP Mortgage Forms (VMP), and yet, I have not seen many capable mortgage sales CRM solutions. Even most mortgage loan origination software providers, while providing lenders with critical workflow enhancements; do not offer their customers very rich mortgage sales tools.
Many lenders are lacking a front-end mortgage sales CRM solution
With mortgage loan origination software, lenders can process loans with increasing efficiency and speed. But loan origination software is not an ideal solution for managing the initial interaction with a lead. To move a prospective borrower to submit an application and ultimately convert to a funded loan requires multiple steps. This includes contacting, qualifying, ongoing follow-up through phone, email and even text messages to further the dialogue with the prospect. And lenders are doing all of this in a fiercely competitive environment. Not unlike a game of Hungry Hippos.
This is why I joined Velocfiy. While helping lenders adopt new technologies, I saw first-hand what happens to organizations with no lead management or sales automation built into their front end processes. They often left loan officers to their own devices, relinquishing any control over the mortgage sales process and how they, as organizations, are portrayed to prospective borrowers. But I saw exceptions too—namely, lenders that were using Velocfiy’s mortgage sales CRM.
Since then, I have learned that Velocfiy customers close more deals more quickly than those not using their technology. Not only that, but these lenders know which lead strategies are paying off for them and are deploying marketing resources wisely. They have measurable results about their sales teams—they not only know which loan officers are closing more deals, but which ones are generating better qualified borrowers, which helps keep their per-loan costs down.
As I see it, lenders have undergone an important mind shift when it comes to mortgage sales processes. As director of Velocfiy’s mortgage unit – and with experience helping lenders apply technology– I will be helping other lenders make this shift and develop cohesive lead strategies that work.
After all, today’s mortgage industry is no kid’s game. Lenders are facing an extraordinary amount of new regulations that will force them to rethink how they sold loans in the past. With an improving housing market, interest rates that remain near historic lows, lead management and mortgage sales automation are more critical than ever. The way I see it, it’s a pretty simple choice. Lenders can keep snapping at every lead like the forever-hungry hippo, or get smart about leads – and never go hungry again.
Learn more about Velocfiy’s Mortgage Sales CRM.