Top 5 Features in a Loan Origination Software for Enhanced Borrower Experience
Adopting a loan software that doesn’t serve the purpose it is meant for, is worse than not having a software for the job at all. This is so because almost everything about it is likely to frustrate the customer resulting in negative reviews pointing to your company. On the flip side, a streamlined and intuitive tool can change the tide and earn you a multitude of good reviews coming from stakeholders and customers. The point we are trying to make here is that if you are planning to switch to a software and go fully digital with your mortgage processes, then don’t hurry up. Take your time, compare and don’t let pricing alone be the factor why you choose a software over others.
Here we mention 5 features you must look for in your new mortgage origination software to ensure you are rated high on borrower experience by your customers.
- Is it configurable— A rigid software can potentially block you half way while you are on the job trying to process a loan. The customers and lenders should get real time flexibility to maneuver their way around workflow administration, credit policies, and everything else without any hiccups. Some vendors offer all this flexibility at a very high cost in the name of customized mortgage software solutions. Don’t fall for them!
- Multichannel compatibility— Entire world knows that a software or a website when developed and brought in the market should be responsive enough for all digital devices. Only naïve lenders would not pay attention to this. It is critical to acknowledge that today borrowers are using different channels like desktop, laptops, smartphones, and tablets for using a software or application. The mortgage software that you buy must be compatible and totally responsive to all the devices mentioned above.
- All processes and integrations in place— Choosing a solution that doesn’t have all critical features of loan origination is waste of money as it can only help you so much. Whereas, a lender needs a mortgage servicing software that is a one—stop solution for everyone. All the important processes like loan origination, processing, closing and even post—closing should be present in the software for easy access. Along with these processes, solutions like document management, interfaces, and security should also be duly integrated for back—end purposes.
- Customer support— A mortgage Technology software is only as good as the customer support backing it up. If a lender is newly moving to the digital solution it is very likely that both internally and from the borrower’s end they will receive issues and concerns with respect to the tool. Only a competent customer support team can ensure smooth functioning of the solution and can make the integration of such mortgage technology solutions in your business a true success. So, look for reviews on Internet to learn about customer services about different software solutions.
- Compliance and report tracking— Lenders go through a lot of stress dealing with compliance and its complexities. A good mortgage technology solution should ease off these regulatory burdens by understanding and automating all the compliances and regulations rolled out by authorities time to time. Non—profitable tasks like reporting, documenting, and even identity verification should ideally be taken care by these tools, so that lenders can divert focus on profitable clients.
Checking all the above 5 pointers can almost ensure that you get the right mortgage origination software. Buying the right tool is as important as buying the tool itself. If you end up with something that doesn’t go well with the borrowers then you can expect to earn bad fame and nothing hurts a business more than negative reviews from the customers who experienced them. Internet is flooded with product and service reviews. While positive reviews take time to add up, negative reviews almost instantly hamper a business.