The Loan Officer Technology Stack

The Loan Officer Software Stack is Largest in Housing

In a high producing mortgage environment, loan officer software needs can be broken down into three essential functions: lead generation, borrower/partner experience, and business operations. In order to cover all these areas, lender’s need to acquire a large “stack” of mortgage tech to implement within their lending process.

Today’s digitally inclined borrower is forcing loan officers to re-think their normal lead generation channels. Partner referrals remain the gold-standard, but online channels such as property search sites (Zillow), local SEO (example: ranking high in search results for mortgage brokers in your area), or even just having an online loan application are becoming more and more necessary as homebuyers lean towards beginning their journey with those self-service tools.

A loan officer acts, at times, like the mortgage version of an air-traffic controller: juggling different stakeholders while shepherding them down the runway to closing. In this sense, the loan officer’s ability to effectively communicate with multiple stakeholders, at the right times, is critical in providing both an excellent experience and relief for time-strapped mortgage professionals. Everyone relies on the lender to ensure that the transaction happens, the buyer gets their home, and all the stakeholders get paid for their efforts. The better the process, the higher the probability of repeat and referral business.

This is where mortgage technology that enhances business operations plays a role. There are so many moving parts to originating a mortgage that a solid process that can be scaled to meet production needs will have to involve technology. When these systems are all integrated and working together, the return generated by your mortgage technology will far exceed your investment.

Here are the common elements that make up a loan officer software stack:

    • Loan Origination System (LOS) – Used to manage loan files, disclosures, compliance, and underwriting.


    • Customer Relationship Management (CRM) – A database containing the contact information and behavioral data for customers and prospects. We have previously reviewed some of the best mortgage CRM’s out there.


    • Online Loan Application (1003) – A customizable (to not trigger RESPA if desired), web-based loan application allowing borrowers or prospects to initiate process from anywhere at anytime.


    • Marketing Automation – Stay in front of prospects, clients, former clients, referral partners and more with nurturing campaigns to stoke new business.


    • eSignature – The fastest, most efficient manner in which to gets docs and disclosures signed. Borrowers can eSign from the comforts of their couch.


    • Product Pricing Engine – Quickly determine the best products and rates for a borrower’s profile. Lock in rates from capital markets.


    • Secure Document Collection Portal – An easy and secure, web-based, portal for borrowers to quickly submit requested documentation.


    • Cloud Document Storage – A web-based service that offers digital storage for client documents. Provides an intermediary before entering documentation into LOS.


    • Automated Verifications (Asset, Income, Employment, Credit) – These services are designed to quickly return direct-source borrower documentation. Direct source eliminates fraud and is being endorsed by GSEs such as the Day 1 Certainty program by Fannie Mae.


  • Credit Reporting – A digital service designed to quickly return a borrower’s credit report and FICO score used for pre-qualification.

That’s a heavy stack of loan officer software, and it may seem overwhelming, but there is a silver lining on the horizon. Mortgage industry thought leaders are predicting 2017 to be a year dedicated to the blending of mortgage technologies through platform integrations. This exact subject was the focus of a recent webinar presented by Rob Chrisman and Floify, “The Future of Mortgage Technology”.

The Floify platform now has native features for an online loan application, secure document collection, cloud document storage, and automated notifications for stakeholders. To further the simplification of mortgage technology for loan officer’s, Floify integrates best-of-breed providers of other technologies to bring them under one roof. Mortgage technologies such as the Encompass LOS, DocuSign eSignature, AccountChek™ and VeriTax automated verification services, Dropbox, Box and Google Drive cloud storage platforms and others are now seamlessly integrated to give loan officers, their teams, and borrowers a singular experience.

We’d love to show you how Floify is simplifying the loan officer software stack by bringing multiple mortgage technologies into one, easy-to-use platform for lenders and borrowers.