An automated end-to-end mortgage banking process is essential in today’s economy. From loan origination through servicing, the entire mortgage banking cycle can be streamlined with the right technology. ECM and Workflow solutions for Mortgage Banking will allow your company to increase the volume of loan applications processed with no additional staffing requirements. It’s important to choose the right partner that will provide a comprehensive solution that integrates seamlessly with all of your key line of business applications to gain more value of existing systems and eliminate the silo’s that hinder success within your organization.
Mortgage Banking Processes
Loan Origination
The greatest challenge in loan orginiation is reducing costs while processing a larger volume of loan applications with minimal errors.
Essentials:
- Collaborate and share information with brokers, underwriters and other personnel
- Compete integration with LOS, MS word, email and more for a comprehensive capture solution that incorporates any type of file
- A secure repository with granular permissions and controls to protect sensitive client information
- Automatically receive, digitize and index borrower applications
- Capture credit scores and client details electronically to eliminate repetitive, manual tasks
- Revision control ensures the most recent documents are displayed while maintaining the integrity of the originals
- Link related information to bind application, property value, title, etc to the master loan file
Rewards:
- A complete audit trail of who accesses, modifies, receives and send loan documents and data
- Automatically route loan files based on pre-qualification decision
- Eliminate manual data entry and fact checking
- An automated workflow allows for consistent loan management and a reduction in errors
- Process a higher volume of loan applications without additional staffing requirements
- Automate the indexing of signed and executed loan package documents
Underwriting
Common challenges in underwriting include the verification of funds, employment information and credit data accurately to minimize risk.
Essentials:
- Workflow automation drives the document review process and ensures master loan file is complete
- Seamlessly share and collaborate with borrowers, creditors and processors
- Standardize and harden business rules for the consistent processing of mortgage loans
- Verify credit information, validate financial details and perform an income analysis simultaneously for a quicker processing rate
- Automate decisions and loan routing based on specific rules, such as income or credit score
Rewards:
- Make quicker and better informed decisions for decreased risk
- Rapidly move loans through origination to closing
- Capture and analyze loan terms, credit details and borrower history in minutes, not days
- Shorten decision making cycle
- Automate notification of responsible parties if additional information is required due to approval with conditions
- Monitor work load and productivity of underwriters in real time
Servicing
When managing a larger volume of loans it can be difficult to properly track the loan amount and accurately manage the increasing number of loans that must be serviced.
Essentials:
- Integrate and correlate financial data and client details across all business applications
- Monitor and track a loan’s status modify terms as needed for minimized risk
- Handle post closing imaging and archiving electronically
- Set up automatic alerts on loan term expirations and outstanding payments
Rewards:
- Respond to changes in interest rates immediately
- Better handle fluctuations in refinancing and foreclosures
- Manage every facet of the loan lifecycle including escrow processing, payment processing, regulatory reporting, to the eventual payoff or sale
- Automatic notification of annual credit review and renewals
- Achieve consistency in applying servicing guidelines and quality assurance standards
