The past five years have been far from normal. From the rush of business in 2020 and 2021 to the rapid decline in 2022, remaining successful as a mortgage loan officer has been somewhat like being a professional bull rider. Staying in the game has really been the game.
The last few years have been particularly difficult for many in the lending business.
Because we work with thousands of lenders and loan officers across the country, we pay close attention to the strategies and tactics that set the leaders apart from the rest.
In our continuing analysis of past years’ performance, we found that there were three very smart moves leading mortgage loan originators make that keep their businesses alive and profitable in any real estate market.
You can make these same moves now to set yourself up for success in 2026.
Invest in a Smart CRM
The days of keeping your past customer list in a Rolodex (for those who even know what this was) or a Google Doc are over. Likewise, a run-of-the-mill Customer Relationship Management platform won’t work.
Today’s CRMs must be much smarter to achieve results similar to what LOs experienced in previous years. That’s true because we’re now in a market that is still filled with uncertainty.
Smart CRMs go beyond simple past customer databases to serve as powerful prospecting tools. These systems often use artificial intelligence (AI) and machine learning (ML) technologies to automate and improve various CRM processes, such as lead scoring, personalized marketing, and sales forecasting. They understand your past borrowers and your business referral partners and market to both.
They provide automated work queues, serving up leads complete with borrower information and call scripts. Further, they can automate the task of nurturing a consumer until they are ready to begin the origination process, never losing track of them and never letting the prospect forget about the lender.
Data from actual lenders who use Usherpa’s Smart CRM show that LOs who use it close twice as many loans as those who don’t. Getting started is very affordable.
Create a referral machine
Getting business from a single homeowner, even if the LO wins repeat business, is not enough to achieve growth in any market. The sales professionals who succeed long-term create referral machines that extend and grow their business.
By shifting their businesses from a transactional refinance strategy to more of a relationship-based operation better suited to purchase money lending, these LOs created stronger ties with their borrowers. When their efforts resulted in higher levels of satisfaction, and they then asked for referrals, their businesses grew.
The “ask” here is very important. Many LOs are uncomfortable asking for referrals immediately after closing the loan. This is another reason a Smart CRM is so important. It can nurture that relationship and automatically ask for the referral, and keep doing so over time.
Following up with past borrowers on a regular basis is the best way to keep referrals coming in. The LO cannot know when someone in their past borrower’s circle of acquaintances is ready for a new loan.
By staying in touch with past clients and keeping them informed about the mortgage market and new loan products, loan officers can maintain strong relationships and increase the likelihood of receiving referrals. Smart CRMs automate this process, making it easy and effective.
Use in-process marketing
Lenders who provide more (and more accurate) information to borrowers during the loan origination process achieve higher levels of borrower satisfaction, which leads directly to more repeat and referral business.
This is also an excellent opportunity to sell the real estate agent on the idea of introducing the lender to more clients. There is no better time to hit a partner up for new work than when a shared client’s deal is moving steadily toward the closing table.
Smart CRMs have this capability built in and work in tandem with the lender’s LOS to send out important marketing messages at each milestone in the process.
No one can do everything when it comes to bringing in new business. The winners make smart choices about the strategies and tactics they employ to ensure that they are always bringing in more business, regardless of what may be happening in the larger market.
These three moves definitely fall into the smart category.
If you’re ready to make some smart moves, it makes sense to start with a Smart CRM. Call us today to find out more.
