Managing Multiple Borrowers and Applications for One Loan in Your CRM

If your CRM system can track only two borrowers on a loan record, should you include the borrower from application #2?

When two borrowers on a loan do not have a joint credit profile, the mortgage loan will require two separate applications. This may happen because the two borrowers don’t share a joint bank account, don’t live together, or for instance, when parents co-sign a loan for their children. When this is the case, should you merge the borrowers from the two applications into one record in your CRM? 

What are the benefits and risks of doing this? It may not be appropriate to send shared marketing material to the individuals on the different applications.

It is critical to map the individuals to the correct profiles in your CRM. If your CRM has fields defined for “associated parties,” then the borrowers from additional applications can be synched to your CRM. If your CRM only allows for two borrowers (a primary and a co-borrower), then it may make more sense to ignore the borrowers from applications other than the first application.

This subject question came up twice this week. Although the situation doesn’t come up too often, it is still something that we work through with our clients to ensure their CRM is recording the contact information in the most helpful way for in-process email campaigns and post-close marketing communication.

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