How to Manage Your Mortgage Pipeline Efficiently for More Conversions

Managing a mortgage pipeline efficiently is crucial for mortgage brokers, mortgage advisers, and mortgage advisors to ensure smooth operations and higher conversion rates. In this post, we are joined by Craig Skelton, an expert mortgage broker coach, to explore how professionals in the mortgage industry can streamline their pipeline. We'll cover key elements such as CRM systems, follow-up strategies, common mistakes, and the role of technology. By the end, you’ll understand how to manage your pipeline effectively, boosting your success as a mortgage broker, mortgage adviser, or mortgage advisor.

If you're looking to take your skills further, you can learn more about working with me as a mortgage broker coach here.

What Is the Role of a Mortgage Broker, Adviser, or Advisor in Managing a Mortgage Pipeline?

As a mortgage broker, mortgage adviser, or mortgage advisor, your primary responsibility is to get the mortgage offer issued. While many brokers end up dealing with tasks like chasing solicitors or managing conveyancing, your core role revolves around ensuring the mortgage application process results in a successful offer. Anything beyond that, such as solicitors or conveyancers, should be handled by the appropriate parties, although clients often rely on their mortgage brokers or advisers for assistance.

Pipeline management plays a crucial role here. It allows you, as a mortgage broker, mortgage adviser, or mortgage advisor, to focus on the essential tasks that lead to higher conversion rates—getting the mortgage offer out.

What Are the Key Stages of a Mortgage Pipeline and How Can They Be Optimised?

For mortgage brokers, mortgage advisers, and mortgage advisors, understanding the stages of the mortgage pipeline and optimising them can significantly improve conversion rates.

1. How Should Mortgage Brokers Handle the Initial Client Sign-Up Stage?

• Action: Once a client signs up, the mortgage process begins. You gather all necessary details and prepare for the mortgage application.

• Optimisation Tip: Automate reminders or next steps using a CRM system to streamline this process, allowing you, as a mortgage broker or adviser, to focus on moving the client through the pipeline.

2. How Should Mortgage Advisers Manage the Mortgage Application Submission?

• Action: The mortgage application is submitted to the lender.

• Optimisation Tip: Automate follow-ups to ensure that all required documents are submitted on time. As a mortgage broker or adviser, having a smooth workflow at this stage reduces delays and enhances client satisfaction.

3. What Is the Best Way for Mortgage Advisors to Handle Case Progression?

• Action: After submitting the mortgage application, it enters the progression stage.

• Optimisation Tip: As a mortgage broker or mortgage adviser, regularly check in on communication with solicitors, conveyancers, and valuation officers, but remember that your role isn’t to manage their tasks. Automate reminders through your CRM system to stay on top of the case without micromanaging every detail.

4. How Can Mortgage Brokers Handle Challenges Like Down Valuations or Declined Applications?

• Action: Challenges such as down valuations or declined applications may arise.

• Optimisation Tip: As a mortgage broker, mortgage adviser, or mortgage advisor, act quickly and proactively when challenges occur. Clients should hear bad news from you, not from the lender or a third party. Address these issues immediately to maintain trust and build long-term relationships.

By optimising each stage of the mortgage pipeline, mortgage brokers, advisers, and advisors ensure a smoother process that improves client satisfaction and boosts conversion rates.

Why Is a CRM System Important for Mortgage Brokers to Manage Their Pipeline?

For mortgage brokers, mortgage advisers, and mortgage advisors, a well-structured CRM system is a game-changer in pipeline management. Craig emphasises that CRM systems can automate key tasks and keep your operations organised. This is vital for ensuring that as a mortgage broker or adviser, you come into work each day with a clear picture of what needs to be done.

What Are the Key Features of a Good CRM System for Mortgage Advisers?

• Task Automation: As a mortgage broker or adviser, automate routine tasks such as sending reminders and following up with clients.

• Client Interaction: Use client portals or apps to keep clients informed. For example, when you receive a valuation, your CRM can notify the client automatically, saving you time.

• Pipeline Tracking: Track where each client is in the mortgage process. This is crucial for ensuring you don’t miss out on opportunities to convert leads into completed deals.

If you're interested in learning more about how to improve your systems and marketing as a mortgage broker, check out my YouTube channel, where I post guides and tutorials on marketing, sales, and business development.

What Are Common Pipeline Management Mistakes Mortgage Brokers Should Avoid?

Procrastination is one of the biggest pitfalls for mortgage brokers, mortgage advisers, and mortgage advisors. Craig points out that many brokers delay addressing challenges, such as down valuations or declined applications, which can harm their business. Acting swiftly in these situations is crucial.

If a client finds out their mortgage application has been declined from someone else, it damages the trust they have in you as their mortgage broker or adviser. Always be the first to deliver both good and bad news to your clients.

What Other Mistakes Do Mortgage Brokers Make in Managing Pipelines?

