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How do you track your clients' mortgage applications?

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As a real estate agent, working with first-time home buyers can be rewarding and challenging. You need to guide them through the process of finding, financing, and closing on their dream home. One of the most important steps is tracking their mortgage applications, which can be stressful and confusing for them. In this article, you will learn how to track your clients' mortgage applications effectively and efficiently, and how to communicate with them along the way.

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Mark Bradford

I Make Home Ownership Affordable--Lending all Across America

1 Why tracking is important

Tracking your clients' mortgage applications is not only a professional duty, but also a way to build trust and rapport with them. By tracking their applications, you can monitor their progress, identify any issues or delays, and provide timely updates and advice. This can help your clients feel more confident and informed, and reduce their anxiety and frustration. It can also help you avoid missing deadlines, losing deals, or damaging your reputation.

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2 How to track the applications

You can utilize various methods and tools to track your clients' mortgage applications, based on your preferences and resources. A commonly used approach is creating a spreadsheet or using a CRM software to record and organize the details of your clients' applications, such as the lender, the loan type, the loan amount, the interest rate, the closing date, and the status. You can also add notes, reminders, and alerts to keep track of next steps. Additionally, some lenders offer mobile apps or web portals that enable you and your clients to access and monitor their applications online. You can also use email or phone to track your clients' mortgage applications by contacting the lender or loan officer regularly and asking for updates. However, this method may not be as efficient or reliable as using a spreadsheet, a CRM, an app, or a portal.

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3 How to communicate with your clients

Tracking your clients' mortgage applications is not enough; you need to communicate with them effectively and frequently to keep them informed and engaged. To do this, set expectations and timelines at the beginning of the process. Explain what to expect, how long it will take, the steps involved, and the documents required. Ask your clients for their preferred mode and frequency of communication. Throughout the process, provide regular updates and feedback on their applications. Congratulate them on their achievements, address their concerns, and answer their questions. Be honest, transparent, and supportive. After each step or milestone, follow up and confirm with your clients and the lender. Make sure everything is completed, submitted, and approved. Confirm dates, times, and locations of the next steps such as appraisal or inspection. Remind your clients of their responsibilities and obligations to help them prepare for closing.

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Mark Bradford

I Make Home Ownership Affordable--Lending all Across America
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I communicate at least once a week, whether there is an update or not, with all parties involved--buyers, both real estate agents, insurance, title company and all. Can eliminate a lot of problems/frustrations by doing that. Communication is always number 1

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4 How to troubleshoot the applications

Despite your best efforts, sometimes your clients' mortgage applications may encounter problems or delays due to various factors, such as the lender, the market, the property, or the clients themselves. In order to troubleshoot the applications and find solutions, you need to take several steps. Firstly, you must identify the cause and the impact of the issue or delay. For example, it could be due to a change in underwriting criteria or an unfavorable appraisal or inspection report. Then, you must communicate and negotiate with the parties involved to explain the situation and propose solutions. If communication and negotiation fail, you may need to escalate and switch the application to a different lender or loan program that can better suit your clients' needs and goals. However, this option may have some drawbacks such as losing time, money, or benefits.

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Mark Bradford

I Make Home Ownership Affordable--Lending all Across America
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Always communicate problems as soon as possible. Don't try to blow smoke at anyone. They can almost always see right through that. Be honest and up front about it. If you made a mistake, own it and let them know. If you do that, most of the time, people will be way more understanding than you think they will Even if you didn't make the mistake, let everyone know as soon as you can and that way everyone can deal with it in the best way possible.

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5 How to celebrate the applications

Celebrating your clients' mortgage applications is a rewarding part of the process. You can strengthen your relationship with them and generate referrals and reviews. Send a congratulations card or gift to thank them for their trust in you and cooperation. Host a housewarming party or event, providing food, drinks, entertainment, and giveaways. Follow up and stay in touch after the closing to ensure their satisfaction and loyalty. You can send them a survey, a newsletter, a market update, or a holiday greeting. Invite them to join your social media, your blog, or your community to keep them engaged and informed. Celebrating your clients' mortgage applications is an excellent way to show your appreciation and build lasting relationships.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How do you track your clients' mortgage applications?

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1 Why tracking is important

2 How to track the applications

3 How to communicate with your clients

4 How to troubleshoot the applications

5 How to celebrate the applications

6 Here’s what else to consider

Working with First-Time Home Buyers

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