I was talking with a Loan Officer last week about his intake process…

“We give them the link to fill out an application.”

What’s wrong with this response?

There is so much that can go wrong here!

First off, intake gets too little credit than it deserves.

This is a borrower’s first point of contact! Imagine the impact you can make when you showcase your brand and customer service skills.

So, how can this be improved?

1. Use two different mediums of communication
   We need to make sure this application is completed! Use two different mediums of communication to make this easy for the borrower: Text message and Email. Some people only do things if they can be done on their cell phones. Others will only apply on their computer. You want to give them options and remove excuses.
2. Use a CRM
   Leads are the lifeblood of your mortgage business. Relying on them to submit an application is just you being lazy. Leads should be entered into your CRM the moment you receive their contact information. Your CRM should remind you every single day to follow up with this person until they submit an application. “Contact them until they buy or die”– The Wolf of Wall Street
3. One person should be in charge
   It is too easy to miss manage a lead if too many people are responsible. ONE PERSON should be responsible for the first point of contact. This is money we are talking about here… This process needs to be well thought out and executed.

This is just intake! Imagine how many other borrowers are slipping through the cracks? I see so many LOs spending all of this money on lead generation and they are probably losing loans left and right internally.

If you recognize a need to improve your systems, read this blog here a few weeks ago: rolandcochrun.com/blog/3steps