6 reasons why your mortgage loan application system is falling behind
While some financial institutions have implemented a first-rate online mortgage software like ConnectFI others are still stuck in the dark ages with applications that look like they were made in the 90s.
So why are many mortgage professionals still using one of the legacy loan origination systems that were popular in 2004?
Because they don’t understand how easy it is to bring their system into 2022 and beyond.
With the help of secure cloud based software, banks and credit unions can:
1) Automate document collection and data entry with client-facing task reminders keep loan officers on track
2) Have easy to use custom reporting that allows you to stay ahead of the curve by managing exceptions vs the entire loan pipeline
3) Mobile apps enable you to collect documents from wherever your clients are, whether it is on their phone or tablet
4) Reduce paperwork with digital forms that eliminate the need for printing, faxing and emailing
5) Customizable branding and design ensures your institution’s unique look and feel is consistent across all channels
6) Flexible workflows automate repetitive tasks to reduce operational costs and increase productivity
One of the biggest time-savers for any mortgage professional is a good document management system. Automating the collection and entry of data can save hours each week. But it’s not just about speed – a good system will also keep loan officers on track with client-facing task reminders. This ensures that important tasks don’t get forgotten, leading to a smoother, more efficient workflow.
In order to stay ahead of the curve in the mortgage industry, it’s important to have access to custom reporting. This type of reporting allows you to manage exceptions rather than the entire loan pipeline. One example of this is if the borrower only has one remaining document outstanding, you can easily send them a reminder via the system and move their loan quickly to loan processing.
Additionally, custom reporting can help you make better business decisions by providing insights into how your mortgage operation is performing. With this data at your fingertips, you can identify areas for improvement and make changes that will have a positive impact on your bottom line.
Mobile apps are a great way to collect documents from your clients. They can be used on phones or tablets, and they are very convenient for both the borrower and the mortgage professional.
For the borrower, mobile apps provide a quick and easy way to submit their documents. They can simply take a picture of the document with their phone or tablet and upload it directly to the app. This eliminates the need for faxing, emailing, or mailing the document.
For the mortgage professional, mobile apps provide a way to collect documents from anywhere. They can be accessed from any internet-connected device, so you can collect documents from your clients no matter where they are. This is a great solution for borrowers who are unable to visit your office
One of the benefits of using a good mortgage software is that it can help reduce paperwork. Many systems allow you to create digital forms that eliminate the need for printing, faxing, and emailing. This not only saves time, but it also helps to conserve resources.
With a good document management system, you can easily create and manage digital forms. You can also set up automatic routing so that the forms are sent to the right person or department. This helps to ensure that the forms are processed quickly and efficiently.
Additionally, using digital forms can help you improve your customer service. When borrowers fill out a digital form, they know that their information is safe and secure. They can be confident that their data will not be lost or misplaced, which helps to improve their overall experience.
A good mortgage software should include customizable branding and design. This allows you to create a unique look and feel that is consistent across all channels.
With a good system, you can customize the colors, fonts, and logos to match your institution’s branding. You can also create templates that are specific to your needs. This ensures that your loan officers have a professional and polished appearance no matter where they are or what they are doing.
In addition, customizable branding and design can help you improve communication with your borrowers. When borrowers see the same branding across all channels, they know that they are dealing with a credible and professional organization.
Flexible workflows can help you automate repetitive tasks, which can reduce operational costs and increase productivity. With good mortgage software, you can create workflows that are specific to your needs. This allows you to automate the processing of loans, which can save time and money.
Additionally, flexible workflows make it easy to adapt to changes in your business. When something new comes up, you can quickly create a new workflow to handle the situation. This helps you to stay agile and responsive to changes in the market.
A good mortgage software can help reduce the risk of errors by connecting disparate systems into one cohesive solution. This helps to ensure that all of the data is processed and managed in a consistent manner.
Finally, a good mortgage software can help you improve communication with your borrowers. When all of the data is processed and managed in a single system, it is easy to track the progress of each loan and keep borrowers informed.
The ConnectFI platform is a powerful mortgage automation solution for banks and credit unions. The system can be used to automate repetitive tasks, which results in increased productivity and decreased operational costs.
When you use this kind of automated technology, your employees don’t have to spend as much time on the mundane aspects of their jobs so they are free to focus on more important things like closing more loans!
This allows them to make an impactful difference right away by freeing up resources that would otherwise be used on non-value added tasks.
If all these benefits sound exciting but you need help implementing this tool into your business model, let us know! Our team will work with you one-on-one to find out what features best suit your needs–whether it’s lending automation or deposit automation.
>Learn more. Visit www.connectfi.com to learn about the ConnectFi Digital Mortgage Software. Connect with one of our Business Development Managers for a personal demo of our Digital Mortgage software platform.
– ConnectFI.com is revolutionizing commercial, mortgage and consumer loan automation with digital applications and flexible workflow automation.
– Our Digital Mortgage solution lets you create a superior customer experience with loan application digital forms and borrower task reminders.