At Floify, we are dedicated to providing the best cloud mortgage software possible to mortgage lenders across the United States. If you are a mortgage lender who is looking for a platform to streamline the mortgage approval process, here are the 5 essential features you’ll need.
Managing just one mortgage can take hundreds of pages of documents, and once you add in multiple versions, that number can reach into the thousands. An online document portal system ensures that documents don’t get lost; documents can be easily edited and amended; and documents are gathered in one central location. Cloud mortgage software means you can spend less time managing documents, and more time helping your clients.
For the past 50 years, mortgage lenders have had to deal with an increasing number of regulations and compliance laws stemming from the following pieces of legislation:
- Truth in Lending
- Equal Credit Opportunity Act and Fair Housing Act
- Real Estate Settlement Procedures Act
- New Homeowner’s Protection Act
- Nationwide Licensing System and Standards
While these laws are designed to protect consumers, they bring with them a host of hurdles that mortgage lenders need to address when working with clients, particularly around security. Your mortgage platform should offer a secure method of document collection and storage, but also enables team-specific quality control features for your compliance department.
Through the mortgage lending process, there are dozens of individual updates that you could give to your clients. However, it’s not a good use of either your team or your clients’, time to give them a call to notify them about each one. With automatic updates, you can send messages to your client when you’ve reached particular stages in the mortgage process, keeping them updated while reducing hours of talk time for your team.
Traditionally, one of the most time-consuming parts of the mortgage lending process has been asset verification. In part, this is due to the fact that customer assets are one of the most important factors for banks to decide if and what they are willing to lend. However, asset verification has also been time-consuming because customers were only able to obtain these documents by physically going into their bank branch or visiting their accountant’s office. With an automated verification system, your clients will be able to handle fewer sensitive documents and will be able to provide asset verification in minutes instead of hours or days.
The final piece that every mortgage automation system must have is an ability to automatically send these documents to your loan origination system. Your mortgage processing software should be able to easily add and remove document requests and conditions, map online forms to 1003, and instantly convert your 1003 to a Fannie Mae 3.2 data file. It also helps to have a real-time loan pipeline management system to track where your loans are in the processing cycle.
While some of these features have been offered in mortgage software before, they’ve never been offered together in the cloud before Floify. If you want to learn more about how Floify can help improve your mortgage lending process, contact us today!