Perfect Synergy: Syncing LOS Data to Salesforce
Point of View
April 13, 2022

Perfect Synergy: Syncing LOS Data to Salesforce

Here's why you should consider syncing LOS data to Salesforce. Learn about the benefits for both mortgage borrowers and loan originators.

Delight Borrowers & Loan Originators Alike

No one ever says: “getting a mortgage was so easy!” The lending process is notoriously confusing and paperwork-dense.

The good news is that technology is poised to change all that. By syncing LOS data (software like ICE Mortgage Technology) into Salesforce, the headaches of both aspiring homeowners and loan originators dissipate. That’s because Salesforce is way more than a CRM; it’s an intelligent layer capable of extensive behind-the-scenes automation.

Connecting disparate systems to elevate functionality is not a new concept. Sometimes, the results are greater than the sum of their parts. Just picture a smart home where owners control the thermostat, lamps and sound system by voice alone.

Keep reading for a breakdown of why your lending team should consider a Salesforce sync:

Stand Out to Borrowers  

Linking LOS data to Salesforce makes borrowers’ lives easier through (1) notifications and (2) overall processing speed. Just like Apple products become more powerful when used in concert, this connection will make borrowers take notice.

Modern borrowers are accustomed to digital, cross-channel experiences. They get everything delivered, hardly step foot in brick-and-mortar banks and chat with customer support on social media. Lack of transparency is a big faux pas with this audience.

To meet these expectations, your team can send personalized, automated notifications. This way borrowers are always in-the-loop. Here are the most common types of notifications:

  • In-progress. These messages give borrowers a clear view of where they’re at in the lending process and what’s happening.
  • Credit education. Sometimes candidates for a loan are rejected due to weak credit. Instead of accepting defeat, enroll these individuals in a credit education nurture journey. This means the prospects receive regular emails with tips for raising their credit. So, your lending business stays relevant until the day they’re ready to borrow.
  • Approval. It’s crucial to inform borrowers as soon as their application is approved, to keep the process moving forward fast.
  • Payment confirmation. This message reassures the borrower.
  • Re-finance. Without even realizing, a previous borrower might be an excellent candidate for refinancing. This type of notification can serve as an effective sales tool.

The timeliness and personalized attention of these notifications boost customer experience. Plus, by leveraging Salesforce, notifications can be sent across various channels (email, SMS, even social media).

When it comes to overall speed, digital natives will always  reward the business that delivers fastest. In theory, a mortgage could be processed in as little as 14 days, but in practice it usually takes between 30 and 45. Syncing LOS data to Salesforce and unleashing the power of automation can help close that gap.

Simplify Internal Work

Tech-savvy mortgage lending teams are poised to gain both efficiency and employee satisfaction. Here are the main benefits:

  1. Automated communication. Messaging triggered by smart software is not only a boon for reaching borrowers, it’s instrumental internally. For example, an application might reach the underwriting team incomplete. In this case the underwriting team needs additional documentation to meet approval criteria. With existing LOS systems, such back-and-forth communication doesn’t happen automatically. Thanks to Salesforce, messages are triggered effortlessly and the borrower in question can also be alerted on their preferred channel. So, the team saves time and ensures business doesn’t fall through the cracks.
  1. Sales advantage. LOS systems lack a standardized process for making sense of new leads. Each salesperson might have their own way of making calls and reaching prospects. There may or may not be a protocol for the right number of follow-ups.  On the other hand, if the journey begins in Salesforce, your team can employ lead scoring and highly defined sales cadences.
  1. Next-level marketing. When your marketing team creates unique campaigns and pays for leads, it’s key to track performance metrics. This way marketers can understand the ROI of getting new loan applications.  By having data pushed both ways – between LOS and Salesforce – marketers can capture lead attribution, gaining a complete picture of the most effective strategies.
  1. Eliminating manual data entry. With Salesforce fully synched, loan originators don’t have to key in information about leads into the LOS. No manual data entry obviously saves time, in addition to cutting lead duplication and errors.
  1. Smart reporting. Salesforce captures all team tasks, translating that activity into reports and dashboards.  Loan originators’ performance and list views of multiple records are displayed in a dynamic format. Then, this information is available to everyone from the LOs themselves, to branch managers, all the way to executives. Real metrics trump gut feelings every time.  Under the old model, once a loan originator sent an application to the processing team, internal visibility was limited. With Salesforce fully connected, each new application status gets time-stamped. This affords full transparency of the time required to move an application from one milestone to the next. Your team could even gamify these metrics to promote – and reward – efficiency internally.

All these changes are a step up, not a shift to something totally unfamiliar. Just like a vintage-looking record player equipped with Bluetooth: it’s more powerful than before, more fun than either isolated component and it’s not too different from what you’ve used in the past.

Ready to Begin?

By now you’re probably convinced: linking LOS data with Salesforce is a no-brainer. Not only does this strategy cut back on manual labor for your team, it helps you satisfy digital-first borrowers and stand out from other lenders.

Still, getting started can be intimidating. Custom-building this connection would be a huge undertaking, even for a business with a dedicated, expert IT team. The best approach is to enlist the help of a partner. Salesforce will have to be adapted to your unique needs.

Ideally, your new partner will understand both Salesforce technology and the mortgage lending industry. With the right help, you’ll be up and running in no time. And if you have any questions, contact our team today!

