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#1 Posted : Friday, October 4, 2019 2:02:14 PM(UTC)
Rank: Advanced Member

Posts: 123

Contact Status Tracking (Web)

Within the Contact screen, there are several pipeline management fields, including:

  • Status – tracks the client’s current disposition, such as New Lead, Prospect, etc.
  • Status Description – further describes the Status in more detail
  • Lead Source – tracks where the contact came from
  • Lead Description – further describes the Lead Source

In the Contact screen, these fields are in the Basic Info section (Figure 1):

(Figure 1: Contact Status Pipeline Fields)

In this document, we will focus on the first two, Status and Status Description, which have a parent-child relationship that is similar to that of Lead Source and Lead Description.

Status and Status Description are designed so that sometimes a Status has no inherent Status Description associated with it, and sometimes a Status may have multiple Status Descriptions that correspond to it, hence the parent-child relationship.

When you click on the arrow at the end of the Status field, it opens a dropdown list that is populated with preset items (Figure 2):

(Figure 2: Contact Status Dropdown)

You can use the Windows version of Mortgage Manager to customize the Status dropdown list (Figure 3):

(Figure 3: Contact Status - Edit Lookup Values)

You can remove items by marking them as inactive, or rename items, or add new items from the Lookup Edit screen (Figure 4):

(Figure 4: Contact Status - Lookup Edit)

Looking at the built-in flow of the Status field, it is good practice to mark new contacts as “New Lead” and to try to move them into a Status that is further along the sales process. For example, if you periodically do a search and see that you have a lot of contacts in “New Lead” Status, it may mean that you need to do more to try to reach those contacts and help move them along the sales cycle.

For example, “Attempted” Status indicates that you have tried to communicate with the contact. A less-than-ideal result would be Status “Dead Lead” but even so, it is useful to track that by using corresponding Status Descriptions such as:

  • Credit Problems
  • Moved
  • Wrong Number

A better result, of course, would be to move the contact to “Prospect” Status, which indicates that while the mortgage application process has not yet begun, the contact is showing interest.

Another useful Status is “Pre-Approved” to show a move further along the sales process. Perhaps the most useful Status is “In Process” and it is automatically updated along with its corresponding Status Descriptions if you have LOS syncing in Mortgage Manager. With syncing, your data from Encompass or Calyx Point, for example, will update Status and Status Description based on milestone changes in your LOS.

An excellent example of the usefulness of these fields can be seen in the Status Descriptions that go with Status “In Process” (Figure 5):

(Figure 5: Contact Status - In Process - Descriptions)

As can be seen in the previous figure, the Status Descriptions for Status “In Process” help to identify exactly where the contact is in the loan transaction process.

The settings for these fields can be used in Contact Finder to identify specific contacts (Figure 6):

(Figure 6: Contact Finder - Status)

In this example, you can set the Status to “In Process” and Status Description to “Approved” to see contacts that fall within those parameters (Figure 7):

(Figure 7: Contact Finder - Status Description)

Thoughtful use of these fields pays off not only with useful results in Contact Finder, but also in the form of better dashboards, reporting, and marketing, along with a more complete picture of your contacts.

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