Mortgage origination software allows mortgage lenders to close more loans in less time without the help of additional staff. It is usually a part of complete mortgage solutions designed specifically for the independent mortgage broker that delivers reliable and cost effective solutions for generating different types of mortgage loan documents.
The software incorporates all the physical processes of mortgage loan originations that help in originating loans funded by different private lenders. It is designed and developed according to mortgage rules and regulations applicable in different states and produces all necessary disclosures required by the Department of Real Estate and complies with the multi-lender regulations for fractionalized loans.
The software has pre designed formats of processing and closing documents that are reviewed by the most prominent lawyers in the mortgage-lending field to ensure accuracy and compliance with all laws regulating the industry. All these documents are designed according to the latest legal requirements and general trends existing in the mortgage industry. It allows users to save money on purchasing pre-printed forms as all types of forms can be generated on a laser printer. The software can be upgraded to include changes brought about by new mortgage rules and regulations. It also allows users to create their own forms, modify existing documents, and create custom correspondence that incorporates data in the loan file.
The software enables easy access to escrow accounts through escrow numbers, starting with the most recent escrow, or in alphabetical order as desired by the user. Users can select from pre designed escrow formats provided with the software, modify existing escrow templates or design their own templates. This utility is very useful for dealing with customers who are repeat borrowers.
Apart from these, the software also tracks all necessary processes such as appraisals, preliminary reports, demand for payoffs, beneficiary statements, and verifications necessary for timely closure of escrows.
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