CRM Essentials for Compliance and Efficiency

In the pre-Dodd Frank days, loan origination and marketing were prerogatives of mortgage loan officers. Banks and lenders encouraged self-developed marketing techniques to canvass borrowers and referrals. But with TRID regulations implemented recently, lenders have become extremely cautious about their messages reaching the markets. Compliance with Real Estate Settlement Procedures and Truth in Lending acts (RESPA and TILA) mandate strict control over marketing communications. There is zero tolerance for misguided communication.

Controlling messages can get increasingly complex with mobile and social media sites becoming prominent vehicles of customer reach. Marketing needs to be meticulous and well managed. If not, it will be easy to circumvent the RESPA-TILA rules. Such difficulties can be curtailed by integrating customer relationship management (CRM) tools with loan origination software, point of sales systems, databases, and product & pricing systems. The integrated technology, along with sales automation, makes it possible to control and co-ordinate messages so that they are posted on social media and other channels with perfect compliance.

A well-balanced marketing strategy helps reach out to customers and improve referral management. Loan origination is a tough task with regulations driving up costs. Lenders require their loan officers to close more loans at low costs and enable marketing campaigns with professional ethics and effectiveness. This is possible with a completely integrated CRM system, which ensures seamless communication with customers and effective presentations.

Mobile functionality also needs to be integrated with loan origination systems. A large majority of lenders do make their websites mobile-friendly and ensure real-time customer reach. But to roll out a complete mobile-compliant marketing campaign is different from a simple online chat. A coordinated campaign across multiple channels will be a good way to test the CRM systems. It should be able to reach out to customers effectively.

It is important to note that customized integration of CRM and loan origination will help meet specific objectives smoothly. That way, it will help loan officers choose the required marketing campaigns and deploy them immediately for specific borrowers and widen their customer reach smoothly.

Tags :

Related insights

  • All Posts
  • Article
  • Awards & Recognition
  • Blog
  • Brochures
  • Case Studies
  • Fintech
  • Insights
  • News
  • Stories
  • Testimonials
  • Uncategorized
  • Whitepaper
  • All Posts
  • Article
  • Awards & Recognition
  • Blog
  • Brochures
  • Case Studies
  • Fintech
  • Insights
  • News
  • Stories
  • Testimonials
  • Uncategorized
  • Whitepaper

Let’s create new possibilities with technology