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7 Killer Wholesale Mortgage CRM Software Strategies

Updated: Feb 12

Are you a wholesale mortgage lender looking to boost your loan volume and increase revenue? One key factor in achieving these goals is using wholesale mortgage CRM software to create an effective broker account management process.

An effective broker account management process should focus on three objectives: optimize broker account distribution and tracking, provide account executives with the relevant tools and resources, and continuously analyze data to generate consistent improvement. In this article, we will explore seven strategies to help you achieve these objectives.

Strategy 1: Streamline account distribution and tracking

To improve efficiency and ensure that accounts are soundly managed, it’s crucial to streamline the process of account distribution and tracking. One effective approach is to use broker scoring as a basis for account allocation and reallocation. The idea is to create a scale of scores (i.e., A, B, C, D) that correspond with certain sales criteria. You can use factors such as the timing of loan submissions, the frequency of contact between an AE and a broker, or the length of time that an AE has owned an account. By applying easy-to-read scores to broker accounts, AEs can easily identify which accounts need to be engaged with, preventing accounts from falling between the cracks and establishing a more consistent sales cycle.

You can read about OptifiNow’s Mortgage Broker Scorecard HERE.

Strategy 2: Provide account executives with relevant tools

Equipping account executives with relevant tools and resources is essential to their success. One obvious tool is wholesale mortgage CRM software.

It’s important to note that not just any CRM software will do. Wholesale lenders need to provide their account executives with a CRM that has features specifically designed for the wholesale mortgage lending channel:

  • Proper B2B Database Structure. A wholesale mortgage CRM must use a B2B data structure, where account executives are assigned broker company accounts and all of the associated loan officers are nested within the account.

  • LOS Integration. Integrating a CRM and the LOS is an absolute must. Seamless data transfer and information exchange between the two help lenders to generate precise reports, automate nurture campaigns, and minimize double entry.

  • Efficient Account Distribution. One of the most effective ways to manage broker accounts is to have a process to re-distribute dormant or inactive accounts. Some lenders use a “shark tank” or “house account” method that collects dormant accounts and allows AEs to grab them and reactivate engagement.

  • Loan Scenario Tracking The primary goal of an Account Executive is to help their brokers find loan products that satisfy their borrowers. Providing AEs with a method to track loan scenarios and provide pricing quotes (say, through a pricing engine integration) can greatly enhance the broker relationship and generate more loan submissions.

  • Automated and personalized rate sheet distribution. The rate sheet email is a subtly powerful marketing tool. But most wholesale lenders send rate sheet emails from a generic corporate email address. A CRM should allow lenders to send rate sheet emails that are personalized to their AEs, increasing their visibility and enabling brokers to reply directly to a rate sheet email.

Strategy 3: Set clear performance goals

What isn’t measured cannot be achieved. Boosting loan volume and revenue is impossible if AEs don’t know their performance goals. Sales leaders must establish and clearly communicate key performance indicators (KPIs) that align with their business objectives, such as the number of new broker accounts approved, monthly funding volume, and the number of activities an AE performs. Regularly monitor and evaluate AE performance against these goals.

Strategy 4: Provide ongoing training and support

Continuous training and support are crucial for improving performance and driving loan volume. Stay connected with your account executives to understand their specific needs and provide the necessary help through tailored training and coaching, especially when it comes to the CRM. There are too many opportunities for AEs to use a CRM the wrong way or even worse, not use it at all. Make sure they understand the value of the CRM and give them as many chances to learn as possible.

Strategy 5: Foster collaboration and communication

Encourage collaboration and communication among your account executives. Facilitate regular team meetings or virtual check-ins where they can share best practices, discuss challenges, and brainstorm ideas. This fosters a supportive and collaborative environment that can lead to increased loan volume.

Strategy 6: Leverage data and analytics

Utilize data and analytics to identify trends, measure performance, and make informed decisions. With the right CRM solution, you can access real-time data on account activity, pipeline progression, and conversion rates. This allows you to identify areas for improvement and make data-driven decisions to optimize loan volume.

Strategy 7: Recognize and reward top performers

Don’t forget to give credit where it’s due! Take the time to recognize and reward your outstanding account executives. By acknowledging their achievements and offering incentives, you not only lift their morale but also inspire others to reach for greatness.

These are just a few strategies that will help you optimize your wholesale mortgage sales process. Naturally, we believe that wholesale mortgage CRM software is critical because it allows you to put these strategies into action. A CRM should be more than just an email tool or an electronic phone book. If done correctly, it should be powerful sales machine that enables your account executives to generate more loan volume with less effort. If you're not getting results from your CRM (or if you’re not using one at all), reach out to OptifiNow and we’ll show you how it’s done.

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