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Growing your Loan business through PRM - Managing the lead source that is more important than your customers

Chris King

What is PRM?

PRM is Partner Relationship Management


We all know that CRM or Customer Relationship Management is mainly focused on building and managing relationships with your Customers. In the Mortgage industry this mean Borrowers.
Borrowers are certainly a critical part of your business and maintaining that relationship for future business is important.


However, there is another type of “Customer” that often gets missed when thinking about the deployment and utilization of a “CRM” platform.
Statistics are now showing that your Referral Partners (Realtors, Builders and others) are responsible for two-thirds of referral business whereas borrowers make up the remaining third.
So this means that if the focus of your CRM execution strategy is Borrowers, you are leaving out two-thirds of your key business relationships and lead sources.


Okay, so you’re now convinced that PRM not only needs to be a focus but THE focus of your overall strategy for your Sales, Marketing and Follow-up process. Let’s now take a look at the necessary tools and ingredients needed:


Ingredients for PRM Success:

  • A Clean, updated Contact List properly categorized by Partner type
  • A Centralized CRM database platform capable of the following:
    • Linking all loan transactions with your Partner Agents and synchronized with your Loan Origination System
    • Inclusion of Agents for loan milestone alerts and notifications
    • Ability to survey Agents for post close tracking and management so that you can measure their satisfaction with each transaction AND so that you can use their positive feedback on your web site, social media, etc.
    • Auto classification of each Partner based on Loan Volume
    • Ongoing automated Marketing touch points filtered and based on Partner type and classification (ie High, Average, Low Volume)
    • Periodic automated touch points (Birthdays, Newsletters, etc.)
    • Periodic (ie weekly) automated pipeline email reports
    • Partner Portal Access – provide a means for Partner to access their pipeline, easily submit leads, comments, add files/docs, etc.
  • Consistent Daily Groove by LO’s:
    • Actively tracking calls, dispositions, emails, etc. for all correspondence with Active and Potential Partners 
    • Daily Pipeline Dispositioning for Active Partner recruits and prospects
  • Periodic “Review” Meetings with Partners (face to face required for Partners with higher volumes) to review what’s working/not working and agree on common goals for mutually assured success. Ask “what else can I do for you”?
  • Educational webinars
    • New/tailored Loan products
    • Market shifts/opportunities
    • Overcoming challenges on purchase financing
    • Other informative/helpful topics for your Partners

Some of the above changes can be easily implemented with the proper CRM technology platform, planning and mindset. The most difficult of these will be the degree of “changes” to your groove.
If you are not already in the “habit” of doing any of these things, making it part of your daily groove will be the biggest challenge. You’ll really need to first determine that you MUST CHANGE in order to meet your goals and objectives. Once you are committed on making the change the rest is simply discipline and execution.
So the question is….. are you satisfied with your current volume and growth? If not, you know what you have to do.

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