How to Leverage Our Platform to Build Your Business and Grow Your Mortgage Branch Manager Salary
In this article
Are you on the fence about leaving your larger financial institution or the worn-out retail net branch system? Or maybe you’re new to the platform and not sure where to start. This roadmap will help you understand how MortgageRight can help you grow your mortgage branch manager salary under a P&L business model.
To start with, MortgageRight gives successful lenders and branch managers the tools and support they need to establish their own branches and leverage a true P&L business model to their greatest benefit.
A P&L model removes the ceiling for your success, whether that be an earnings cap or decision-making hierarchy from your financial institution. But that also means the pressure is on, which is where BranchRight steps in, from our transition team to our underwriting to our marketing tools.
Here are the key resources we recommend all MortgageRight partners engage sooner rather than later:
- The Transition Team
- IT and Tech Stack Support
- Marketing and Social Media
- Customer Relationship Management Tools
- Expanded Product Mix
- Upfront Approval Guarantee
BranchRight’s tools and resources give you the back-office support you need to position yourself for success when the lending volume picks up.
Use the Transition Team
Most of the people we hire are pretty experienced, and once they’ve had a few months, they’re flying on their own. But we’ve got a very involved transition team who facilitates that fast process.
No matter how experienced you and your lending team are, there is always a learning curve when you move to a new underwriter, underwriting process, or software. The transition team at MortgageRight is in place to do one thing: to help our new branch managers build a solid foundation.
First and foremost, the transition team is on hand to ensure your initial loans go through without speed bumps or hiccups. They want to ensure your book of business stays intact, and your client pipeline flows smoothly. Essentially, protecting that hefty mortgage branch manager salary during the transition.
If your branch has in-house processors, the MortgageRight transition team is prepared to train them on any unfamiliar software or processes until they’re comfortable and up to speed.
IT and Tech Stack Support
Before you open, MortgageRight’s transition team ensures you have all the gear you need to get up and running, including physical tech items and software.
The MortgageRight tech stack consists of three essential components and a few more tools that make business easier and more affordable.
- The most important piece is our Encompass360 Loan Origination Tool, which serves as an end-to-end solution for processing, analysis and underwriting.
- Our pricing locking files solution helps you lock in the best rates for your clients.
- Our fully integrated CRM is built for mortgage clients and helps our managers drive growth without constantly hounding their potential clients.
- The digital mortgage platform nCino gives you the option to decrease closing times by turning the paperwork-intensive process into an easy-to-use portal.
- Post-closing marketing retention tools like HomeBot help you drive referrals and repeat business.
Our IT team works closely with any new branch to help them operate but also supports all of our branches in an ongoing manner.
Marketing and Social Media
Some branch managers succeed because they excel at using social media and other marketing tools to grow their brand or answer potential homebuyer questions. Other branch managers are successful because they leave the marketing to someone else.
Either way, you’ll need to promote your new mortgage branch, develop iconography and imagery, choose colors, write website copy, print business cards, and the list goes on.
The MortgageRight platform gives branch managers the tools and resources they need to bolster their marketing campaigns.
If you’re great at marketing, MortgageRight can provide you with creative resources to help you grow your brand. And if you hate social media, we’ll give your team the content and support they need to create compelling marketing materials.
The Value of a Good CRM
The only thing worse than trying to learn a new CRM is not having a CRM to begin with.
The MortgageRight CRM is powerful and can be customized to meet your exact needs. You no longer have to keep your call-ball to-do list in your head or rely on little notes all over your desk to remember each client’s specific needs.
Utilize email, text, voice, email and video campaigns to engage your past and potential clients.
Grow Your Product Mix to Suit Your Clients
Along with using the business-facing tools, it’s key to take full advantage of MortgageRight’s full product portfolio. MortgageRight gives you lending options for every opportunity that comes across your desk, from first-time homebuyer and USDA loans to sole-proprietor bank statements and non-warranty condo programs.
With an expansive product mix, you can even find opportunities to create a lending niche in your community. Maybe you know more about VA loans than others. In that case, MortgageRight can help you become the go-to veteran lender. Or do you know lots of investors? MortgageRight has non-owner-occupied lending options that can grow their portfolios.
Lock In the Upfront Approval Guarantee
The biggest product advantage MortgageRight offers most of its branch managers is the Upfront Approval Guarantee.
The upfront approval guarantee can help your clients put in a better offer, help your referral partners look good, help sales go through faster, and ultimately drive additional business for you and your branch.
With an Upfront Approval Guarantee, lenders can basically underwrite a client’s loan before a house is under contract. That means buyers can waive the financial contingency, which gives them a more competitive offer in a crowded market.
Faster closing times make sellers more likely to accept an offer, and they make realtors and real estate attorneys look good.
Securing and approving the loan upfront also means it’s portable. If a sale falls through, the client is more likely to find another home in a timely manner and to use the same lender than if they weren’t already approved.
Use the upfront approval guarantee to keep potential clients in your pipeline, grow your referral network, and speed up your closing timelines.
Importance of Positioning
The MortgageRight platform is in place strictly to strengthen your branch’s foundation for growing lending volume.
Whether you’re new to the platform or a seasoned pro, it’s important to ensure you’re squeezing every last cent of value out of it to put your branch in the strongest possible position to succeed.
When the market is stagnant, you’ll want to establish a consistent line of communication with your past clients and current pipelines. This is something you should do on an ongoing basis, and with MortgageRight’s social media, marketing, and CRM tools, it doesn’t have to be hard.
When rates drop, and loan application volume picks up, you’ll be relieved to have your team fully prepped for the best tech, whether that means having access to new physical equipment or easy-to-use software.
Loving That Mortgage Branch Manager Salary but Ready to Grow Your Business?
With the MortgageRight platform as a foundation, all you need to start a successful lending branch is a solid book of business and a hunger to grow a better business for you and your team.
MortgageRight helps great lenders escape compensation caps, budget restrictions, hiring controls, and outdated technology investments and empowers them through a centrally-supported P&L model.Schedule a call with the MortgageRight team to see how you can grow your mortgage branch manager salary and build your own P&L.