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Salesforce Financial Services Cloud introduces mortgage-focused features

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A series of updates have been announced by Salesforce that brings a new comprehensive set of features to its Financial Services Cloud. The introduction of the features streamlines and modernizes the process of the mortgage application. The new capabilities are created to collect more customer data through mortgage applications for Salesforce’s Customer Relationship Management platform, accelerate the approval process, and integrate Artificial Intelligence (AI) with customer data to discover upsell opportunities.

The new tools that include mortgage loan application guides and new mortgage loan data models would help in executing the process of mortgage application faster and smoother for both lenders and borrowers.

The features include a Mortgage Application Wizard that captures relevant data of the applicant on the appropriate forms, supporting documents needed for the application, and a portal for receiving these documents. The wizard checks whether the pieces of information required for loan applications are included or not, and mark missing documents such as Wage and tax statements to verify the borrower’s income.

In 2016, Salesforce introduced Financial Services Cloud for banks, insurance companies, and fintech companies. Since its inception, Salesforce has been a regular when it comes to introducing industry-specific updates to help various financial services businesses modernize their complex processes.

With the latest updates to the Salesforce Financial Services Cloud, mortgage lenders can provide prospective borrowers with a guided home loan application process with step-by-step actions and recommendations. As a result, loan officers do not need to manually upload relevant borrower data and documents.

Mortgage lenders can also receive 13 ready-made mortgage objects that facilitate the collection of information such as the applicant’s address, income, and employment. The new mortgage data model also allows loan officers to see these data points in the context of other borrowers’ financial accounts and more general information.

Finally, Salesforce provides new document tracking and approval processes with automatic approval management and templatized checklists.

The mortgage toolset complements Salesforce’s Financial Services Cloud capabilities in various sectors, including asset management, banking, and insurance.  

According to Jeff Green, global head of mortgage and lending at Salesforce, the new introductions are not intended to replace the traditional loan origination legacy system. Instead, financial service providers that use Salesforce can use new features in combination with AI tools to discover potential upsells to their customers and do more with the data.

Mortgage applicants often need loans to buy cars, pay school fees for children, and fund their businesses. AI can assist Salesforce customers to identify them, Green said.

Sometimes, people buy houses without leaving their beds, Green said. “They don’t even look at the place in person, they buy based on photos.”

Collecting more relevant data will give Salesforce Financial Services Cloud users a more complete view of customers, and some new shortcuts in cloud CRM, according to Constellation Research analyst Nicole France. 

However, it remains to be seen whether the new mortgage features will make Salesforce more attractive to users on competitive platforms.


Ajay Dubedi

CEO | Founder
Ajay Dubedi, the founder and CEO of Cloud Analogy, is a prominent Salesforce Sales, Service, and Marketing cloud Consultant with a rich expertise in handling challenging business models. Ajay has assisted and implemented solutions in industries comprising Banking, Health Care, Networking, Education, Telecommunication and Manufacturing. Ajay is globally acclaimed for his extensive experience in APEX Programming, VisualForce pages, Triggers, Workflows, Page Layouts, Roles, Profiles, Reports & Dashboards.

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