Loan origination is a complex process, which requires a lot of diligence and scrutiny at each and every step. A lot of time, money, energy, and resources get exhausted while manually carrying out the whole process starting from origination to closing and also while offering post-closing support. To top it all, often the accuracy needed in the whole process takes a beating, which further lengthens the never ending process. What is worst in all of this is the customer often gets entangled in running around offices and doing endless paperwork.
Mortgage technology has changed the whole industry of lending in a better way, improving and streamlining a lot of process involved in money lending. Since its inception, many vendors have flooded the market with their mortgage servicing software. While most of the lenders are confused with the choices, there are others who have settled with ordinary loan or mortgage software solutions. .
With the ever increasing digital integration, the biggest question to be asked is whether your software is efficient enough to boost loan origination requests online. With customers always on the move and looking up for quick information on digital moving devices, the number of online requests has consistently gone higher every year. Here are top 8 features to look for in a mortgage software to ensure a considerable rise in your online loan origination numbers.
- Pre-installed interview queries— The software should have dynamic but well thought interview questions for the borrowers pre-set in it. This helps both borrower and lender to understand the other party in a better way beyond hardcore rules, regulations, terms, and conditions.
- Self-updating– The mortgage solution should be smart enough to update itself on new compliances and regulations rolled out by authorities and should not require a manual trigger for the same. The software should also self-adjust all its parameters for loan origination as per the newer updates.
- Robust amortization calendar– This helps the borrowers a great deal when they first land on the software online. Every borrower likes to know how much EMI they need to pay towards a loan and how much of it would go towards principal and interest.
- Automated underwriting– As basic and obvious as it sounds, there are many mortgage software solutions out there that of all the features mess with this one. It is important to understand that retrieving borrower data from application correctly is most important part of arriving at a loan decision.
- Intuitive user interface– A complex software replete with jargons will only drive your potential borrowers away. It is a time and tested fact that no matter what a software intends to do, it has to have a simple, user-friendly, and pleasant user interface for the customers to feel at ease while using it.
- Cloud integration- Yes, it is the need of the hour. For borrowers and lending agents to access software online form anywhere and everywhere, the software should be integrated in cloud for round-the-clock access.
- Audit trail– A mortgage origination software must encompass all essential features including this. This feature serves the obvious purpose of keeping track of all transactions related to a particular loan.
- Portal alerts– This is basically to help the borrowers be informed about the progress of their loan application. Many a times, a borrower backs out half-way after applying for loan because it is frustrating to have no clarity on the status of his loan application. This feature should alert the customers on loan application upload, submission, processing, approval, etc.
These features in a mortgage software can give comfort and convenience to both borrowers and lenders all throughout the process of loan. More importantly they can all directly or indirectly help in loan origination process. Customers today are very keen on understanding the services of a lender before choosing one. In such a scenario, it can always help to have a robust loan origination software, which is the first line of communication between a lender and a borrower.
