Today's mortgage lenders manage complex product options, mandatory investor and regulatory compliance, information security, and the integration of multiple lending technology tools. Mortgage lenders need to understand that successful integration of technology is a requirement for meeting mortgage banking objectives. Web-Based, loan origination software that integrates with mortgage service providers, streamlines operations, and simplifies compliance would be key to managing a successful origination shop in today's climate.
Here are some things to consider while selecting an LOS
Borrower data integration ... Borrower inquiries should be received via your website or by your loan officers through an easy interview style online interface.
Credit ... instant tri-merge or full residential mortgage credit reports should be available on demand
Data Checks: Integrated data checks should be continuously updated and monitored at various stages of loan processing.
AUS: Two way interfaces should provide users with a more efficient method of approving loans and simultaneously reduce data input or approval inconsistencies.
Status Sheets and Loan Conditions: Status items and loan conditions should be based on the characteristics of the loan data and can be customized to support the lenders' workflow.
Forms ... an extensive print form library should be readily available and bundled into groups based on the loan program and customer data. Forms should be able to be printed or emailed and automatically populated for the application, initial disclosures, closing docs, HUD/VA specific forms, investor specific forms, and various forms used for loan processing and administrative purposes.
Appraisal and Title Reports should be able to be ordered and managed directly within the LOS.
Snapshots: Lenders should be able to see data snapshots, including final values that assist with secure data collaboration and are automatically created based on the status of the loan and the lenders workflow.
Final Underwriting: Final automated underwriting should be completed to validate processed data.
Pricing and Locking: Interest rate and pricing options should be made available to originators and secondary marketing based on cost of funds and are automatically updated throughout the business day for supported loan programs.
Closing Doc Prep should be completed via the LOS' supported print forms or with securely integrated third party vendors.
Stacking & Investor Sheets ... printed directly from the loan origination system reduces the workload on the shipping department and enabling maximum delivery effectiveness.
Post Closing Tracking ...should be accomplished within the system to ensure complete delivery of loans to your investors.
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