How Mortgage Brokers Can Use Funnel Forms to Capture Leads

Funnel forms for mortgage brokers are specialized online forms that collect information from potential clients at various points in the mortgage buying process. They serve as a critical tool to capture leads, qualify prospects, and move them through the sales funnel efficiently.

Why this comes up / what goes wrong

Mortgage brokers often lose leads or fail to convert prospects because they rely on generic contact forms or manual follow-up methods like texts and spreadsheets. Without funnel forms tailored to the mortgage process, brokers miss key qualifying information early on, leading to slower follow-up and lost opportunities. Small and mid-sized mortgage brokerages especially struggle to keep track of leads and their stage in the sales process, resulting in inefficient pipelines and missed conversions.

Step-by-step

1. Identify Key Stages in Your Mortgage Funnel

• Define the main steps your prospects go through, such as initial inquiry, pre-qualification, document submission, and quote review.
• Check that these stages reflect your actual sales process.

1. Design Funnel Forms for Each Stage

• Create forms that capture relevant information at each stage. For example, initial forms should ask for contact info and basic financial details, while later forms request documents or preferences.
• Ensure forms are concise to encourage completion but detailed enough to qualify leads.

1. Integrate Forms with Your Website and Marketing Channels

• Place funnel forms on landing pages, email campaigns, and social media ads.
• Check that forms load quickly and work well on mobile devices.

1. Automate Lead Capture into a CRM Pipeline

• Set up automatic transfer of form submissions into a CRM system that supports pipeline management.
• Verify that each lead is assigned to the correct stage and sales rep.

1. Set Follow-up Tasks and Reminders

• Create follow-up tasks linked to leads in the pipeline to ensure timely contact.
• Confirm that the system sends alerts or reminders for overdue follow-ups.

1. Review and Optimize Regularly

• Monitor form completion rates and drop-off points.
• Adjust form fields and funnel stages based on feedback and conversion data.

Example (fictional figures)

A mortgage brokerage in Halifax, Nova Scotia, uses funnel forms to capture leads from their website.

• On 2024-05-01, they receive 100 form submissions at the initial inquiry stage.
• 60 of these prospects complete the pre-qualification form.
• 42 of those submit required documents.
• 33 of these receive a mortgage quote.
• 16 leads convert to clients.

This funnel helps the brokerage track where prospects drop off and focus follow-up efforts accordingly.

Calculations:

100 - 60 = 40 prospects who did not complete pre-qualification

60 - 42 = 18 prospects who did not submit documents

42 - 33 = 9 prospects who did not receive a quote

33 - 16 = 17 prospects who did not convert to clients

Common mistakes

• Using a single generic form for all stages: Prevent by designing stage-specific forms to gather relevant information progressively.
• Overloading forms with too many fields: Prevent by limiting questions to essentials to avoid form abandonment.
• Failing to integrate forms with a CRM: Prevent by automating lead capture to avoid manual data entry errors and lost leads.
• Neglecting follow-up tasks: Prevent by setting reminders and assigning follow-ups in a CRM pipeline.
• Ignoring mobile optimisation: Prevent by testing forms on various devices to ensure accessibility.

Doing this in HelloGrowthCRM

HelloGrowthCRM offers Deals (pipeline) to track mortgage leads from first contact to close. For example, a quotation sent last week shows up as a deal at the 'quote sent' stage with a follow-up date, so it is not forgotten. For brokers without a sales manager, Managed RevOps provides dedicated support to work the follow-up queue every week, ensuring leads are contacted promptly and pipelines stay clean. Learn more about HelloGrowthCRM for Canada and its WhatsApp and SMS CRM features, plus the built-in CRM dialer to streamline calls.

Frequently asked questions

What are funnel forms for mortgage brokers? Funnel forms are a series of online forms designed to capture and qualify mortgage leads progressively. They help brokers gather the right information at each stage to move prospects closer to applying.

Why should mortgage brokers use funnel forms instead of one contact form? Using funnel forms tailored to each sales stage improves lead qualification, reduces drop-offs, and enables more targeted follow-up, increasing conversion rates.

How do I integrate funnel forms with a CRM? Most CRM systems allow automatic import of form submissions via API or integrations. This ensures leads enter the sales pipeline with stage assignments and follow-up tasks.

Can funnel forms be used with WhatsApp or SMS follow-ups? Yes. Funnel forms can trigger sequences in WhatsApp or SMS to engage leads efficiently. HelloGrowthCRM supports these channels natively.

What common mistakes should I avoid when setting up funnel forms? Avoid overly long forms, poor mobile design, lack of CRM integration, and missing follow-up reminders to ensure leads are captured and nurtured properly.

Key takeaways

• Funnel forms capture mortgage leads progressively, improving qualification.
• Design forms for each sales stage with relevant questions.
• Integrate forms with a CRM pipeline to automate lead management.
• Set follow-up tasks to avoid losing leads.
• Regularly review form performance and optimize.
• Avoid common mistakes like generic forms and lack of mobile optimisation.

Start capturing and converting mortgage leads efficiently by setting up funnel forms today. For a CRM that helps you manage deals and follow-ups, try HelloGrowthCRM. You can Start on the Free Forever plan (200 leads, no credit card).