Automate Your Lending Process with Salesforce Mortgage CRM
Discover how Ascendix can help you eliminate daunting manual tasks.
Mortgage CRM is a customer relationship management tool optimized for mortgage lending industry specifics so mortgage professionals can centralize information, personalize customer interaction, and automate redundant tasks to streamline the lending process and enhance customer experience. Fortunately, Salesforce, a #1 CRM with over 150,000 active customers and a comprehensive suite of products and add-ons that are susceptible to extensive customizations, is a good option for mortgage lending firms.
Customized Salesforce mortgage CRM will meet all your specific needs without unnecessary functionality that you will still have to pay for. The optimal set of features guarantees faster user adoption and ease of use. Custom solutions based on the Salesforce platform are protected with top-standard security protocols while maintaining affordability compared to ready-made Salesforce products.
Imagine having all your mortgage data neatly organized in one place. Salesforce Mortgage CRM provides a unified view of client information, loan details, and transaction history. With a single source of truth, there is no chaos of scattered data. If a client calls with questions about their loan, the broker can quickly retrieve the necessary details, enhancing the client’s experience and trust.
Salesforce Mortgage CRM leverages AI data analytics to provide insights into future loan opportunities, potential risks, and future income so mortgage brokers can take necessary actions. For example, a mortgage lending firm can analyze historical data to predict which clients are likely to refinance, allowing brokers to proactively reach out with tailored offers.
Effective communication is important not only with clients but inside the organization, too. Salesforce mortgage CRM excels in this area by connecting team members across different locations and devices, ensuring everyone is on the same page.
For example, when underwriting or property valuation reports are ready and uploaded to the system, Salesforce document management ensures versioning, rights control, convenient search and filtering, and more. When mortgage brokers need to engage someone in the process, they can grant limited access and permissions to a selected set of records, documents, or other items within Salesforce mortgage CRM.
Besides a meticulous permission functionality, Salesforce mortgage CRM operates under multi-level security protocols, including multi-factor authentication, data encryption, 24/7 monitoring and audit, and an advanced Trust Layer that sets a new industry standard. This way, potential mortgagors can be sure that their personal and financial data are protected.
Every client is unique, and Salesforce mortgage CRM allows brokers to tailor interactions based on individual needs and milestones. For instance, if a client is approaching the end of their fixed-rate period, Salesforce can trigger automated communications offering refinancing options. This personalized approach not only enhances client satisfaction but is also a basis for an effective retention strategy.
Salesforce’s analytics capabilities provide mortgage professionals with valuable insights into client behavior, market trends, operational performance, deal-breakers, and other important factors. Let Salesforce mortgage CRM get all pieces of data together into a clear picture with reports, interactive dashboards, and other visualizations.
Salesforce Mortgage CRM Analytics Dashboard
This way, mortgage lenders can assess overall operational efficiency as well as the performance of individual brokers or divisions, conduct profitability analysis, identify bottlenecks and best channels of customer acquisition, and monitor key metrics such as loan-to-value ratios, debt-to-income ratios, and the delinquency rate for proactive risk mitigation strategies.
Artificial Intelligence (AI) is revolutionizing the mortgage industry, and Salesforce is at the forefront. AI-driven tools within Salesforce assist brokers in segmenting clients, automating routine tasks, and providing personalized recommendations. For instance, a broker can use AI to identify clients who are likely to benefit from refinancing, enabling targeted outreach and increasing conversion rates.
Although Salesforce has extensive AI across all clouds, they are usually available with the most expensive subscriptions or operate on a pay-per-conversation model, as was mentioned earlier regarding Agentforce. Ascendix AI experts can consult you on more cost-effective third-party or custom solutions.
Discover how Ascendix can help you eliminate daunting manual tasks.
Also, Salesforce provides automation capabilities without involving AI. Such daunting tasks as data entry and sending reminders can be automated with Salesforce Flow by creating automated workflows that can trigger actions based on specific events, such as creating a follow-up task. Flow Orchestrator enables mortgage brokers to coordinate intricate workflows, including approvals, into a streamlined process.
Salesforce Mortgage CRM Automation | Salesforce Labs
The best part is that everything is based on a no-code approach. With its intuitive interface and pre-built templates, even users with limited technical expertise can easily create automated processes that connect disparate applications, trigger data changes, and orchestrate complex multi-user workflows.
Whether it’s sending out monthly statements to clients or routing the documents between those involved in the mortgage approval process, Salesforce mortgage CRM can do it automatically as you’ve pre-defined. For enterprises, Salesforce Financial Services Cloud (SF FSC) offers standard flow templates for mortgages that are designed to collect mortgage application information.
