The Loan Officer Technology Stack

Do You Have All of the Software Components of a Modern Mortgage Office?

Today’s modern loan officer relies upon a number of technologies in order to maintain a smooth end-to-end production environment, from prospecting to post-close campaigns. These systems provide a wide spectrum of services to lenders and originators, allowing them to stay organized, maintain their pipeline, and access cost-saving efficiencies.

And, as the lending operation scales, these systems become even more impactful to business operations.

A few well-trained team members with the right technology at their disposal are capable of maintaining thousands of contacts, marketing to them, and processing dozens of loans per month. Without having to work nights and weekends to get it done.

While there is no single, all-inclusive piece of mortgage tech that is capable of handling every necessary component of your workflow, many of the leading vendors either provide or allow for integration to other foundational components of the stack.

With that in mind, here are the must-have software systems that are found in every modern loan originator’s software stack:

Loan Origination System (LOS)

The bedrock of retail origination. LOs use a loan origination system to manage loan files and applications, generate disclosures, and submit files to underwriting.

Some LOS systems provide additional integrated services, such as credit reporting and direct access to automated underwriting solutions to generate instant decisions.

Customer Relationship Management (CRM)

Any loan originator that maintains a sizeable contact database will find incredible benefits from a robust, modern CRM. New, mortgage industry-specific solutions provide tremendous value to originators through advanced marketing automation, allowing LOs to stay in constant communication with their contacts and prospect for new business.

We previously reviewed some of the most powerful and popular mortgage CRM’s on the market today.

Mortgage Point-of-Sale (POS)

In the last few years, the mortgage point-of-sale has rapidly become an essential part of the loan origination process. The mortgage POS acts as the front-facing digital transaction portal for your operation. At a minimum, borrowers can complete a loan application, securely upload their documentation, and easily follow-along with their loan as it moves towards funding.

A customized and integrated POS generates staffing and cycle efficiencies that are necessary to maintain a low cost-per-unit in today’s environment of escalating production costs.

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The fastest, most efficient manner in which documents and loan disclosures can be signed. Integrating an eSignature solution with your point-of-sale system creates a streamlined digital borrowing experience for mortgage clients.

Borrowers will enjoy the ability to review and sign documents from their couch, their computer, or a taxi cab. LOs can avoid costly overnight package fees and days wasted on the back-and-forth of paper documentation and disclosures.

Product & Pricing Engine (PPE)

A product and pricing engine gives originators the power to quickly determine the best products and rates for a borrower’s profile. LOs can establish an effective rate lock strategy thanks to incredible access to investor and capital market trends.

Cloud Document Storage

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

While some systems provide unlimited document storage as part of their subscription, that is not commonplace across the industry. For that reason, LOs have turned to cloud-based storage solutions in order to build an organized file-driven directory to maintain digital documentation.

Credit Reporting + Automated Verifications (Asset, Income, Employment, Credit)

These services are designed to instantly return direct-source borrower documentation. Digital credit reporting agencies allow for instantaneous credit pulls, making borrower qualification fast and simple.

Direct source verifications, such as VOA/VOE/VOI, not only speed-up document collection but are also known to eliminate fraudulent lending. For this reason, these services are being endorsed and pushed forward by the GSEs. Fannie Mae’s Day 1 Certainty program is the first and most visible example of this.

Take your time while evaluating systems within each of the above niches. The sheer volume of time, effort, and money involved with the selection and implementation of a software stack make it a necessity to choose the best fit for the process you’ve outlined for your business.

But once the switch is turned on, LOs and their lending teams will surely enjoy the ease with which they are able to manage a long and complex process.