Mortgage Innovation for Salesforce Financial Services Cloud

Salesforce recently announced a new feature Called Mortgage Innovation for  Financial Services Cloud that is designed to streamline the mortgage application process. This new tool includes a guide for the residential loan application process, as well as a new mortgage data model, that enhances Financial Services Cloud features which will unify the mortgage experience for borrowers, lenders, and partners.

Why is it needed?

With the increasing competition from Financial organizations and independent brokers, mortgage companies are under more pressure than ever to make the lending experience seamless and borrower-centric. Mortgage applicants also often need loans for cars, their children’s college tuition, and businesses. Therefore AI-enabled Financial Innovation can help Salesforce customers to identify them.

Don’t forget to check out:  What is Salesforce financial services cloud?

Borrowers face that applying for a mortgage is the most complicated and time-consuming task they experience when engaging with a financial services institution. Applying for a mortgage process that depends on many fragmented pieces of processes takes an average of one and a half months to get approved. This innovative feature will optimize the process, given that homebuyers an extra edge to get solved in a quick time interval.

Here I list some of the features of Financial Innovation of Financial Service Cloud

  • Smooth Loan Process: It takes borrowers and loan officers on a smooth journey through a residential loan application by guiding users through pre-built, step-by-step actions and recommendations to capture relevant data. Initially, loan officers have to upload data manually and also do documentation of the loan process manually which increases the chances of creating more errors and also takes more time that affects their productivity. With Salesforce’s new released feature, applications are smoother for all parties and hence loans close quickly.
  • Mortgage Data Model: It provides 13 pre-built mortgage objects that provide simple steps to capture information such as the applicant’s address, income, and employment, and also enable loan officers to keep an eye on these details and also track for the same. Once the data is captured, it creates opportunities for lenders to use Financial Services Cloud for other business perspectives.
  • Simplified Document Management: It provides a simplified document collection with optimized checklists and automated approval management. For example, a loan officer and borrower can collaborate by following the checklist and ensuring no document or task left unchecked. If anyone of the documents is missing, borrowers can easily upload these files through a secure portal.
  • Transformation of Process: It transforms the mortgage process from pre-application to post-close across marketing, sales, servicing, integration, application development, and analytics. With Salesforce, lenders can engage borrowers earlier in the home buying process through intelligent marketing, and the best leads can be surfaced automatically for loan officer outreach. Throughout the application process, lenders, borrowers, and partners can collaborate from any device through digital portals that support document collection, embedded business processes and a knowledge base for support.
  • In-depth View: Since this system is fully integrated with the Customer 360 Platform which provides a feature so that lenders can create a single view of the borrower, more in-depth analysis for maximizing productivity. It helps to establish deep relationships with borrowers. Data can be passed easily and securely between point-of-sale systems, Salesforce, and loan origination systems.
  • Fully Customizable: Lenders can create a clear view of each customer’s borrowing history with the help of an API-led approach to integration and further you can automate key mortgage processes including underwriting, loan onboarding and loan servicing with it. For example, data captured in Financial Services Cloud can securely generate a loan file in the loan origination system when connected via MuleSoft APIs.
  • Mortgage application wizard: This wizard collects applicant data for relevant forms and also check for necessary elements for loan applications. Salesforce-based financial services companies use these AI-enabled new features to identify potential upsells to their customers and do more with the data.


  • Simplify and accelerate the mortgage application process.
  • Able to capture more customer data during mortgage applications for its CRM platform.
  • Speed up the approval process.
  • Optimize the mortgage application process for both lenders and borrowers.
  • Makes document tracking and approvals smooth.
  • It helps lenders to establish deeper and closer relationships with each borrower.
  • Document tracking and automated approval management are much easier.

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