Mortgage software - main advantages

Banking

Published 29 May 2024
6 min reading
Share

In the ever-evolving landscape of the mortgage industry, technology plays a pivotal role in streamlining operations, enhancing efficiency, and improving the overall client experience. Mortgage software has emerged as a game-changer for mortgage professionals, offering a range of benefits that propel the industry forward. From revolutionizing the loan origination process to optimizing customer service, mortgage software presents a plethora of advantages that empower brokers and lenders to thrive in a competitive market.

Intelligent brokerage

More and more credit brokers are using specialized mortgage software in their work. This applies especially to large companies and consultants with over 20 years of experience. Mortgage broker software is not new, but in the last three years there has been a real boom in its use by financial institutions and mortgage lenders. This is because it allows to automate and accelerate all processes, and at the same time - accommodate customer needs in full. But what exactly does it mean and what are the concrete benefits of using it?

Key business benefits of the intelligent brokerage

To put it in one sentence: a specialized mortgage advisor software can significantly improve sales, with less effort, especially the tedious paperwork. The loan origination process is streamlined by the software, making it more efficient. In order to use the software, you do not need to have advanced IT skills. It is simple and intuitive. The loan officer can use the software to manage the loan origination process, from initiating the loan to completing the necessary paperwork. Thanks to it, a credit broker can significantly improve their work in the following areas:

Faster credit decisions in the mortgage loan origination process

This is a huge advantage of the software for credit brokers. Faster, automated analysis also means faster offer generation and higher customer satisfaction. The brokers can focus on selling more products, because they don’t have to check product parameters every time, perform complex calculations in Excel or fill out document hard copies. Everything is done automatically, including the loan application process, making it faster and more efficient, after filling out the form.

No more paperwork in loan documentation

Paperwork is one of the biggest problems faced by every credit broker in their daily work. The software helps in generating and managing loan documentation that complies with internal and regulatory requirements. Registration of credit applications, creating records of meetings with customers, preparing reports - filling out all these documents takes a lot of valuable time. A broker back office reduces it all to a minimum. You work with ready-made templates and forms, which speeds up the whole credit process. Having everything in the system, a credit broker can also easily search for individual data and loan documents in the client’s history, streamlining the collection and management process.

Personalization of credit sales

Intelligent brokerage enables a deeper customer relationship and a more individual approach. It also supports the origination and management of home equity loans, ensuring that these loans are processed efficiently. Thanks to it, you can choose the most optimal product, easily analyzing available bank offers and comparing credit costs. Intelligent brokerage also comprehensively supports them at every stage of the credit process - it carries out a simulation, makes it possible to submit and verify an application, transfer it to a bank, and finally - sign a contract.

Reduced risk of error

Using ready-made templates and automatic verification also reduces the risk of errors made by a credit broker, e.g. when filling out a complex application for a mortgage loan. The software provides accurate loan estimates to borrowers, detailing all the estimated costs of the loan applied for. The business process defined in the system ensures that the credit broker will carry out all the required actions in a specific order, ensuring an equal approach to each client.

Better work organization

Using mortgage advisor software, the advisor can better organize their tasks and thus work more effectively. The software helps manage the entire loan process efficiently, from pre-qualification to approval, including supervision over the completion of credit documentation and a preview of the entire process. It also assists in creating a customer database and an interactive calendar of meetings and tasks. Mortgage software makes it much easier to maintain order in documents.

Better supervision

When hiring people in your company, such software allows you to easily monitor the activity of employees and track the history of their cooperation with individual customers. Additionally, it supports mortgage professionals by streamlining mortgage loan processes, automating menial tasks, and uniting people, systems, and stages of the mortgage process for increased profitability.

What is the best mortgage broker software?

There are many systems available on the market that support the work of brokers, but not each of them will work equally well. A loan origination system is designed to help banks, lenders, and other financial institutions generate loan documentation, comply with internal and regulatory requirements, and streamline the loan origination process. Every credit broker should pay attention to a few important aspects when choosing the system. The first one revolves around the problems that may be associated with the use of any mortgage advisor software. The most common ones are:

lack of intuitive way of data input, which significantly increases the working hours instead of decreasing them
no integration with other IT systems
filling out documents outside the system
too long and complicated reports generated by the system

What software do martage brokers use?

Mortgage brokers typically use a variety of software tools to streamline their workflow, manage client information, process loan applications, and stay compliant with regulations. Some common software tools used by mortgage brokers include:

Customer Relationship Management (CRM) Software: CRM systems help mortgage brokers manage client interactions, track leads, store contact information, and organize communication with clients throughout the loan application process.
Loan Origination Software (LOS): LOS systems are designed to facilitate the loan application process from start to finish. They help brokers collect and review borrower information, communicate with lenders, generate disclosure documents, and track the progress of loan applications.
Document Management Software: Document management software helps brokers organize and store important loan documents electronically, ensuring easy access to information and maintaining a secure record-keeping system.
Compliance and Regulatory Software: Mortgage brokers must adhere to strict regulatory requirements. Compliance software helps brokers stay up-to-date with regulations, manage licensing requirements, and ensure that loan applications meet legal standards.
Financial Analysis and Reporting Tools: These tools enable mortgage brokers to perform financial analysis, evaluate loan options, generate reports, and provide clients with comprehensive financial information to support their decision-making.
Communication and Collaboration Platforms: Brokers often use communication tools such as email, messaging platforms, and video conferencing software to stay in touch with clients, lenders, and other stakeholders involved in the loan process.
Mortgage Underwriting Software: Underwriting software helps brokers assess the creditworthiness of borrowers, evaluate loan risks, and determine the likelihood of loan approval from lenders.

These software tools help mortgage brokers efficiently manage their operations, provide excellent service to clients, and navigate the complex process of securing loans for homebuyers. The specific software used can vary based on the broker's business model, size, and specific needs.

What mortgage professionals should pay attention to when choosing mortgage software?

Interactivity - this is a useful function that supports direct relations with the customer. You can then, for example, sit down with them and modify the offer on an ongoing basis, checking variants and investment assumptions. This is not possible with a standard template. The mortgage loan origination process is crucial, and using loan origination software like Calyx and Finflux can streamline the stages and timeline, ensuring all required documents are managed efficiently.
The option of working on mobile devices - it is important if you often work outside the office, because thanks to this function you can have permanent access to all data. All you need is an internet connection.
Configurability - the possibility of managing parameters used in business processes directly by financial institutions. It is not only about the product parameters themselves, but also, e.g., the possibility of making changes in system form templates and generated document templates.

More about Loan Origination for Mortgages