Operations
Mortgage
Point of View
December 20, 2022

Perfect Synergy: Syncing LOS Data to Salesforce

Here's why you should consider syncing LOS data to Salesforce. Learn about the benefits for both mortgage borrowers and loan originators.

Delight Borrowers & Loan Originators Alike

No one ever says: “getting a mortgage was so easy!” The lending process is notoriously confusing and paperwork-dense.

The good news is that technology is poised to change all that. By syncing LOS data (software like ICE Mortgage Technology) into Salesforce, the headaches of both aspiring homeowners and loan originators dissipate. That’s because Salesforce is way more than a CRM; it’s an intelligent layer capable of extensive behind-the-scenes automation.

Connecting disparate systems to elevate functionality is not a new concept. Sometimes, the results are greater than the sum of their parts. Just picture a smart home where owners control the thermostat, lamps and sound system by voice alone.

Keep reading for a breakdown of why your lending team should consider a Salesforce sync:

Stand Out to Borrowers  

Linking LOS data to Salesforce makes borrowers’ lives easier through (1) notifications and (2) overall processing speed. Just like Apple products become more powerful when used in concert, this connection will make borrowers take notice.

Modern borrowers are accustomed to digital, cross-channel experiences. They get everything delivered, hardly step foot in brick-and-mortar banks and chat with customer support on social media. Lack of transparency is a big faux pas with this audience.

To meet these expectations, your team can send personalized, automated notifications. This way borrowers are always in-the-loop. Here are the most common types of notifications:

  • In-progress. These messages give borrowers a clear view of where they’re at in the lending process and what’s happening.
  • Credit education. Sometimes candidates for a loan are rejected due to weak credit. Instead of accepting defeat, enroll these individuals in a credit education nurture journey. This means the prospects receive regular emails with tips for raising their credit. So, your lending business stays relevant until the day they’re ready to borrow.
  • Approval. It’s crucial to inform borrowers as soon as their application is approved, to keep the process moving forward fast.
  • Payment confirmation. This message reassures the borrower.
  • Re-finance. Without even realizing, a previous borrower might be an excellent candidate for refinancing. This type of notification can serve as an effective sales tool.

The timeliness and personalized attention of these notifications boost customer experience. Plus, by leveraging Salesforce, notifications can be sent across various channels (email, SMS, even social media).

When it comes to overall speed, digital natives will always  reward the business that delivers fastest. In theory, a mortgage could be processed in as little as 14 days, but in practice it usually takes between 30 and 45. Syncing LOS data to Salesforce and unleashing the power of automation can help close that gap.

Simplify Internal Work

Tech-savvy mortgage lending teams are poised to gain both efficiency and employee satisfaction. Here are the main benefits:

  1. Automated communication. Messaging triggered by smart software is not only a boon for reaching borrowers, it’s instrumental internally. For example, an application might reach the underwriting team incomplete. In this case the underwriting team needs additional documentation to meet approval criteria. With existing LOS systems, such back-and-forth communication doesn’t happen automatically. Thanks to Salesforce, messages are triggered effortlessly and the borrower in question can also be alerted on their preferred channel. So, the team saves time and ensures business doesn’t fall through the cracks.
  1. Sales advantage. LOS systems lack a standardized process for making sense of new leads. Each salesperson might have their own way of making calls and reaching prospects. There may or may not be a protocol for the right number of follow-ups.  On the other hand, if the journey begins in Salesforce, your team can employ lead scoring and highly defined sales cadences.
  1. Next-level marketing. When your marketing team creates unique campaigns and pays for leads, it’s key to track performance metrics. This way marketers can understand the ROI of getting new loan applications.  By having data pushed both ways – between LOS and Salesforce – marketers can capture lead attribution, gaining a complete picture of the most effective strategies.
  1. Eliminating manual data entry. With Salesforce fully synched, loan originators don’t have to key in information about leads into the LOS. No manual data entry obviously saves time, in addition to cutting lead duplication and errors.
  1. Smart reporting. Salesforce captures all team tasks, translating that activity into reports and dashboards.  Loan originators’ performance and list views of multiple records are displayed in a dynamic format. Then, this information is available to everyone from the LOs themselves, to branch managers, all the way to executives. Real metrics trump gut feelings every time.  Under the old model, once a loan originator sent an application to the processing team, internal visibility was limited. With Salesforce fully connected, each new application status gets time-stamped. This affords full transparency of the time required to move an application from one milestone to the next. Your team could even gamify these metrics to promote – and reward – efficiency internally.

All these changes are a step up, not a shift to something totally unfamiliar. Just like a vintage-looking record player equipped with Bluetooth: it’s more powerful than before, more fun than either isolated component and it’s not too different from what you’ve used in the past.

Ready to Begin?

By now you’re probably convinced: linking LOS data with Salesforce is a no-brainer. Not only does this strategy cut back on manual labor for your team, it helps you satisfy digital-first borrowers and stand out from other lenders.

Still, getting started can be intimidating. Custom-building this connection would be a huge undertaking, even for a business with a dedicated, expert IT team. The best approach is to enlist the help of a partner. Salesforce will have to be adapted to your unique needs.

Ideally, your new partner will understand both Salesforce technology and the mortgage lending industry. With the right help, you’ll be up and running in no time. And if you have any questions, contact our team today!