• Failing to Follow Up: If you’re not following up regularly with clients, you risk losing them. As a mortgage broker, adviser, or advisor, consistent follow-up is essential.

• Not Utilising Technology: Not using CRM systems or other technology to streamline processes can lead to inefficiencies that cost you time and clients.

For deeper insights into how to avoid these common mistakes and manage your pipeline more effectively, check out my podcast, The Mortgage Business Mastery Show, where I discuss mortgage business coaching, sales strategies, and lead generation.

How Can Mortgage Brokers Ensure Consistent Follow-Up for Pipeline Management?

Craig advises mortgage brokers, mortgage advisers, and mortgage advisors to follow up consistently until they receive a definitive "no." Persistence is key in pipeline management, and many brokers hesitate to follow up due to a fear of rejection. However, the quicker you follow up, the more likely you are to secure a client.

What Are the Best Practices for Follow-Up Communication as a Mortgage Broker?

• Set Regular Follow-Up Dates: Every client interaction should have a follow-up date in your CRM. As a mortgage broker, adviser, or advisor, always know when you’re next reaching out to the client.

• Don’t Overthink It: Send the message or make the call without worrying too much about the client’s response. The sooner you get a "yes" or "no," the faster you can move on to the next opportunity.

If you're struggling with follow-up strategies or looking for guidance on how to improve your pipeline management, consider joining my free Mortgage Marketing Blueprint course, designed to help mortgage brokers enhance their marketing and lead generation.

How Can Mortgage Brokers Use Automation to Manage Their Pipeline?

Automation is becoming increasingly important for mortgage brokers, mortgage advisers, and mortgage advisors. Craig suggests automating as much of the pipeline process as possible, especially routine tasks like notifying clients of updates in the mortgage process.

How Can Automation Help Mortgage Brokers Streamline Their Pipeline?

• Client Touchpoints: Automation allows you to keep in touch with clients without needing to manually send updates. For example, an automated email can notify clients when their mortgage offer is issued.

• Time Efficiency: Automating routine tasks frees up your time to focus on closing deals and solving more complex problems as a mortgage broker or adviser.

However, Craig cautions against over-automation. While automation is useful, the personal touch is still crucial for mortgage brokers, advisers, and advisors. Striking the right balance between technology and human interaction is essential.

How Can Mortgage Brokers Prioritise Leads Within Their Pipeline?

Knowing how to prioritise leads is essential for mortgage brokers, mortgage advisers, and mortgage advisors. Some leads are more likely to convert than others, and spending time on the wrong leads can hurt your productivity.

How Do Mortgage Advisers Prioritise Leads for Higher Conversions?

• Follow the Pipeline Progress: Focus on leads that are further along in the process. For example, as a mortgage broker or adviser, leads that have already submitted a mortgage application are more likely to convert than those still in the enquiry stage.

• Weekly Reviews: Regularly review your pipeline to stay on top of which leads need more attention and which can be allowed to progress on their own.

Should Mortgage Brokers Delegate Pipeline Management to Administrators?

Many mortgage brokers, advisers, and advisors delegate parts of their pipeline management to administrators, but Craig advises against handing off too much responsibility. The pipeline is your income stream, and if you lose control over it, you risk losing deals.

Even if you have an administrator helping you manage your pipeline, you should review it at least once a week. Your clients came to you as their mortgage broker or adviser for a reason, and it’s essential to maintain that personal connection throughout the process.

What KPIs Should Mortgage Brokers Track for Effective Pipeline Management?

To manage your mortgage pipeline effectively, you need to track key performance indicators (KPIs). As a mortgage broker, mortgage adviser, or mortgage advisor, knowing your numbers helps you make data-driven decisions that can improve your conversion rates.

What KPIs Should Mortgage Advisers Monitor to Improve Performance?

• Pipeline Value: Know the total value of your mortgage pipeline. For example, if your pipeline is worth £30,000, aim to convert at least one-third of that each month.

• Conversion Rate: Track how many leads convert into completed deals. As a mortgage broker or adviser, you should strive for an 85% conversion rate.

• Fall-Off Rate: It’s normal for some deals to fall through, but aim for a maximum fall-off rate of 15%.

Knowing these numbers gives you insight into where your mortgage pipeline needs improvement and how you can increase conversions.

Conclusion: How Can Mortgage Brokers Manage Their Pipeline for Maximum Conversions?

For mortgage brokers, mortgage advisers, and mortgage advisors, managing your pipeline efficiently is essential for success. By staying organised, utilising CRM systems, automating tasks, and maintaining consistent communication, you can increase your conversion rates and build long-term relationships with clients.

Remember, as a mortgage broker, mortgage adviser, or mortgage advisor, your role is to get the mortgage offer out. Staying on top of your pipeline ensures that happens efficiently and effectively.

For more tips on how to close more deals, check out my free course on mortgage marketing or head to my YouTube channel for expert guides and tutorials.