Follow Qualified Mortgage Leads and Filter Out Unlikely Prospects

Loan Pipeline Management
Loan Pipeline Management

Follow Qualified Mortgage Leads and Filter Out Unlikely Prospects

qualified mortgage leads

Are you spending time chasing unlikely prospects rather than focusing on qualified mortgage leads in your pipeline? Focus on the prospects that bring you business. Also, access tools that help you filter out these loan prospects that are unlikely to close. 

Automation and communication in general can help you pinpoint the qualified mortgage leads coming your way! 

qualified mortgage leads

Communicate Effectively

The mortgage industry is a “people business.” So, constantly connecting with people is an integral part of the job. Unfortunately, these connections may include prospects who are not as strong of leads. 

A productive thing to do is filter through the leads that you engage with to note who is most likely to close. This will ensure that you’re focusing your time and energy on the most valuable tasks and relationships. 

Pinpoint Qualified Mortgage Leads 

Where do you begin when it comes to filtering through your leads? One quick way is to look at the prospect’s credit score. A lead’s credit score can be found on their pre-approval or pre-qualification document. So, make sure to reference these documents and gain the information you need about what to expect from new clients. 

Rather than spending so much of your day sorting through your leads lists, consider techniques that allow the leads to remove themselves from the running of getting a mortgage. This saves you unnecessary time spent playing phone tag and researching. 

Prioritize Efficiency in Your Work Day

An important part of a loan officer’s day-to-day job is to spend their time wisely. So, while generating leads, you also want to spend less time with unlikely prospects. 

So, as leads come into your pipeline, you can use the pre-qualifying process to get to know the basics of each lead as they arrive. 

Incorporate Pre-Application

Many successful originators incorporate pre-application steps into their lead follow-up. After all, data drives automation in your processes. So, get to know your leads and really differentiate their needs. Each person is different, so each loan application process is different. 

That way, if you incorporate pre-application steps into follow-ups, you can focus on the qualified mortgage leads in your pipeline. Also, this helps you prioritize your leads so you are not wasting their time or yours. 

Structure Your Advertising 

Picture yourself getting a long list of new leads in one day. This is exciting, but can also be overwhelming. So, why not control the leads you have coming in by targeting a specific audience with your advertising?

You can create campaigns that automatically target people with certain incomes, stages of life, or financial needs. So, consider who you are reaching out to! Your qualified mortgage leads can be someone with a stable income, or someone shopping for their first home. Target accordingly with your advertising platforms. Most hold a high degree of customization. 

Automate Your Processes

Automation is a tool that can help you sort through strong and weak leads. So, focus on automating your lead management in a way that makes you more efficient. After all, you don’t want to miss out on lending opportunities! But, realize you do not master automations overnight.  

Utilize a CRM 

A customer relationship management platform can automate your follow-ups and take away unnecessary tasks on your list. So, follow-ups via email, text message, or even voicemail are possible with a strong CRM. Although these seem like small items to improve, consider them little wins that then transfer to big wins and closed loans! 

Action Automations 

Any workflow that results in an action item for the user is an action automation. So, when new leads come in, a task creates right after. This reaches out to the prospect, check their credit score, or to call them right away. 

As a whole, action items organize your day. Plus, as a loan officer, you know how important time is in your daily routine. So, action items prioritize what is important to make sure you are using your time wisely and reaching the right people as soon as possible. Then, your task list and calendar fill with high priority options. This is crucial to help you sort through unlikely leads as well. 

Use Action Automations in Jungo

Within Jungo, there are many action automations that you can use to your advantage. So, when a new lead enters your system, a workflow triggers. Also, during the loan process, tasks are set that remind you to follow-up with not only the borrower, but also your partners.

An action automation to view your leads’ credit scores in Jungo is the “Credit Impaired” workflow which creates a task for you to follow-up with the client sixty days later. This is if a lead needs to improve their credit, which helps you pinpoint leads that may not be ready to apply for a mortgage. 

Another action automation found in Jungo has to do with post-close follow-ups. So, when a loan closes, a task creates that reminds you to order a closing gift for your client. This makes the experience more personal, and thus brings in more qualified mortgage leads.

Create a Landing Page

As a loan officer, it is crucial to use everything available to you to bring in more business and close more loans. 

So, use all of the technology at your fingertips to your advantage. An example of this is creating a specific landing page for your online leads. 

Landing pages are a section of your website that show up in online searches. They  convert website traffic to clients. So, the narrower your landing page focus is, the more it streamlines potential leads. 

By setting up a landing page, it does some of the pre-qualifying for you and speaks directly to the client’s needs. So, no time wastes, since the client knows what kind of business you provide, and you can differentiate specific client needs. 

Everything you do automates to some degree. It depends on the work you put in on the backend. 

Bottom Line

Prioritize your qualified mortgage leads and gain consistent business. Focus on leads with great credit and target specific demographics that you want to provide for. 

Also, gain as much information as you can from leads before you jump head-first with them into the mortgage application process.

With the right strategies in mind, you can automate a great deal of your incoming mortgage leads. This can help you focus in on the strongest, most likely to close leads to grow your business.