Why Salesforce Is the Best CRM for Mortgage, Lending, and Loan Application Automation

How to Automate Mortgage, Loan, and Lending Processes with Salesforce CRM
From automating the mortgage application process to streamlining loan origination, processing, and approval, Salesforce can benefit mortgage and lending operations in more ways than one!

The mortgage and lending industry as well as the residential housing market in Australia have seen many ups and downs over the past few years.

In fact, Statista reports that with the interest rates increasing to 7.26% for Australia’s mortgage holders in January 2024 and the mortgage and lending market being dominated by a handful of banks, buying and lending activities have become even more complex than before.

Among the many challenges that plague this highly regulated industry, some of the pressing ones include:

  • An overabundance of paperwork
  • Manual underwriting processes
  • Complicated application processing
  • Inconsistent application review
  • Lengthy approval processes
  • Inefficient management of overflowing data
  • Poor customer communication
  • High operational costs
  • Inadequate compliance with regulatory guidelines

To survive in this complex and cut-throat environment, mortgage brokers, loan officers, and lenders should invest in a specialised mortgage CRM software—one that is not only customised for the financial services industry but is also capable of helping them overcome mortgage, loan, and lending business challenges.

A thoughtfully designed and highly functional CRM like Salesforce Financial Services Cloud might be your best bet here. Celebrated as the #1 CRM in the world, Salesforce Financial Services Cloud can help you streamline and optimise your mortgage, loan, and lending processes so that you can confidently put your borrower at the centre of every interaction.

Read on to learn how you can easily automate mortgage application processing as well as loan origination, processing, and approvals with Salesforce Financial Services Cloud.

What is Salesforce Financial Services Cloud?

Salesforce Financial Services Cloud (FSC) is a specialised CRM solution designed by Salesforce to cater to the unique requirements of financial service providers, such as banks, insurance companies, mortgage brokers, and wealth management firms. This integrated financial services platform provides financial services firms with an advanced suite of CRM tools (like Salesforce OmniStudio) that let them focus on high-value customer activities instead of routine, administrative tasks.

Mortgage brokers and loan officers can, therefore, use Salesforce FSC to create connected borrowing experiences by automating the entire lending lifecycle.

Want to give your mortgage, loan, and lending processes that much-needed digital push? Reach out to Corptec’s Salesforce experts for a quick consultation today!

Let’s take a look at the top 10 ways in which the mortgage CRM solutions by Salesforce Financial Services Cloud can help you automate and streamline your mortgage and lending services.

Salesforce for Mortgage, Loan, and Lending—Top 10 Benefits

1. Automated Document Tracking and Collection

Salesforce Financial Services Cloud empowers mortgage brokers and loan officers to implement tailored automation workflows by using Salesforce OmniStudio’s managed package of applications.

These flexible tools help mortgage officers manage the entire loan process from initial application to final approval.

Salesforce’s mortgage CRM enables lenders to design and adjust daily application workflows. This helps in optimising efficiency and responsiveness to customer needs.

Salesforce OmniStudio also helps automate the tracking, management, and approval of necessary loan documents. Borrowers can upload documents, complete checklists, and track their approval status through a self-service portal within the CRM. This ensures accuracy and expedites the processing time.

Moreover, as mortgage companies and lenders expand their portfolios, Salesforce Financial Services Cloud scales effortlessly with their business. This means that, whether handling a handful of borrowers or disbursing loans in thousands, Salesforce’s mortgage CRM solutions accommodate your business growth without compromising on speed and efficiency.

2. Streamlined Application Management

Another unique way in which Salesforce Financial Services Cloud transforms mortgage and lending services is by streamlining the loan application process with self-service options.

The CRM simplifies the loan application lifecycle through guided steps that are easily managed via a customer portal developed with the Salesforce Experience Cloud. This not only allows borrowers to add inputs and manage their information directly but also reduces dependency on loan officers and helps speed up the application process.

Mortgage professionals can also develop intuitive and user-friendly interfaces with Salesforce OmniStudio, which guides both loan officers and borrowers through the loan application process. Not only does this help improve the borrower’s user experience but also accelerates the loan processing time by reducing errors and delays in processing or communication.

3. Automated Loan Processing

Salesforce Financial Services Cloud offers an integrated data model that helps in optimising the loan management and approval processes for mortgage and real estate businesses by ensuring accurate tracking and timely updates. The CRM’s robust process automation capabilities help you automate the entire loan lifecycle from application and underwriting to approvals and disbursals. Loan approvals can be accelerated thanks to real-time collaboration between lenders and borrowers. This empowers the latter to manage key documentation seamlessly.

Additionally, Salesforce OmniStudio helps transform mortgage lending with streamlined data integration, custom automation workflows, and enhanced user interfaces for faster, more efficient loan processing.

Beyond loan processing and approval, Salesforce Financial Services Cloud also supports post-close servicing. The CRM enables lenders to engage borrowers throughout their financial journey from pre-collection and contact strategy to repayment planning, close case, and recovery.

4. Efficient Loan Renewals

A digitised mortgage lending solution like Salesforce Financial Services Cloud facilitates seamless renewals and refinancing opportunities by helping you maintain up-to-date loan and borrower information and reducing processing times. It helps you optimise loan renewal processes by offering an integrated data model that ensures real-time loan lifecycle tracking and status updates.

Mortgage officers can manage ongoing loans and facilitate easy renewals with Salesforce’s Customer 360 view, which provides complete visibility into each customer’s journey and their chosen financial products.

Moreover, the CRM’s Proactive Renewal Management feature leverages the Salesforce platform to flag upcoming renewals automatically and assess renewal eligibility using pre-set criteria. It enables customers to review and initiate renewal applications through the self-service portal, fostering greater engagement and satisfaction without requiring direct interaction with loan officers.

