In the new age of technology, there is very little of the mortgage process that would not benefit from internal and external communications automation — however, the more complex your workflows, the more time and capital you may need to commit.
For any mortgage lender looking to take a more general approach to market automation, there are five types of workflows that can optimize production.
Inbound lead workflows
As the name implies, this type of workflow is about attracting new leads to your lending organization. Generating these leads comes from engaging them with some form of marketing content to submit information about themselves and their financial goals.
Most mortgage marketing professionals use different content types, including Interactive mortgage calculators, funny mortgage memes, or a new interest rate report, to prompt the initial interaction, thereby creating a unique contact record within their CRM to house the new lead’s information.
But this workflow type shouldn’t end as soon as your new lead submits their contact information. Other interactions through email, text, mail, or a phone call may be needed to determine if the lead should upgrade to a prospect.
These workflows help to guide prospective borrowers to the application process. Until the prospect upgrades to an applicant, most of the communication in this workflow needs to be centered on hypothetical scenarios, as critical pieces of information will not be known until the prospective borrower completes the application process.
As a bonus, nurture workflows can also be applied to existing clients and referral partners, helping to build and strengthen relationships.
These workflows aim to help close loans in the most efficient way possible, deploying customized communications through integrations with different systems such as your LOS and PPE software when specific goals are met or not met.
These workflows also help simplify the process for your borrowers, ensuring that they are educated at each step of their journey.
Not every prospective borrower makes it through a workflow on their first go around. Regardless of the reason, re-engagement workflows are designed to get prospects and clients back on track.
Many mortgage professionals don’t realize that the clear to close is not the end of the mortgage marketing process. It is just the beginning. Post-close workflows allow you to capitalize on your previous customers by triggering communications when they meet certain milestones or anniversaries, ensuring that they remain clients for life.