Mortgage software consists of computer programs, both cloud and on-premise, designed to replace traditionally manual operations that were historically handled by individuals during the origination or servicing of mortgages.
When it comes to origination, mortgage software comes in a variety of packages depending on the functionality desired. There is software that is specifically designed to aid loan officers in developing business and demand generation, software to enhance the experience of loan borrowers, and there is also software that was created to streamline the replicable and time consuming portions of the origination process. This includes activities such as:
- Client relationship management
- Borrower document collection and organization
- Loan file management and storage
- Loan status and milestone updates
- Asset, income, employment, and credit verifications
- Disclosure delivery and signing
- Pricing and product fit determination
With the rise of digital and mobile business transactions, some of the most common pieces of mortgage software for loan officers involves catering to the borrower experience. As consumer preferences shift and attention spans shrink, the need for more transparent processes and communication has moved to the forefront.
Along those same lines, new mortgage software has been developed to increase the efficiency of loan officers and their teams in order to provide a more streamlined and organized workflow. This has increased the productivity of loan officers, while also serving to speed up time-to-close and keep loan origination expenses manageable.
There is a third type of mortgage software grabbing a lot of attention these days, which is the end-to-end digital mortgage. In this form, the software is designed to replicate the entire loan origination process from application to close without the need for human intervention. Quicken Loans’ Rocket Mortgage is the banner carrier for this type of mortgage software and it has become increasingly popular with startup companies trying to “disrupt” the real estate financing space.