Info System

February 15, 2013

February 15, 2013

Group #1

Group #1

Milestone #2 Mortgage Idustry CRM

Milestone #2 Mortgage Idustry CRM

Milestone # 2: Mortgage Broker CRM Software

The Mortgage Group, Centum, Dominion Lending Centres (DLC) and Mortgage Architects are just a few of the many currently existing mortgage brokerages throughout North America- all of which offer their mortgage agents various customer relationship management (CRM) software to manage their own individual client database. Although the various software systems in use are pragmatically unique to each brokerage, each software system contains key defining characteristics which can be found amongst all competing programs. These crucial characteristics exist to reduce redundancy, regulate access to information, update client information, focus marketing efforts and allow agents to submit mortgage deals to lenders electronically. Essentially, software is needed to facilitate the hierarchy of data collection, conversion of data into usable information and the ultimate production of knowledge to complete the mortgage process. To understand the significance of the CRM software, it is essential to analyze each step in the collection and application of data.

The first stage for any mortgage agent is to generate a lead (a prospective client). These clients may be through a referral or direct contact to the agent. Upon initial contact the agent will collect detailed information (usually through note taking) such as full name, phone numbers, address, income, occupation, assets, debts, mortgage needs, credit score and more. The agent will then assess the prospects information and decide whether or not a mortgage deal is promising. Afterwards the new client’s information is entered into a database for storage. The database used by the agent may be their own preference (a popular choice being Microsoft Excel) or the software offered by their brokerage (such as MortgageBOSS)...