Technology Collides With Loan Origination Mortgage Software

Posted by Brooks Huber

The materials available in this article are for informational purposes only and not for the purpose of providing legal advice. You should contact your own advisors with questions regarding the content herein. The opinions expressed in this article are the opinions of the individual author and may not reflect the opinions of MeridianLink, Inc.

When it comes to processing anything digitally—whether it’s applying for a mortgage loan or checking your bank statements on a mobile device— speed is invariably at the top of everyone’s list of desirables.

 

But think for a moment about all the technological components needed to enable efficiency within a digital mortgage lending space. In order for desirable speeds to come to fruition, the right components must work in conjunction with one another to produce a favorable, efficient, and overwhelmingly positive outcome for the user and the business. More importantly, developing the necessary tools to get the job done must stem from an experienced loan origination software development company.

 

Decision makers who become familiar with implementing the right processes associated with loan origination mortgages can take advantage of these technologies, and ultimately fair better within their industry. Mortgage originators who understand this concept possess a competitive advantage over their industry peers who don’t.

Ultimately, the point we’re trying to drive home is that technology shouldn’t hinder your business’ ability to grow and achieve its goals. Rather, technology should effectively support and nurture your business’ needs. Investing in the right products (or solutions) will provide your business, and its consumers, with a better, more favorable experience.

In the spirit of what makes technology perceivably better for loan origination mortgage software, we’ve gathered 3 key areas for you to consider.

 

1. Working Together in Harmony

Traditionally speaking, loan origination mortgage software has a reputation of being rather difficult for delivering both efficiency and speed. The challenge stems from having to keep track of where all the pieces of information are as they relate to the borrower’s transaction. And there’s a lot of information floating around.

 

Fortunately, LendingQB is aware of this perceived difficulty, and is designed to optimize the end-to-end process so that all those pieces that make up a mortgage loan application get sorted out as quickly and effectively as possible. Automation implementation during these services, particularly during the underwriting process, is one of the key components of LendingQB’s robust set of capabilities.

 

Because LendingQB utilizes an open API framework, it provides data integration for third-party systems. The bi-directional web service gives industry partners and developers an easy way to connect to the loan origination software (LOS) database and access not only data but critical functions such as eDocs, PriceMyLoan (PML)™, and the ordering of services.

Transferring data, communicating intricate parts of the loan process, and working in conjuncture with third-party vendors to establish the loan process all happens quickly with the right technology in place.

 

2. Proper Framework of Tools

We’ve established investing in a best-in-class online mortgage loan origination system ensures consistency in processes and daily task management. This allows you to focus on investing in your team, plus new and unique ways to provide value to your members and customers.

Similarly, you’ll want to generate maximum value for your business by choosing loan origination software that offers a complete package. A properly developed system—framework that includes all the bells and whistles for all-encompassing integration—is critical.

LendingQB comes fully integrated with features and functionality right out of the box. And they’re all designed to handle a large variety of common tasks associated with mortgage lending practices. Business Rules Engine, for example, provides you with the tools to customize and automate loan task creation, the workflow, and how you want to reach the resolution. Compliance handles numerous automated integrations to ensure regulation compliance. Furthermore, e-Documents seamlessly shares, edits, packages & attaches uploaded documents. These are just a few key examples that make up the infrastructure LendingQB offers.

 

3. Evolve With Technology Trends

It should come as little surprise the future of mortgage lending will rely heavily on digital’s already thriving ecosystem, and the concept of e- lending. Why? The foundation that’s been established—seamless integration between partners, vendors, and systems—will only continue to evolve into more efficient processes. This will no doubt expedite online services, thus impacting mortgage loans to be faster for everyone involved.

Already we’re seeing a major uptick in expedited services, with automation technology expanding its reach further and further. With today’s average mortgage loans, the borrower can expect to respond to fewer requests for information—after their initial loan process. Borrowers also don’t have to solely rely on a human to move the process on to the next task.

With proper smart systems in place, such as LendingQB’s over-arching framework, moving the loan file through the origination process without the need for much (if any) human intervention is already a major step in the right direction.

As technology continues to expand into uncharted territory, we’re excited to see what the future holds for loan origination software. At MeridianLink we’re always eager to make the process as streamlined as possible; for the user, consumer, and the backend. 

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Topics: Loan Origination Software, loan origination system, Mortgage Loans

Written by Brooks Huber

Content and Communications Manager, MeridianLink

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