Account Setup
Video

Engage – Objects and Records

Lesson 6

There are a number of records and objects in Salesforce that inter-connect with each other in order to effectively manage your Mortgage. These objects include

  • Accounts
  • Contacts
  • Customer Profiles
  • Financial Institutions
  • Homes
  • Mortgages
  • Mortgage Conditions

The video above covers the Contact, the Customer Profile and the Mortgage with a brief touch on the Mortgage Condition as it's those objects that will hold 90% of the data you process. The other objects and their uses are described below

Accounts refer to Mortgage Brokers and Mortgage Professionals - whoever is working the mortgage file - this is usually you or a member of your team

Contacts refer to individual people - Whether it's the Primary Borrower on a Mortgage, a mortgage professional, or other individual involved in the mortgage process (eg: Lawyer, Realtor, etc)

Customer Profiles can best be thought of as "Households" - This allows multiple Contacts and Mortgages to be related to each other through this intermediary record, for example a married couple, partners in real-estate investment, or even a single individual

Financial Institutions store contact and rate information for banks, credit unions and other credit lenders that may be involved in a mortgage transaction. 

Homes refer to physical pieces of real estate. It's here that property-specific information can be stored, including lot size, building design, existence of outbuildings, utility connections, property value, etc. Homes can be used to link a target property to a Mortgage record, or a Contact to their primary address

Mortgages store mortgage and loan-specific information, such as amortization, term, mortgage value, and other relevant mortgage/loan details. The Mortgage record is also where you can request personalized reports based on mortgage-specific information to be sent to either you or your client.

Mortgage Conditions are used to track the status of prerequisite inspections, documentation and other tasks that must be completed by your client in order to complete the mortgage application process

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