When to Use Workflow Automation for Mortgage Lenders

Howard Schulman

Do you want to increase your productivity when it comes to mortgage lending? If so, then workflow automation is the answer. It offers a solution for mortgage professionals who are looking at scaling their engagement with prospects and customers, continually track and optimize their performance, and even integrate with artificial intelligence when automated communication is desired. This blog post will explore when it’s appropriate to use workflow automation for mortgage lenders in order to make sure you’re using the right tools when they’re needed most!

What is Workflow Automation?

Workflow automation is when a pre-defined set of actions are performed by computerized systems when certain predetermined conditions exist. This usually means that someone or something has to tell the system what those conditions should be, and then when it detects them, it performs all of the necessary tasks automatically. In this way, workflow automation can help mortgage companies save time when it comes to the most tedious, frustrating, and time-consuming parts of their job.

What are some examples?

One example is when a mortgage industry professional receives an email from a customer requesting additional information about one of your products. In this case, workflow automation can automatically send out that requested information (or at least alert someone who can help) when it detects the customer‘s email. Automation tools can help lenders create automated follow-ups based on certain actions that your leads take, such as when they visit a particular webpage, fill out a loan application, or download one of the resources you offer them.

The Benefits Workflow Automation Can Have for Mortgage Industry

Automation offers several benefits when it comes to the mortgage business and the way lenders approach their job when a system is in place that can do some of the busy work and repetitive tasks for them.

For one, workflow automation offers greater scalability when it comes to marketing efforts and customer experience since multiple pieces of data are being tracked at once without any added work from another person. This means more time spent focusing on the most engaged prospects who are looking for mortgage loans right now and want to get the loan process started.

Another benefit of automation is its ability to continually track and optimize performance, which means your marketing efforts will never feel like you’re throwing something against the wall hoping that it sticks – because when they do stick, workflow automation can help loan officers know exactly what worked so they can do it again when the same situation occurs.

Finally, workflow automation gives lenders a way to integrate with artificial intelligence so they can automate communication when desired (for instance when their leads are at different stages in your sales funnel). This means you won’t have to spend any time manually sending emails or following up because when something happens that triggers an automated communication, the system will do it for you, delivering an excellent customer service experience.

When to Use Workflow Automation when Lending

There are several times when workflow automation can help lenders get more done in the mortgage loan process when they’re working on their own or with a small team (as opposed to when they have multiple employees in addition to themselves). These include:

  • When your team is small and resources are limited
  • When you want to find out what works when it comes to marketing efforts (and then do more of that!)
  • When your leads are at different stages in the mortgage lifecycle but need encouragement to move forward with their loan decision-making process.

When Not To Use Workflow Automation for Mortgage Lenders

There are certain situations when workflow automation can’t help when it comes to the mortgage process. These include:

  • When you need to respond immediately and don’t have the time or resources to automate an action like that, this requires human intervention.
  • When multiple people on your team do work together when it comes to marketing. This means when you’re managing multiple people with their own manual processes, it can become a little complicated trying to figure out what is and isn’t automated when everything gets hectic (and when there’s poor communication between employees when they fail to let each other know what should or shouldn’t be automated).
  • When the prospect or customer doesn’t engage with your workflow automation when it sends them an email. This means they’re not taking the lead when you set up automated messages for them to receive, which can feel a little frustrating when you’ve put in all of that work but still end up having to follow up manually at some point when it’s time to reach out.

The most important thing when it comes to workflow automation when you’re a mortgage lender is knowing when and how it will help – or hurt – your situation so that you get the best possible results when using this new tool in your marketing efforts.