Loan origination software can
make your job much easier by helping you hone in on the best prospects
while complying with numerous regulations. It can also be used to help
your clients find the best mortgage products for their specific needs – a
win-win solution for lenders that want to follow a consultative
approach.
First, loan origination software can be used to quickly determine a
borrower’s eligibility. Instead of wasting everyone’s time, the software
allows you to find out if your products are a good match for the
borrower and if the borrower qualifies. Loan origination software
examines a variety of guidelines specific to a loan type such as loan
purpose, occupancy, credit history, reserves, and so on to quickly
determine eligibility. Once eligibility (or ineligibility) is
determined, you can move on accordingly.
Loan origination software also typically contains pricing tools so
that you can quickly quote a product using general information. For
example, some loan pricing software
allows you to specify the basics such as purchase price, down payment,
basic property information, borrower type, and credit score without
requiring specific details and time-consuming data entry.
Not only can you quickly determine eligibility and quote prices to
potential clients, loan pricing software also makes it easy to plug in
various options such as rate targets or borrower paid points to see how
these options affect the monthly payments.
In addition, loan pricing software typically conforms to the most
current regulations. For example, some programs include reporting tools
that comply with Dodd-Frank’s anti-steering provisions by documenting
the various loan products discussed and how the borrower reached the
decision. (Source: Mortgage Software By NYLX)
Using loan origination software is essential in today’s highly
regulated mortgage lending environment. While compliance is mandatory,
loan origination and pricing software can also help you to provide the
best service possible to your clients.
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