However, for SMBs, building tailored flow from scratch is the optimal solution. SF FSC’s templates are basic and still need customization while you overpay for the cloud you do not even use to the fullest.
Another good example is the integration of convenient scheduling tools like Calendly and calendars connected to the borrower portal created with the help of Experience Cloud. When a potential client wants to book an appointment through the borrower portal, they will suggest available time slots while considering the difference in time zone, and Salesforce mortgage CRM sends automatic reminders about scheduled events.
Salesforce is like that one-size-fits-all jacket that actually fits everyone perfectly. Since Salesforce is not software but an agile platform, you can tweak it as you want. Do you need new fields to capture underwriting criteria? Custom objects to track pipeline opportunities? Automated workflows to streamline loan approvals? Salesforce’s point-and-click configuration tools put the power of customization in your hands without requiring complex code.
Salesforce’s AppExchange offers a plethora of add-on products, allowing mortgage firms to enhance their CRM capabilities without extensive custom coding. Whether it’s integrating a digital signature solution or a mortgage rate comparison tool, Salesforce’s ecosystem provides the flexibility to meet diverse business needs. If you can’t find something that can enhance your Salesforce mortgage CRM among over 7K options listed on AppExchange, you can turn to the community of certified Salesforce AppExhange partners.
Salesforce has grown a superior ecosystem with all kinds of products and solutions. However, there are a few that are particularly useful for mortgage lending firms.
Financial Services Cloud is a specialized CRM platform tailored to the needs of the financial services industry, including mortgage lending. With FSC, lenders can gain a 360-degree view of their clients with all financial holdings and activities. A holistic view of a borrower’s financial situation allows lenders to offer personalized recommendations and facilitates the underwriting process. Additionally, FSC’s compliance and risk management tools help lenders navigate industry regulations and mitigate potential risks, providing peace of mind to both lenders and borrowers.
Salesforce Mortgage CRM Interface
Pardot, part of Salesforce Marketing Cloud, is a robust tool that empowers mortgage lenders to engage with potential borrowers effectively. For example, a mortgage lender wants to target first-time homebuyers. With Pardot, they can create personalized email campaigns that provide valuable information about the homebuying process, interest rates, and loan options. Engagement Studio helps them design automated email sequences that nurture leads over time, ensuring that potential borrowers receive the right information at the right stage of their journey.
Moreover, Account Engagement’s real-time insights and predictive lead scoring, powered by Einstein Insights, allow mortgage professionals to identify high-priority leads while tracking engagement and measuring campaign performance through Multi-Touch Attribution Reports.
Ascendix Salesforce experts will analyze tour specific business cases and advise on the best approach to Salesforce implementation.
A seamless online experience is a must, and fortunately, Salesforce Experience Cloud offers a versatile platform for building custom portals and websites. If a mortgage company wants to create a self-service portal for its clients and partners, with Experience Cloud as a part of Salesforce mortgage CRM, it can develop a user-friendly interface where borrowers can access their loan information, upload necessary documents, and track the status of their applications.
An Example of Active Loans Summary in a Salesforce – Powered Investor Portal | Ascendix
The platform’s drag-and-drop tools and pre-built templates make it easy for lenders to create personalized layouts without extensive coding. This flexibility allows mortgage companies to tailor the portal to match their branding and provide a consistent experience across all touchpoints.
Customer service is a critical aspect of the mortgage industry and Salesforce Service Cloud is designed to elevate this experience. Consider a scenario where a borrower has questions about their mortgage application. With Service Cloud, mortgage professionals can efficiently manage and resolve client inquiries through various channels, including email, chat, and phone. The platform’s omnichannel support ensures that borrowers receive timely responses, regardless of their preferred communication method.
Salesforce Service Cloud is also equipped with automation capabilities. For example, if a borrower requests information about their recent mortgage payments, the system can automatically retrieve the relevant data and provide instant responses. This not only reduces the time spent on manual searches but also improves the overall borrower experience.
CRM Analytics, Salesforce’s native analytics tool, excels at visualizing and reporting on transactional Salesforce data. This includes loan applications, customer information, and financial data. Pre-built dashboards and reports for key mortgage metrics, such as loan volume, delinquency rates, and loan origination costs, help to comprehend an overwhelming amount of information.
Use Tableau to make the big picture clearer with advanced data visualization based on information pulled from various sources, including Salesforce mortgage CRM, loan origination systems, and credit bureau data.
For example, if a mortgage lender wants to analyze loan performance across different loan types and borrower demographics. Tableau can pull and compare data from your Salesforce mortgage CRM and other systems to provide a holistic view. Use interactive filters to drill down into specific segments and identify trends. Tableau’s forecasting capabilities can also predict future loan performance based on historical data and market trends. For instance, if data analysis reveals a growing demand for adjustable-rate mortgages, lenders can adjust their offerings to meet market needs.