5. Streamlined Sales and Marketing Operations

Enhance sales and marketing strategies like never before with Salesforce Financial Services Cloud. This comprehensive CRM and marketing automation tool helps you dynamically tailor marketing efforts and borrower interactions to increase customer engagement and conversion rates.

The CRM helps you streamline marketing efforts with automated workflows for email campaigns, social media engagement, and personalised content delivery. You can leverage Salesforce to efficiently track and manage leads and referrals and help enhance your conversion rates by creating a workflow for systematic follow-up and borrower engagement.

Moreover, Salesforce facilitates the use of AI to help you unlock cross-sell opportunities, create referrals across lines of business, and suggest product add-ons.

6. Integrated Risk Assessment

In an era where risk management has become the new normal for highly regulated industries, mortgage companies can maximise the accuracy and efficiency of customer verification and risk assessment with Salesforce Financial Services Cloud’s Mortgage Data Model as well as through OmniStudio.

Mortgage brokers and loan officers can leverage Salesforce’s mortgage CRM solutions to perform detailed customer verification and robust risk assessments. This will help them identify potential risks early.

Lenders can utilise the detailed data structure of the Salesforce FSC Mortgage Data Model to generate comprehensive risk profiles, ensure compliance, and reduce fraud. They can assess potential risks based on a deeper analysis of an applicant’s financial background, employment status, and credit history, providing a robust foundation for decision-making.

Moreover, mortgage professionals can employ Salesforce OmniStudio to ensure real-time synchronisation of customer data across all platforms, enhancing the accuracy and timeliness of risk assessments. The CRM supports dynamic updates to customer profiles. This allows for immediate adjustments in risk strategies and helps lenders address issues proactively.

Thanks to enhanced risk profiling offered by Salesforce, lenders can thus minimise losses and protect their portfolios.

7. Automated Compliance Checks

The reason why Salesforce is touted as the best CRM in the world is largely due to the trust it enjoys from its wide array of customers.

Not only is the CRM secure and compliant with standard regulations but it also helps mortgage businesses ensure compliance by maintaining accurate records and providing transparency throughout the lending lifecycle.

Additionally, lenders can utilise Salesforce OmniStudio to create custom workflows that automatically perform compliance checks against the latest regulations during the customer verification process. This integration ensures that all loan applications adhere to required legal standards, minimising the risk of non-compliance penalties, while upholding borrowers’ trust.

8. Integration with Financial Systems

With Salesforce Financial Services Cloud’s Mortgage Data Model, mortgage, loan, and lending companies can seamlessly integrate comprehensive borrower data across different applications and platforms.

In fact, Salesforce OmniStudio enhances this integration by allowing the creation of dynamic data tools that automatically adapt to new regulations and lender requirements, ensuring data accuracy and compliance.

Would you like to read how a leading rental equipment firm established a centralised business environment with a quick, seamless, two-way integration between MYOB AccountRight Premier and Salesforce? Read our case study now: Case Study | Corptec

9. Enhanced Customer Interactions

Easily streamline customer communication and enhance borrower satisfaction with tailored interactions by Salesforce Financial Services Cloud.

Salesforce’s mortgage CRM provides lenders with a 360° view of borrowers, allowing them visibility into all their financial holdings and activities from a single view. Lenders can enable personalised interactions and foster stronger relationships by sending one-to-one messages, mortgage/loan status updates, and informational content around their offerings.

Moreover, since collaboration among mortgage professionals is also key to successful lending, Salesforce Financial Services Cloud’s collaborative features facilitate seamless communication between loan officers, mortgage brokers, underwriters, and customer service representatives, leading to streamlined operations and enhanced customer service.

10. Better Data-Driven Insights

Salesforce’s data analytics capabilities empower lenders to make informed decisions by providing insights into borrower behaviour, possible risks, and market trends.

With Salesforce’s mortgage CRM, you can run data-driven, targeted marketing campaigns that utilise data analytics for upselling and customer retention.​ You can now segment customers based on financial behaviours and preferences, enabling more personalised marketing and proactive customer acquisition strategies.

Leverage Salesforce for Mortgage, Loan, and Lending with Corptec Technology Partners

With the rest of the world speeding towards digital transformation, borrowers naturally expect efficient and automated services from loan officers, lenders, and mortgage brokers as well. With Salesforce Financial Services Cloud, not only does digital advancement become a reality but also cost-effective and smart in the long run.

If you’re looking to implement transparent communication, streamline loan origination, automate mortgage application processing, and accelerate approval processes in your mortgage, loan, and lending business, Corptec Technology Partners can show you the way.

As a trusted Salesforce Consulting Partner since 2018, Corptec Technology Partners has designed customer journeys for organisations across Australia by helping them maximise the potential of this leading CRM platform. We specialise in developing mortgage and lending CRM solutions while also supporting custom Salesforce integrations with any ERP or third-party applications.

Our experienced team can help you simplify the complexities in the mortgage and lending lifecycle by offering you Digital Mortgage and Lending solutions by Salesforce. Our offerings include:

  • Tailored marketing campaigns for customer retention and upsell
  • Streamlined loan processing from application to disbursal
  • Customer verification and integrated risk assessment
  • Automated loan management and renewal processes

Digital adaptation is crucial in the uncertain and volatile landscape of mortgage and lending. Enlist the help of Corptec Technology Partners to make sure that you are always prepared!

Salesforce CRM Solutions by Corptec Technology Partners

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About Corptec

We collaborate with businesses to use technology to manage and transform their operations. Our focus is to provide customized technology solutions that combine the latest advances in digital transformation with a deep understanding of your business goals.

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