{"id":10312,"date":"2022-03-09T14:28:43","date_gmt":"2022-03-09T19:28:43","guid":{"rendered":"https:\/\/bntouch.com\/?p=10312"},"modified":"2022-03-16T17:31:41","modified_gmt":"2022-03-16T21:31:41","slug":"effective-business-management-lending-industry","status":"publish","type":"post","link":"https:\/\/bntouch.com\/mortgage-blog\/effective-business-management-lending-industry\/","title":{"rendered":"Effective Business Management in the Lending Industry"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Effective management is important no matter what industry you\u2019re in, but as a loan officer or a mortgage broker, it\u2019s essential. In the lending industry, the way you manage your business does more than help make your dreams a reality. It helps your clients make their dreams come true.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Here are five reasons that effective business management is important for lenders:<\/span><\/p>\n<h2><b>Keeping You Focused on Your Common Purpose<\/b><\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/bntouch.com\/wp-content\/uploads\/2022\/02\/AdobeStock_340742439-300x176.jpeg\" alt=\"A mortgage broker with a client shaking hands and giving him a key in an office setting \" width=\"700\" height=\"412\" class=\"alignnone wp-image-10314\" srcset=\"https:\/\/bntouch.com\/wp-content\/uploads\/2022\/02\/AdobeStock_340742439-300x176.jpeg 300w, https:\/\/bntouch.com\/wp-content\/uploads\/2022\/02\/AdobeStock_340742439-768x452.jpeg 768w, https:\/\/bntouch.com\/wp-content\/uploads\/2022\/02\/AdobeStock_340742439-1024x602.jpeg 1024w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Every business is guilty of a bit of \u201cmission drift.\u201d But as a lending institution, it’s vital to remain committed to your common goals. This need applies to the mission of your company itself, as well as the immediate goals of the projects you take on.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Your clients will appreciate a team that stays focused on customer needs. Staff members may also find greater satisfaction in contributing to this common purpose.<\/span><\/p>\n<h2><b>Promoting Consistency and Trustworthiness<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Effective management creates consistency and transparency across all business processes. For your clients, this means that they know exactly what to expect, and this deepens their trust in you as a lender.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For example, if you’re a mortgage broker, it’s important to develop a rapport with your clients. Many borrowers are going through the process for the first time. Proper management allows you to be open and transparent about what is going on. This openness can deepen your clients’ confidence in you as well as the lending procedures.<\/span><\/p>\n<h2><b>Increasing Accuracy<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Mistakes happen. But for a loan officer, mistakes can undermine the integrity of your institution. Effective management can standardize critical processes and introduce solutions that reduce errors.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Sometimes, this means using the latest technological resources to make improvements. It can also mean providing the tools and training your staff requires to reduce errors.<\/span><\/p>\n<h2><b>Encouraging Innovation<\/b><\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/bntouch.com\/wp-content\/uploads\/2022\/02\/AdobeStock_384733989-300x200.jpeg\" alt=\"Two mortgage brokers holding a lightbulb \" width=\"700\" height=\"467\" class=\"alignnone wp-image-10315\" srcset=\"https:\/\/bntouch.com\/wp-content\/uploads\/2022\/02\/AdobeStock_384733989-300x200.jpeg 300w, https:\/\/bntouch.com\/wp-content\/uploads\/2022\/02\/AdobeStock_384733989-768x512.jpeg 768w, https:\/\/bntouch.com\/wp-content\/uploads\/2022\/02\/AdobeStock_384733989-1024x683.jpeg 1024w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Sure, it’s helpful to adopt consistent practices. But it can also be helpful to introduce new ones.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Effective business managers find ways to bring new solutions to the workplace, but they also find ways to listen to the contributions of others. Your team may provide insight that improves the way you handle business or serve clients. By listening to these suggestions, you could change the way you do business.<\/span><\/p>\n<h2><b>Creating a Culture of Belonging<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">During the “Great Resignation” of 2021, many employees left their jobs in search of new ones. For some, it was a matter of money, but others felt motivated by their workplace culture.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Effective management creates a space where all team members feel valued and respected. This environment can be important for retaining strong staff members. It also attracts new ones.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The lending industry, as we’ve noted, demands consistency and accuracy. Retaining star employees ensures that you continue to meet these goals. It also means you’ll spend less time training new employees and can stay focused on your clients.<\/span><\/p>\n<h2><b>Tools for the Trade<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The BNTouch CRM platform has helped over 700 mortgage lenders grow their businesses. Our tools can help you manage your team, as well as promote stronger customer engagement. <\/span><\/p>\n<h2 style=\"text-align: center;\"><span style=\"font-weight: 400;\">See for yourself by <a href=\"https:\/\/bntouch.com\/request-demo\/\">requesting a demo<\/a>, and learn how our tools can take your organization to the next level.<\/span><\/h2>\n<p> <\/p>\n<p><a href=\"https:\/\/bntouch.com\/request-demo\/?sourceTerm=Organic-Blog-CTA\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/bntouch.com\/wp-content\/uploads\/2021\/06\/WebsiteCTA4.png\" alt=\"Request a free demo\" width=\"600\" height=\"100\" class=\"aligncenter wp-image-9806 size-full\" srcset=\"https:\/\/bntouch.com\/wp-content\/uploads\/2021\/06\/WebsiteCTA4.png 600w, https:\/\/bntouch.com\/wp-content\/uploads\/2021\/06\/WebsiteCTA4-300x50.png 300w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Effective management is important no matter what industry you\u2019re in, but as a loan officer…<\/p>\n","protected":false},"author":20,"featured_media":10313,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[29],"tags":[],"class_list":["post-10312","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles"],"_links":{"self":[{"href":"https:\/\/bntouch.com\/wp-json\/wp\/v2\/posts\/10312","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bntouch.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bntouch.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bntouch.com\/wp-json\/wp\/v2\/users\/20"}],"replies":[{"embeddable":true,"href":"https:\/\/bntouch.com\/wp-json\/wp\/v2\/comments?post=10312"}],"version-history":[{"count":0,"href":"https:\/\/bntouch.com\/wp-json\/wp\/v2\/posts\/10312\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bntouch.com\/wp-json\/wp\/v2\/media\/10313"}],"wp:attachment":[{"href":"https:\/\/bntouch.com\/wp-json\/wp\/v2\/media?parent=10312"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bntouch.com\/wp-json\/wp\/v2\/categories?post=10312"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bntouch.com\/wp-json\/wp\/v2\/tags?post=10312"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}