What is a Loan Origination System?
There are so many things that mortgage lenders are doing from the integration of various lending technology tools, regulatory and mandatory investor compliance, manage complex product options and eve information security. This is basically the time when Sync1 Systems is more needed. They make it easier for the lenders to understand the importance of successful integration of technology and how it becomes a necessity to meet mortgage banking objectives.
The web based LOS System or loan origination systems for credit unions are imperative to streamline operations while also simplifying compliance. These two are the key in maximizing mortgage operational profitability and efficiencies. If you wish to maximize your operations profitability and efficiency, then you should know how these things work. When you are evaluating mortgage LOS system, the features listed in the next paragraphs are going to important. I suggest you read more in order to have better understanding.
Number 1. Data origination the borrower inquiries should go straight on website or if not, by the loan officers through an easy interview style online platform.
Number 2. Credit report get instant merge or perhaps, full residential mortgage credit report in just a click of a button. There are other information to be learnt, just click for more.
Number 3. Data checks the integrated data checks must be updated on a regular basis and at the same time, monitored at different stages of the loan processing.
Number 4. Automated underwriting as for two-way interfaces, it is necessary to deliver an efficient and streamlined method in approving loans and approving inconsistencies and reduce data input too.
Number 5. Loan conditions and status sheets this is one thing that you have to know, the loan conditions and status items should be focused on loan data characteristics and should be customizable to support lenders workflow process.
Number 6. Print forms there has to be a minimum of 1000 forms readily available and be bundled in groups in line with the loan program and data of customer. Forms must be automatically emailed or printed, populated for application, initial disclosures, closing docs, investor specific forms, VA/HUD specific forms and all other types of forms that are made for administrative purposes and loan processing too. You can view here for more information on the different kinds of forms the LOS system should have.
Number 7. Title report and appraisal orders you must know that only within the loan origination system is where the preliminary title reports and appraisals should be done. There are more info here if you wish to be educated about it.
If you see page now, you will soon discover more how you can take advantage of LOS system and how it can help you in your business.