The Benefits of a Superior Mortgage Sourcing Software

A mortgage broker has to decide on an appropriate loan package for a client based on the individual needs and qualifications of the applicant. A good quality mortgage sourcing software makes use of advanced technology to facilitate this process. Here are some aspects of the program that help a broker in presenting loan packages suited to the particular interests of potential homebuyers.

Sifts Through Loan Products

With the availability of so many kinds of mortgage deals, looking for the most suitable package for your client can be a daunting affair. A reliable mortgage sourcing software program allows you to sort through an assortment of loans suiting the needs and circumstances of your client. This affords a great advantage for your clients as they have a greater chance to qualify for the loan. Prospective buyers are hesitant about making unsuitable loan requests as a rejection can affect their credit ratings adversely.

Runs Credit Checks

The program allows you to access credit reports of potential borrowers. You may gage the exact financial circumstances of your customers. Most systems have an affordable pay per use feature. Some programs offer free reports for the first 30 days and other kinds of discounts.

Presents Property Valuations

With a superior software program in place, you can arrange for rudimentary property appraisals on several properties for a reasonable cost. You may purchase an in depth home valuation report for a slightly higher price. Your clients need not spend on expensive property appraisals.

Links Data Between Machines

The software allows you to transfer data and records between computers so that you may access the details of your clients while you are on the move. This feature allows you to update any change of status in all your machines at the same time.

Auto Back up Feature

A good quality mortgage sourcing software has an auto back up facility. This makes certain that you do not lose data, if an information technology failure occurs. The feature retrieves the lost data in a short while.

Allows Conveyancing

If your client is unable to arrange for a conveyancing, the software program can take care of it. Conveyancing involves sorting out legal issues necessary in buying or selling a property. The program performs a check on these matters, detects potential glitches and levels out the issues.

Deciding on an Escrow Account after a Refinance

The monthly mortgage dues of a borrower consist of homeowner’s insurance, private mortgage insurance and property taxes apart from the mortgage principal and interest payments. Lenders require that you pay the insurance amounts and the property taxes in an escrow account held by a third party called escrow services....

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HUD Guidelines for Manufactured Homes

A set of directives prepared by the Department of Housing and Urban Development (HUD) may have served to enhance the quality of manufactured homes. Homebuyers are quite willing to apply for mortgages for this highly affordable quality of housing. Here are the key guiding principles put forward by the...

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