Pipeline Management for the Mortgage Industry

mortgageIf there is one industry that has changed in recent years, it is the lending industry. This is particularly true considering mortgages, as sweeping changes took place after the credit crisis in 2008. Now, more than ever, it is important for those in the mortgage industry to pay attention to the pipeline and to manage it properly. What are some of the aspects of pipeline management which need to be considered in the mortgage industry and how can it be done effectively?

In essence, an individual enters into the pipeline when they become a viable prospect. Even before that time, however, it is necessary to target those potential prospects to keep the pipeline flowing. (Source: People are becoming increasingly knowledgeable about mortgages and the various options that may be available. When targeting or adding new prospects into the pipeline, it is important for you to offer them the options that are necessary to make the right decisions. One of those options which should be considered is the best execution rate, which will provide the prospect what is necessary to manage the loan effectively.

When a prospect enters into the pipeline, it is time to provide them with additional help to keep them in the pipeline for the long term. This is where you can benefit from the use of software, which will help you to manage the pipeline and to provide them with the information that they need in an easy to view format. It can lay out various scenarios and can profile the prospect according to debt, interest rate and closing costs. It becomes much easier for them to compare the options that are available and it allows for an improved consultation with the potential borrower.

As the prospect continues to move through the pipeline, more and more assistance may be necessary to close the deal. During this time, you can also use the pipeline management software to view any updates in the rates or guidelines that may be associated with the loan (Source: Additionally, it can help you to keep everything organized, including upcoming closing dates and the need to contact those in your pipeline to keep things moving forward.

The final step in pipeline management is to follow up with the borrower after the closing takes place. This helps to foster goodwill and may provide word-of-mouth recommendations, which you can add into the pipeline at a future date.

Frank Shields has worked in the mortgage industry for a number of years helping clients manage their loan portfolio. Feel free to connect with him over at Google+.

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