Keep Organized In Loan Administration With Helpful Mortgage Software

by Winston Forsythe on January 28, 2012

Composing mortgage loans used to be a very long and drawn out procedure. There are several forms which need to be printed and signed wherein many errors can be produced. Using mortgage software streamlines this procedure from the beginning.

All of the forms that need to be authorized and the reports that need acknowledgement initials are contained in the software and can be altered anytime necessary. The software automatically updates to keep abreast of new laws governing the mortgage industry as well as the most up to date annual percentage rates.

Before mortgage software was widespread, several office support staff needed to be available to be sure everything was in line for the loan to go to the underwriting department. More often than not, the employees would come across an essential disclosure that would have to be signed when there was just a few hours left to get it finished.

Mortgage origination software has the ability to know right away which documents haven’t been signed and the other forms are needed to carry out the procedure. Each type of loan has variations that it needs to become considered complete and the software will generate a checklist at which point the staff can check things off as they become available. This helps to reduce staff and creates the chance to write more loans faster.

Among the best options that come with mortgage software is that it has programmed into it the guidelines and regulations of all fifty states. So, all you would need to do is pipe in your numbers and the state in which you will be writing loans and the software does what’s left.

Loan servicing software can also email documents in pdf form therefore the borrower can have them to examine without having to run back and forth to the loan office. This is also helpful when there are forms which are missing in the loan writing process. They can just be emailed to the client who is able to electronically sign them and send them back.

Using mortgage software actually makes the loan administration process go by far more smoothly. Once all of the documents are signed, the mortgage loan processor typically has seventy-two hours to get everything ready for the loan to go to the underwriting department. This in effect leads to a enormous crunch time and nothing is more frustrating than to have all of the hard copies in order only to find one that must be signed.

Simply emailing a document file to the borrower is much more time efficient than having to give them a call to inform them of the discrepancy. This cuts out lots of time in the process. Instead of faxing the documents, they can simply be emailed. This will no doubt streamline the process helping to write more loans which will undoubtedly bring in more money to the company.

Jordan is very comfortable with mortgage software He has been in the industry going on 10 years now. Using loan administration software can help you with some insight regarding how to work certain mortgage situations.

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