Top of Mind Networks has announced an integration with Sales Boomerang to help loan officers uncover new business opportunities and outperform customer retention benchmarks.
Top of Mind offers customer relationship management (CRM) and marketing automation software for the mortgage lending industry. Sales Boomerang is an automated borrower intelligence and retention system that notifies mortgage lenders when an unqualified lead becomes qualified, such was when a prospective customer’s FICO score improves, when a borrower could reduce their mortgage payment by refinancing or pay off debt, or when a consumer’s credit activity indicates they might be shopping for a mortgage.
Sales Boomerang’s software allows lenders to define criteria for a triggering event at the enterprise or individual loan originator level. By doing so, loan originators can capitalize on this information and use it to retain consumers. On average, the system delivers a 20 percent to 30 percent increase in loan volume.
“The lending industry is notorious for its abysmally low average customer retention rate; 80 percent of borrowers will take out their next loan with a different lender than the one they used previously,” Sales Boomerang CEO Alex Kutsishin said in a release. “Helping banks, credit unions, and independent mortgage lenders beat those odds – often retaining as high as 65 percent or more of past customers – is at the core of everything we do.”
This new integration embeds Sales Boomerang inside Top of Mind’s most popular tool, Surefire CRM, and delivers reminders to loan officers to follow up on opportunities presented by Sales Boomerang. Lenders can also use Surefire CRM to automatically deploy context-specific marking campaigns to consumers on behalf of loan officers.
“As refi volume declines in 2021, lenders will need to nurture existing relationships to stay competitive in a purchase market,” Top of Mind Vice President of Sales Nick Belenky said in a release. “Together, Surefire’s CRM and marketing automation platform and Sales Boomerang’s automated borrower intelligence and retention system act as a powerful client retention force that empowers lenders to establish themselves as an indispensable partner in the homeownership journey.”