3 Expert Tips for Effectively Managing Your Mortgage Pipeline

Like mortgages themselves, your mortgage pipeline needs to remain strong and viable for the continued success of your brokerage. That means managing it should be at the top of your to-do list, as well as proactively connecting with trustworthy and proven professional partners.

Planning is essential with the housing market continually weathering long periods of volatility, particularly in the wake of the pandemic. It all starts with a clear plan of action, built with a steady eye on the future. Reactive business practices won’t do your company or partnership any favors, after all: fast, efficient moves are one thing, but poorly-planned decisions will do far more harm than good. 

Here’s how to successfully work on your mortgage pipeline as a broker partner:

Ensure Staff “Buy-In” and Coverage

Not only should your staff be well-trained and informed in terms of your service offerings, but they should also be numerous enough to deal with surges of requests or direct clientele needs. Employees should never be treated as a “set and forget” asset – be sure to work in time for training and brushing up on current best practices throughout the year. They should be familiar and comfortable working with your wholesale mortgage lenders, and vice-versa.

Remember, constantly serving as a mediator or interim ‘translator’ for needs between the two will adversely impact your performance. The better trained, prepared, and confident each staff member is, the fewer proverbial fires you’ll need to put out when they’re drafting agreements or putting in inquiries with your lenders.

Optimize Your Data Management

When so much of your ability to pull ahead of your competitors rely on data, gathering comprehensive data points is a non-negotiable line on your to-do list. Managing your data properly means keeping an eye on a few common stumbling blocks. Ask yourself these questions and consider your answers with the appropriate member(s) of your mortgage pipeline team:

• Data Intake: Is the data I’m gathering – wholesale mortgage lender info, competitor rates, contact points, etc. accurate and timely?
• Data Storage/Accessibility: Can everyone who needs this data get to it without issue? What about our remote workers and teams?
• Data Security: What steps are we taking to protect this data against digital threats like competitor spying/hacking or ransomware? Are we securing ourselves against potential liability?
• Data Usefulness: Are we actually able to use the data we’re making an effort to gather in a meaningful way? Are all of our efforts focused on data that directly benefits our mortgage pipeline growth and management?

Build For the Future

Just like your team, your approach to mortgage pipeline management can’t – and shouldn’t – be a ‘set and forget’ mindset. Just as smartphone apps were unthinkable sources of mortgage-shopping a scant decade ago, times change and both end clients and mortgage lender partners do as well.

Make it a point to stay informed about your competitors’ moves, both through industry trade media and proactive research. This small step in managing your mortgage pipeline may feel tedious at first, but it’s the best way to avoid getting left behind as technology marches forward.

At FLCBank Mortgage, we can help you accomplish your sales goals for greater profitability. Contact us today to learn more about what we do, and how we help foster our wholesale lenders’ long-term success.