One thing I've heard people in the mortgage industry say for years is that there is no such thing as borrower loyalty. That was clearly evident during the most recent refi-boom. And yet, some of the nation's best brokers have been proving that theory wrong for many years.
The problem today is that many of the brokers working in the industry are pretty new, many having only been in the business for the last 5 years. Fortunately, technology can sometimes make up for lack of experience.
One company that hopes to prove that is SierraCRM Inc., Grass Valley, Calif. Late last month, the firm released a new process management engine for its Web-based Customer Relationship Management system, On-Demand LenderCRM.
“This new module allows mortgage professionals to streamline and automate many of their daily tasks involved with customer acquisition and management, freeing originators to focus on selling and servicing customers in a most effective and automated manner,” said Bill Convis, SierraCRM chief technology officer.
The challenge, of course, is that not all brokers are using best practices when it comes to those daily tasks. Not to worry, "This new workflow engine automatically takes care of the communications to an originator’s borrowers or business partners along with scheduling tasks and follow-up calls," Convis said.
“Originators were tired of spending time performing the mundane and repetitive tasks that are associated with acquiring and building customer relationships,” said Convis. “With this new process manager, the loan originator is much more effective and efficient with his/her time.”
I'll be watching this firm to see how its software is embraced by the industry. I'm all for technology, especially when it comes to improving the customer experience. But borrowers build relationships with people, not CRM systems. It may be mundane work, but the most successful brokers will invest that time, with or without technology's aid.
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