OmniStudio is a low-code development platform integrated within Salesforce. It offers platform licenses for building custom scalable solutions for fund management, so developers can create and deploy industry-specific Salesforce applications faster since the process will not require extensive coding.
Omni Studio licenses give the flexibility to create highly customized objects, fields, screens, and business processes without touching code, so even complex rules and logic can be configured by business users. Meanwhile, developers can create reusable component libraries that facilitate development, harmonize the application’s visuals for better UI, and expand Salesforce implementations to different environments if necessary.
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Out-of-the-box Salesforce can effectively handle lead management, client relationship management, pipeline tracking, basic marketing automation, customer support, reporting, and team collaboration. However, you’ll need some customizations and integration to make it an advanced mortgage CRM that assists you through each step of the digital mortgage journey.
Underwriting and risk assessment are two pillars of decision-making in the mortgage industry. The good news is that Salesforce Financial Services Cloud is equipped with a business rules engine that is supposed to ease decision-making and complex calculations. The not so good news is a Business Rules Engine is a basic but rather expensive solution that starts from $200-300 per month per user. The fantastic news is that we can use Salesforce as a basis for custom automated underwriting solutions.
For automated underwriting, we must first connect your Salesforce mortgage CRM with other systems, like Loan Origination Systems, credit reporting agency databases, automated property valuation systems, and others. Then, there are a few scenarios.
1. Solution for enterprise-level companies. We integrate this set of data sources with a Business Rules Engine available in Salesforce Flow and OmniStudio. After some customization, you can apply more complex rules with various decision factors. This way, you receive unbiased recommendations on whether to approve the loan or not by using the Know Your Customer (KYC) data model for identity verification, risk assessment, screening checks, and Audit Trail for fraud detection.
2. The first option for SMBs is creating a logic with Salesforce Flows that supports decision trees. Custom objects and fields are automatically filled with data from applications and connected data sources. Then, algorithms compare received characteristics with set ones in the decision tree. If an application falls under all necessary categories for approval, the recommendation will be displayed in related objects in your Salesforce mortgage CRM system. Some additional coding might be necessary for enhancing the algorithm. The final step is adding a decision engine that can be a third-party integration. However, it’s more of an optional feature since the final decision is still up to the human underwriter.
3. The second cost-effective option for SMBs is to integrate ready-made automated underwriting solutions with the help of existing or custom-made APIs. That’s perfect if you already use such software. If not, we can consult you on what options to choose or build a custom one per your request.
Any customized solution created from scratch is more cost-effective than the digital lending solution offered by Salesforce. At the same time, with a reliable Salesforce implementation partner, you get professional services and ongoing support.
Financial services is one of the most paper-heavy industries. Out-of-the-box Salesforce has basic document storage and management, but often, it’s not enough when it comes to mortgage lending.
DocuSign and Formstack are the most popular solutions when it comes to Salesforce integrations for document storage, generation and e-signing. They can pull data directly from Salesforce mortgage CRM and generate documents in different formats (PDF, DOC, XLSX, etc.) based on records and pre-defined templates. If the document requires multiple signatures, they automate routing to necessary parties and store it in the relevant record in the system afterward.
Another more feature-rich Salesforce-compatible solution is Ascendix Composer – powerful document generation software designed specifically for the needs of commercial real estate professionals. In addition to common documents, it allows you to create stunning brochures, flyers, emails, landing pages, and other marketing materials in just a few clicks, using a library of pre-built templates or your own custom designs.
Composer – Property Report Generation Tool
Also, you can integrate an intelligent document processing tool to summarize lengthy agreements into concise abstracts for a faster negotiation process and further misunderstanding prevention.
Mortgage lending is a field where precision, timing, and personalization are everything. Ascendix Search, another effective add-on app, extends Salesforce functionality to cover those crucial aspects.
In real estate, property location is either a deal maker or a deal breaker. With map visualization and radius search, managing this aspect is a breeze. Do you need to target potential homebuyers in a specific neighborhood or region? Ascendix Search will find them and visualize the results on the map.
Ascendix Search: looking for office buildings using multiple criteria
Another filter option is by specific criteria. For example, a mortgage broker needs to find all leads with a credit score above 700 who are interested in refinancing. Using Ascendix Search, the broker can easily create a search filter for these criteria and save the query for future use.
When the target audience is found, Ascendix Search can help you with mass emailing. For example, send out reminders to borrowers who have all been approved for a mortgage but haven’t locked in their interest rate. The best part is that you don’t have to create or clean the list of recipients because Ascendix Search pulls data directly from your records.
