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Brokers in the mortgage industry employ several software programs for ironing out the complex issues in mortgage application processing. The programs allow a great deal of flexibility to the loan officers and help in saving time. Here are some benefits of using the programs.
Brokers may purchase several loan products from various lending institutions using automated online policy quotes. They use programs to create a centralised database for storing client information and access the details from multiple locations. This leads to an increase in productivity by up to 1000%.
Personnel in the industry use software to create documents related to loan application and processing and storing them. They use scanning software to scan documents and store them, accordingly. The software system allows storage of emails, voice recordings and text messages in an appropriate manner. This makes for an almost paperless system with a fool proof technique of safekeeping of documents.
There are fully automated individual workflows for each business. When a staff member connected with a client’s business is not present, another member can take over and deal with the task. The job proceeds according to schedule.
The software programs help to pursue the progress of mortgage application procedures of clients. It has reminders built into the system, which notify the personnel when they are late on specific jobs. For instance, a specific program may remind the personnel about tasks like the property appraisal for a refinance program.
Mortgage interest rates are very sensitive to changes in the housing market. Software programs take on changes in the market rates so that brokers may quickly adjust the rates of the mortgage products at their disposal. A broker may use a program to revise the rates of the products to keep them competitive. There are programs for updating the comparison of rates of different products so that applicants can view all products at the same time.
The processing of a mortgage application involves considerable calculations like computing the monthly repayments, private mortgage insurance payments, and the various elements of closing costs. There are different programs, which help to achieve these estimates accurately and quickly. Some software modules allow brokers to create rate tables in MS Excel. Mortgage personnel can incorporate changes into the tables instantaneously. This saves time and effort of the staff.