Retail vs. Wholesale Mortgage CRM Systems

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Retail and wholesale mortgage brokers are in the same industry, so it would stand to reason that their needs would be similar. In fact, the needs of these two groups are quite different. Most CRM systems are designed for retail mortgage brokers. It emphasizes loan submission and processing in service of individual clients. Wholesale mortgage companies, in contrast, manage teams of retail brokers by providing them updated information and engaging them in their work. They bundle the mortgages and ultimately sell them as a package. Wholesale mortgage brokers have a few specific needs that must be fulfilled.

Email Marketing

A wholesale mortgage CRM needs to have a highly sophisticated email marketing capability for lead generation. That is because wholesale mortgage firms provide frequent information and updates to brokers based on market conditions. Most importantly, that includes any updates on the market conditions around interest rate. Brokers need to know if rates are rising, falling or staying flat. As they keep in touch with these brokers, they generate more and more leads.

Additionally, they need an automated way to keep in touch with all of their brokers at one time. Email marketing systems automatically fill in the names of the brokers to correspond with their email address. They send regular updates and automatically respond when they receive a message.

Email marketing systems work directly with automated marketing management systems and broader CRMs to take all of the leads and prospects and include them in email updates. Wholesale mortgage brokers have much less tedious labor than in previous years.

Lastly, email marketing systems need an automated calling feature. That way the wholesale broker can click one link to get a call going with a retail broker to answer any questions and get the deal completed.

Broker Management

The top wholesale mortgage CRM systems excel at managing and organizing the brokers in a particular network. The systems clearly identify and segregate each broker by a number of criteria. These criteria include the location, firm, contact information, type of loan, loan volume and background info on the broker. This is in stark contrast to retail brokers that are looking for the prospect’s FICO score, yearly income, home preference and other information.

Importantly, wholesale brokers need to be able to group their contacts for targeted marketing campaigns through their mortgage CRM. For example, they may be doing an info session in a particular area and need to contact local brokers to let them know the date and time. Different lenders may target different types of buyers (jumbo for example). Wholesale brokers may use the system to reach out to particular brokers that specialize in these types of loans.

Retail CRM Systems

In contrast to the priorities about, retail mortgage brokers have a much different demand in their CRM system. First of all, they require an experience customized for mobile access because they are often in the field dealing with individual applicants. They need to be able to pull up documents or customer information from a cloud platform on their phone or tablet.

Retail mortgage brokers are primarily focused on loan uploading and processing. They are trying to maximize the number of applications they can complete in the easiest way possible. They want the system to facilitate fast completion through electronic signatures, compartmentalized documents and instructions. Additionally, they want a smooth process that works with multiple lenders and can close the transaction as fast as possible. These needs are quite different from a wholesale broker.

SalesNexus is the leading CRM system for wholesale mortgage brokers. The solution has helped many wholesale brokers better organize their business and rapidly grow their revenue. For more information, please contact us.