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Ultimate Guide to Grow Your Mortgage Business

Whether you’re new to the mortgage industry or are a seasoned mortgage broker, competition is fierce right now. That said, there are a variety of steps you can take to step up your selling game and convert more leads. There’s no denying that the mortgage industry is booming, so if you’re looking to get a piece of the action, you’ve come to the right place. Continue reading this comprehensive guide to learn how you can grow your mortgage business.

Author:Dexter Cooke
Reviewer:Darren Mcpherson
Aug 21, 2021
45.5K Shares
679.5K Views
Whether you’re new to the mortgage industry or are a seasoned mortgage broker, competition is fierce right now. That said, there are a variety of steps you can take to step up your selling game and convert more leads. There’s no denying that the mortgage industry is booming, so if you’re looking to get a piece of the action, you’ve come to the right place. Continue reading this comprehensive guide to learn how you can grow your mortgage business.

Leverage A CRM System

If you’re not using a customer relationship management (CRM) system, it’s time to start. This powerful tool can help you oversee the buyer’s journey from start to finish, ensuring deals don’t fall through the cracks. From keeping your contact list organized to helping you ensure qualified leads are moved through the sales funnel efficiently, a CRM provides mortgage lenders with several benefits.
Here are a few more advantages of a CRM, just in case you’re not convinced yet:
  • Easily segment customers
  • Improve approval times
  • Keep current clients satisfied
  • Automate interactions to save time
Plus, a CRM can help you establish strong relationships with potential borrowers, allowing your brand to become more customer-focused. Make sure to also take advantage of lock desk servicesto help you improve data integrity and lock interest rates on mortgages. This way, you can focus on developing leads to increase your pipeline’s volume and profitability.

Follow Up

One of the easiest things you can do to grow your mortgage business is to follow up with former and current customers. For example, you can show a potential client you care by reaching out and expressing your gratitude after they submit a mortgage loan application. These types of follow-ups can be done via a phone call or an automated email. The key here is to ensure that you’re top-of-mind as consumers continue to look for the right loan provider for them.
Following up with clients in your pipeline is also important to funnel them through the sales process in an efficient and timely manner. If you don’t follow up, you run the risk of losing a valuable client. When you follow up, always provide a call-to-action, such as a link to your blog or a phone number to discuss the next steps.

Ask Clients For Reviews

Consumers are looking for a brand they can trust, especially when it involves a significant commitment like a mortgage loan. Positive reviews can establish your brand as reputable, which makes all the difference for potential clients.
For instance, if they’re having a hard time choosing between you and a competitor, consumers may look at reviews. A competitor with an average rating of 4.5 stars and multiple happy clients vouching for them will receive more traffic than a business with little-to-no reviews. So, make it a priority to contact former and current clients and start collecting reviews.
If you receive negative feedback, make sure you do not hide it or remove it. Instead, focus on responding to their reviewer’s comment and attempt to resolve the issue. You should also contact them privately in order to mend your relationship.
Moreover, word of mouth continues to be a powerful tool in the mortgage industry. When clients refer your services to their friends, family members, and colleagues, it makes it easier to establish trust and form a meaningful connection. For this reason, ensure you’re always providing top-notch customer service to not sour anyone’s experience with your brand.

Network With Industry Leaders

Don’t be afraid to network with other professionals in your industry, such as real estate agents. A real estate agent can send their clients your way if they need a loan for their property. You can then return the favor by directing clients looking to sell a homeor purchase property to your real estate agent friends. That’s what we call a win-win.
By staying committed and providing high-quality services, your mortgage business will grow in no time. Ensure it continues to flourish by implementing the steps above today.
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Dexter Cooke

Dexter Cooke

Author
Dexter Cooke is an economist, marketing strategist, and orthopedic surgeon with over 20 years of experience crafting compelling narratives that resonate worldwide. He holds a Journalism degree from Columbia University, an Economics background from Yale University, and a medical degree with a postdoctoral fellowship in orthopedic medicine from the Medical University of South Carolina. Dexter’s insights into media, economics, and marketing shine through his prolific contributions to respected publications and advisory roles for influential organizations. As an orthopedic surgeon specializing in minimally invasive knee replacement surgery and laparoscopic procedures, Dexter prioritizes patient care above all. Outside his professional pursuits, Dexter enjoys collecting vintage watches, studying ancient civilizations, learning about astronomy, and participating in charity runs.
Darren Mcpherson

Darren Mcpherson

Reviewer
Darren Mcpherson brings over 9 years of experience in politics, business, investing, and banking to his writing. He holds degrees in Economics from Harvard University and Political Science from Stanford University, with certifications in Financial Management. Renowned for his insightful analyses and strategic awareness, Darren has contributed to reputable publications and served in advisory roles for influential entities. Outside the boardroom, Darren enjoys playing chess, collecting rare books, attending technology conferences, and mentoring young professionals. His dedication to excellence and understanding of global finance and governance make him a trusted and authoritative voice in his field.
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