Help Your Business Grow With Loan Origination Software
In the mortgage marketplace, time is money that a company owner cannot afford to lose, which is precisely what happens in a financial industry without loan servicing software. The software takes less than 10 mins to set up and offers paperwork for all forms of home mortgages.
The software can track installments over the lifetime of the loans and will instantly generate payment alarms. A mortgage business can set up the reminders on a daily, weekly or monthly basis that can eliminate the need for the processor to personally track late payments which will decrease the amount of man hours needed.
Most mortgage lending software packages come complete with letter wizards which enables an individual to make notes on the account. This prevents the borrower from needing to explain his circumstance to each new person who answers the phone and also helps the mortgage company know if the borrower has previously called with payment arrangements.
This feature provides everyone in the office to the same page of the borrower. By the same token, care should be taken when entering any notes on a customer’s account because of the fact that if the account switches into default and litigation ensues, those notes become admissible in the courtroom. Other than that, it is a great feature.
Among the best popular features of loan origination software is a chance to email overdue notices right away. The feature also reaches regular mail when the software can be developed to immediately print these notices along with addressing the envelope which will print right behind the letter.
This streamlines the process of monitoring all outstanding loan balances and getting them current when necessary. Reminders are usually set to a once a week or monthly basis, depending upon the requirements of the company and daily spreadsheets are available with the click of a button.
Most loan servicing software may be used by everyone in the office. Although, the director will be able to set password protected security levels so that data which is delicate and of no use to the office processors isn’t going to be breached at all. There are many features to the software that was previously not available to individual mortgage companies. The use of it prevents the loan processors from having to go into each individual account to look at them.
Before, to know a loan payment was late, they would most literally have to go draw the file that would be in the center of thousands of other files. The software keeps all information in one safe and secure spot to reduce the man hours required in looking up this information. It is also helpful in that it has mortgage industry regulations for all fifty states programmed into it so all the manager has to do is enter his state and it computes all of the numbers from there.