In the past, managing mortgage and insurance transactions was a paper-based business using physical copies of documents, tracking business on Excel spreadsheets and faxing documents to lenders.
Many brokers still stick to these manual processes, even though these old-school methods are time-consuming, error prone and lack the features needed to stay competitive today.
This is where a mortgage CRM system like ClientTree comes in, offering a simple digital solution that can replace the above-mentioned outdated workflows.
Automating Tasks and Reducing Errors
Manual processes, such as data entry and tracking client information, are time-consuming and labour-intensive.
A misplaced decimal point or an overlooked detail can lead to major problems later on.
A mortgage broker CRM system automates many tasks during the mortgage and protection process to ensure that data is accurate and consistent across all records. This automation saves time and reduces the risk of costly mistakes.
Data Management
One of the main problems with using Excel and Word documents is that client details, notes and transaction details are spread across multiple files, so it can be challenging to keep everything organized and up to date.
ClientTree is a cloud-based platform where all client information is stored in one place. This means that brokers can access everything they need from a single dashboard, improving efficiency and speed during client dealings and while managing applications.
Collaboration and Communication
In many mortgage and insurance broker firms, several team members need access to the same client files and information.
When working with Excel and Word documents, this need for access often involves emailing files back and forth or storing them on shared drives, which can lead to version control issues and miscommunication.
A mortgage broker CRM system provides a collaborative environment where all team members can access and update information in real time. This ensures that everyone is working from the same data, which reduces the chances of miscommunication.
Automating Routine Tasks
A mortgage CRM goes beyond just replacing manual processes by automating routine tasks such as sending out remortgage reminders and transaction updates, generating reports and suitability reports or calculating age and income.
These features save time for mortgage brokers and their admin to focus on more critical tasks to ensure that no important deadlines are missed.
Compliance and Reporting
As most transactions that mortgage and insurance brokers handle are subject to the FCA’s regulatory regime, compliance is crucial for brokers.
Managing compliance manually through Excel / Word documents can be cumbersome, time-consuming and leaves room for errors.
The ClientTree CRM system includes compliance features and reporting tools that help brokers stay on top of regulatory requirements. The system generates detailed business reports as well as the necessary FCA reports to help brokers remain compliant and quickly respond to any enquiries.
Future-Proofing
As a brokerage grows, the limitations of Excel and Word become increasingly apparent.
On the other hand, a mortgage broker CRM system is scalable, so can grow alongside the business, accommodating an increasing number of clients, users and more complex processes without any drop in performance.
This future-proofing ensures that brokers do not need to switch systems as their business expands or changes in its structure.
Conclusion
ClientTree offers a comprehensive and efficient alternative to manual processes and the use of Excel and Word documents.
By automating routine tasks, centralizing data, enabling collaboration and ensuring compliance, the mortgage CRM system helps mortgage brokers work more efficiently and focus on building strong client relationships.
Adopting a robust CRM system is not just a matter of convenience – it’s a strategic move that can drive your business growth and success.