In today’s data driven age, it is critical to keep your mortgage database organized. Targeting your audience correctly, and connecting with the right people at the right time is just as important as crafting what you will say.
Receiving leads and efficiently handling them is a critical role in every loan officer’s success. Keep reading to learn how you can build a strong mortgage database and close more loans.
Correctly gathering, managing, and utilizing your data can help you in so many ways. Taking the time to understand your contacts and segment them accordingly will allow you to be more efficient, provide better customer service, and close more loans.
How to Easily Organize and Segment Your Mortgage Database
A great way to organize your mortgage database is by effectively utilizing your lead and client data.
One way to leverage your valuable data is by creating reports in your Customer Relationship Management system (CRM). Dynamic reports are a great tool that allow you to easily generate reports that display the most current information. Best of all, results are automatically updated as data is added, deleted, or modified to meet the selected criteria.
A mortgage-optimized CRM should allow you to easily organize your data and grow your business. If your CRM doesn’t simplify your data management, grant insights into your business, and increase your ROI, you’re missing opportunities.
Here are seven helpful ways you can organize your contacts and build a strong mortgage database.
1. By Current Rate
Interest rates are constantly changing. Segmenting your contacts and targeting borrowers based on their current rate will allow you to make more personalized refinance pitches.
For instance, borrowers with higher rates will be more receptive to learn about the current market. So, this would be a great opportunity to show them how you can lower their monthly payment. After all, you want to focus your efforts on the borrowers who will save the most money with a refinance.
2. Group Past Clients
Another great way to stay organized is by separating your past clients by their closing dates. Keeping in touch with past clients and knowing when they’re eligible for a new loan is extremely beneficial. This will allow you to nurture your borrowers with targeted messages until it’s time to deliver your pitch.
Sending content that isn’t relevant to your audience makes it difficult to nurture your relationships. This increases the risk of them unsubscribing and makes it extremely difficult to earn repeat business. As you know, past clients will be some of your best leads. The last thing you want is to no longer be able to market to them.
3. Segment Geographically
Changes in the mortgage industry happen frequently and oftentimes, this news is only relevant for certain states. Having a segmented list ready will allow you to update your database with relevant information as soon as possible.
Also, this is extremely helpful when you are licensed in several states. This will help you stay organized and provide value for your audience. After all, you want to stay at the top of mind and further establish yourself as an industry expert.
4. Based on Credit Score
Having contacts sorted based on credit ratings can be beneficial as well. You can have groups for “Excellent” (800-850), “Very Good” (740-799), “Good” (670-739), “Fair” (580-669), or “Poor” (<580) credit ratings.
Having these targeted lists will allow you to send personalized information based on their needs and wants. After all, sending information on improving your credit score is best suited toward borrowers with poor credit. On the other hand, borrowers with excellent credit should be more interested in receiving best execution rates.
5. By Debt-to-Income Ratio
Another great way to organize your mortgage database is by the lead or borrower’s financial situation. Every lead is going to have different goals they are trying to accomplish and different obstacles to overcome.
For example, leads that don’t have the funds for a large down payment will be more receptive to receiving information regarding FHA loans or housing assistance programs. On the other hand, leads with a low DTI might be more interested in conventional loans or cash out refinances.
Leveraging the data you have will save a lot of time, allowing you to provide better customer service.
6. Monitor Inactive Leads
Removing recipients from targeted lists is just as important as adding them. Sending emails to non-existent users is a quick way to ramp up your email bounce rate. This will hurt your sending credibility and leads to trigger filtering and blocking on your IP. More importantly, it increases the risk that your messages get sent to your spam inbox.
After all, you wouldn’t want to craft a creative email, only for it to wind up in their spam inbox. Or worse, not get delivered at all! Every few months, you’ll want to remove inactive leads who do not open your emails from your marketing lists.
Email marketing is a very powerful tool, but only if those emails get delivered. Therefore, maintaining your mortgage database will affect your entire business.
7. Group Real Estate Agents
Don’t forget about your business contacts! As you know, realtors play a critical role in your business. It’s important to separate your realtors and leads so you can build stronger relationships.
Realtors get spammed with less applicable, borrower-focused emails from loan officers far too often. By segmenting your realtors, you can provide value to them by offering relevant, focused information.
So separate yourself from the competition and give them a reason to want to give you referrals with great mortgage database organization.
Bottom Line
There are many different ways to segment your contacts and leverage your data. Staying organized allows you to target specific parts of your mortgage database at the optimal time. This will allow you to provide better content that meets your audiences specific needs. By providing more value to your audience, you’ll start to notice increased engagement with your contacts. Furthermore, you will work more efficiently and close more loans.
