Loan Officer Mobility

Articles/Blog | October 26, 2020

Everything is going digital today— zoom parties, virtual happy hours, virtual open houses—which means that your team needs to be available virtually. To highlight how important it is to be virtually available, MIT studied online leads. It found that if you call a lead in the first five minutes versus one hour, you’re one hundred times more likely to get a hold of them. Call a lead in five minutes versus thirty minutes. You’re going to be twenty-one times more likely to connect with them. Simply understanding that consumers are digitally engaged and mobile-forward demonstrates the importance of empowering loan officers with mobile solutions.

Let’s look at a typical journey of a borrower and highlight the power of mobile (whether they go to your website or they were referred to you by your referral partner). Maybe your marketing automation system sends out an email or text message about a refinance, or your loan officer meets them face to face. You might have sent them a traditional direct mail piece that sparked an interest. No matter what marketing channel enticed the potential borrower to engage, your loan officer must be able to respond immediately if you want to convert.  If they don’t, they will move on to another lender.

Let’s say your loan officer meets face-to-face, and they have today’s most powerful lead management, CRM, and engagement platform with the same tools, whether they are in front of their desktop or working remotely on their mobile device.

They can open up the application, type in the lead, see who the referral partner is, add additional borrower information, and even answer an inbound call from their marketing campaign. Your company has a toll-free number on your website, and the borrower decides to give it a call. The system can route calls to loan officers based on the state licensing, skills, lead caps, and send them directly to their mobile phone so that your consumers are connected and engaged immediately.

What if it’s not a phone call? Let’s say it’s a digital lead. Someone applies online or you buy a lead from Zillow or Lending Tree. The lead is going to pop up instantly on their mobile device. The loan officer is going to see the name and information of the borrower. They can click to call or have calls automictically made and routed, ensuring that they contact all leads quickly.  They’re contacting the customer in less than 30 seconds— talk about engagement and conversion.

Now they’re talking to the borrower, they’re working on their file, and they realize, “Hey, I need to find out who my referral partners are.” The seller’s agent is Marcy, and the house they’re making an offer on is 555 Maple, and the buyer’s agent’s is Brian. So, they’re able to access this information immediately. The loan officer can even take a mini application, edit the lead, easily interact with the data, and make any necessary changes. They can even go as far as sending this to the LOS with the touch of a button—literally. It’s going to go to your LOS so you your processor can run disclosures and send them out for the loan officer, even order services. Harness these extremely powerful and responsive solutions all from the convenience of the loan officer’s mobile device.

Loan officers are able to manage each scenario, whether that be face-to-face or digitally. It’s all going to be routed to their mobile device whether they’re at their desk or whether they are mobile, allowing them to genuinely be able to interact with the borrower from anywhere at any time.  So that’s the power of mobile lead management— staying in front of people, staying in contact, really increasing conversion rates— and delivering a better borrower experience. 

But the power of mobile doesn’t have to end there.  What about loan officers’ everyday task of being a loan officer?  The mobile app is a great place to manage these tasks and to start their day. The loan officer can go to their home screen; they’re going to see their new leads. If they have any new leads that have come in, they know about them. They can click the button; it shows the new leads. They have many alerts, like prioritization, on the system to tell them actionable items such as what’s the next best thing to do on a task. Any new alerts for that day are going to show up. Priority alerts allow your loan officer to focus on the most valuable customers to call, task to complete and ranks them in order, ensuring your loan officers know what the next best thing to do is. They can also see and respond to all text messages; there is opt-in control and records for compliance tracking.

Text is powerful. There are systems out there that don’t have a mobile text message platform. Imagine if your company runs an automated marketing campaign. You’re trying to engage your borrowers. The system sends out a text message to the potential borrower, and they respond to your loan officer through text. The loan officer can see that they said, “Hey, Josh, I’m about to make that offer. Can I afford a $600,000 purchase amount?” With typical marketing automation and CRM systems, your loan officers can’t compliantly respond to that customer from their mobile device.  They have to wait until they are in front of their desktop and logged into that system, which ultimately fosters a poor customer experience.  

That is no longer the case with today’s most advanced loan officer mobility solution.

Loan officers can now respond to text messages from their mobile phone and have real-time two-way communication. Now when their customer responds to their text, whether automated or manual, they can see that in real-time and respond. This keeps customers engaged, happy, and likely to use your company for their next mortgage.

Loan officers are also able to manage their pipeline, including processing from the palm of their hand. They may be out meeting with a client, and they need to know when their rate lock expires, or if the appraisal has been received, or who the seller’s or buyer’s agent is. They can easily see all of that info from their mobile phone.

The loan officer can also interact with and prospect with their real estate agents or referral partners and can interact with them through the mobile application. What’s powerful about this platform is all this interaction starting with managing the leads. With this cohesive integration,  managing the referral partners is accessible through their mobile device and from the desktop. That same experience, same data, and the same interaction will be consistent throughout the mobile application or the desktop application. The entire time they’re running this platform, they have access to the entire engagement suite.

So, whether that’s text messages, whether that’s ringless voicemail, Facebook posts, Instagram posts, direct mail, phone calls, Google Ads, they have access to that as well. Now you’re able to power your loan officers with a real mobile solution.

Insellerate the leading mortgage Lead Management, CRM & Engagement Platform that helps lenders close more loans by delivering this first-of-its-kind mobile app to the mortgage industry.  This ground-breaking mobile app provides full lead management, lead distribution, click-to-call, inbound call routing, first call automation, and two-way compliant text messaging and provides access to critical loan information without having to use a laptop or log into their LOS system. It also empowers loan officers by intelligently distributing leads, managing pipelines, prioritizing their day, automating best practices, and personalizing the borrower’s journey, all from their mobile application.

Article Published on Progress in Lending


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