Generate documents and marketing materials. Leverage advanced search. All in your Salesforce CRM
Salesforce mortgage CRM capabilities enable all aspects of loan serving, including sending monthly payment statements, maintaining and updating corresponding records, calculating escrow funds, and following up on any delinquencies. There are two ways to make it happen.
You need a Flow Builder to automate reminders when the payment date approaches. Also, a key piece of this puzzle is a calculator to include additional payments like interest, escrow funds, or fees besides monthly mortgage payments. With a customized calculator, you get a precise receipt of all necessary payments according to the set loan characteristics, even in cases with adjustable-rate mortgages. Then, the document generator creates a document that is sent to the mortgagor. Also, all that triggers automatic updates in the Salesforce mortgage CRM system.
Drip campaigns are usually used for three things: lead nurturing, client onboarding, and post-close engagement and retention. Salesforce Marketing Cloud Engagement has functionality for creating drip campaigns, but it’s for a general purpose, and the process of establishing it is cumbersome.
AscendixRE mortgage CRM for Capital Markets also provides drip campaign capabilities that are focused on real estate industry specifics while staying flexible to customizations, a more straightforward creating process, more affordable pricing, and advanced client targeting.
As a result, drip campaigns cultivate relationships with prospective borrowers who aren’t ready to buy immediately. The campaigns provide valuable information, such as market updates and trends or tips for improving credit scores, so the mortgage company builds trust and stays on top of mind. When the potential client is converted into a real one, the onboarding process with a drip campaign is much more comfortable and understandable. The campaigns can guide them through the loan process with checklists of required documents, updates on loan application status, reminders about upcoming deadlines, and information about the next steps. Maintaining contact with borrowers after closing can lead to repeat business and referrals. Drip campaigns can nurture these relationships by sending personalized content like information about refinancing options or anniversary congratulations.
AppExchange has perfectly compatible solutions for all kinds of purposes. Zillow Home Value Connector is a way to have Zestimate, a Zillow property valuation tool, in your Salesforce mortgage CRM for free. With a few simple clicks, mortgage brokers can view up-to-date info on homes and properties. It automatically updates property profiles whenever Zillow refreshes its valuation estimates and enriches lead and contact records with attributes like address, estimated value, year built, and more. Customers praise how much time it saves from manual research yet still provides a trusted, name-brand source for property details.
Zillow Home Value Connector
Zillow Home Value Connector is not the only solution for integrating property valuation capabilities into your Salesforce mortgage CRM. Custom-made solutions are more precise, have broader functionality, and meticulously protect data privacy. Contact our experts to find out how we can help.
Pineapple Financial is one of the titans of the Canadian mortgage market, with partner brokerages and expert brokers all across Canada. Pineapple has cut mortgage application processing time by 30% with Salesforce while expanding its network from 100 to 700 brokers within just five years.
“ With automation built in at every stage – from mortgage applications to underwriting and approvals processes - we’ve freed up time for our brokers so they can focus on the things that matter. ”
Service Cloud, Salesforce Inbox, and Marketing Cloud now support Pineapple’s brokers, customers, and partners at every stage of the homebuying journey, including lead generation and nurturing, onboarding communications, day-to-day engagement, data processing, and analytics.
Salesforce adoption also improved Pineapple’s retention strategy because brokers are not burdened by routine manual tasks and have more time to build relationships.
Ascendix has also had a productive experience with a US mortgage lending company. We’ve developed a borrower portal, a document management tool, a credit report checker, an automated underwriting engine, and a custom security model and conducted useful integrations. As a result, it boosted efficiency thanks to significant automation.
As a leading mortgage lender, you understand the importance of providing a personalized customer experience. By implementing Salesforce, you can gain the necessary tools to streamline your processes and deliver just that.
Ascendix is a Salesforce Crest Consulting and AppExchange Partner with over 20 years of experience, and we can help you with leveraging the full potential of Salesforce Mortgage CRM.
Book a free consultation to discover how the right solution can take your lending process and customer relationships to the next level.
Mortgage CRM (Customer Relationship Management) is a purpose-built tool tailored for mortgage professionals to centralize data, create personalized interactions with clients, and facilitate the lending process with automation bottleneck tasks to build customer relationships more easily.
CRM in mortgage stands for customer relationship management – a technology that is used for centralized data storage and usage for further interaction with potential clients, borrowers, other professionals involved in mortgage lending, and team collaboration.
Kateryna is an experienced writer focused on topics related to Salesforce consulting and optimizing operations within the real estate industry via CRM implementation. Through her insightful articles, Kateryna aims to help organizations make the most of their Salesforce adoption.