Technology has transformed the Mortgage Industry in unprecedented ways by enhancing customer experience, increasing regulatory compliance and improving overall operational efficiency in the mortgage process. The Mortgage lenders and loan officers have at their dispersal a large stack of technology which they can implement into the mortgage process.
The entire mortgage process which can be broadly classified into lead generation, customer experience, loan processing and loan closing can make use of the following technologies in the stack to reduce cost and enhance customer experience.
Web portals and front end mortgage platforms: The landing pages in web portals and digital mortgage point of sales platforms can disseminate information as well as help in lead generation. Intelligent front end mortgage platforms like Cloud Virga, Promontech, Roostify and Blend also provides mobile friendly solution for loan application and loan tracking.
Blend -Blend which stands for better lending is an end to end digital platform that brings simplicity and transparency to consumer lending.
Cloud Virga – Cloud Virga is a comprehensive digital mortgage which automates consumer and back-office tasks to cut costs.
Promontech – PromonTech’s Borrower Wallet is a white label, omni-platform point-of-sale that is designed to help mortgage bankers provide the true digital mortgage experience.
Roostify – Designed with consumers’ needs in mind, Roostify makes it easy for lenders to offer customers the user-friendly, all-online mortgage experience they expect.
Credit reporting: A digital service designed to quickly return a borrower’s credit report and FICO score used for pre-qualification. Credco from CoreLogic is one of the prominent technology partners which determine traditional credit-worthiness of applicants using one of the world’s largest consumer and business databases.
Credco – CoreLogic Credco is the top provider of merged and specialized credit reports, processing over 90 million credit and related transactions annually.
Funding Suite – Funding Suite is an easy to use, state of the art credit management platform that automatically analyzes credit data and even suggests strategies to improve scores.
Avantus – The easy-to-use suite of Avantus provides customized mortgage credit reports, mortgage-related services and technology solutions to the nation’s financial community.
Mortgage Lens – Mortgage lens is an interactive mortgage presentation software with specialized module for credit reports.
Automated Asset Verification: Automated asset verification partners like AccountChek and Veri-Tax enables lenders to pull client data such as income, taxes, and property information from verified third parties, significantly reducing the borrower’s effort in assembling documentation, while also improving the quality of data.
Form Free’s AccountChek – Lenders use FormFree’s automated asset verification solutions – AccountChek to streamline the loan origination process and provide better intelligence on borrowers’ ability to repay.
Veri-Tax – Veri-Tax’s Verification of Accounts (VOA) automates the manual verification of deposits and assets by electronically pulling consumer account data directly from thousands of financial institutions.
Plaid – Plaid makes borrower onboarding easier and offers a better, easier way to verify assets.
Envestnet | Yoddle – Envestnet | Yoddle ease the mortgage application process, cut paper account statements and enable the digital mortgage with electronic asset verification.
Digitized document management: Document management technologies like Encompass Docs and Loan stacker allows lenders to automatically digitize paper documents, use pattern recognition software to automatically recognize the document type, intelligently extract and deliver data to enable easy verification or decision making, and automatically flag missing or inconsistent data.
Encompass Docs – Encompass Docsimplifies document management by enabling borrowers to view all document requests on a secure site.
Loan stacker – LoanStacker automates the process of scanning and filing loan documents using powerful Optical Character Recognition technology.
eDocGen – eDocgen transforms data driven processes in Mortgage industry by simplifying document generation, increasing accuracy and document standardization
PowerFlow – PowerFlow’s digital document management system transforms lengthy mortgage documents into organized and easily accessible digital files.
Product Pricing Engine: Product Pricing Engines like LoanSifter, Lender Price and Marksman determines the best products and rates for a borrower’s profile on a real time basis and locks in rates from capital markets.
LoanSifter – LoanSifter is a web/cloud-based product eligibility and pricing engine for mortgage bankers to price, market, and manage loans in the United States.
Lender Price – Lender Price is a mortgage pricing engine used by mortgage loan originators to price out thousands of mortgage products from hundreds of lenders in real-time.
Marksman – Marksman provide lenders with the mortgage pricing engine tools, product eligibility data, and investor pricing.
Capx365 – Capx365 allows brokers, realtors, residential bankers and professionals to originate live quotes on commercial mortgages, residential investment and business loans.
Automated underwriting: Automated underwriting systems like Desktop Underwriter and Veri-Tax in conjuction with rules engines compare borrower information to criteria in a pre-architected decision engine and automate the underwriting credit-risk assessment process.
Desktop Underwriter – Desktop Underwriter provides lenders a comprehensive credit risk assessment that determines whether the loan meets Fannie Mae’s eligibility requirements.
Veri-Tax – Veri-Tax is an authorized Report Supplier for Fannie Mae Day 1 Certainty, providing Income and Asset Verifications.
LifeSuite Underwriting – LifeSuite is a web-based new business and automated underwriting system that drives straight-through automation.
Loan Score’s Entreprise AUS – Loan-Score’s Enterprise AUS empowers a lenders’ own staff with the tools to control changes to products, pricing and underwriting guidelines on their own.
eSignature: Mortgage lenders can leverage on eSign technology partners like DocuSign to borrowers closer to a nearly paperless closing experience. In an intensive paper work oriented space like Mortgage Industry, eSigns are the fastest way to sign documents and disclosures.
DocuSign – DocuSign provides services to electronically sign documents, request signatures, check document status, send reminders, and view audit trails.
AssureSign – AssureSign is an electronic signature software solution that can be deployed as a Software as a service (SaaS) application or installed on custom servers.
Verico’s SecureSign – Verico’s e-signature solution for securing document signing process eliminates costly paper and “wet” signatures.
eSignLive – eSign is a platform with intuitive UI with documents itself embedding all the audit trails to prove the legality of the signatures.
eClosing: Technology partners like Closing Insight and Mortech’s Marksman streamlines the complex multi-party closing process using web-based closing and title processing suite.
Closing Insight – Closing Insight includes Closing Collaboration Portal, a secure platform where settlement agents and lenders can communicate closing needs, from fee refinement to settlement statement preparation to closing package delivery.
Mortech’s Marksman – The eClosing feature of Mortech’s Marksman heps lenders to close loan transactions quickly and efficiently
E-Closing – E-Closing is a completely web-based closing and title processing suite which manage all aspects of the closing process, from order entry to discharge tracking.
Pavaso – Pavaso’s comprehensive platform improves the home buying experience for consumers by simplifying and streamlining all of the business processes associated with buying a home.
Digital loan trackers: Desktop and mobile versions of loan trackers embedded in front end mortgage platforms like Roostify and Cloud Virga allow borrowers to track the loan through its life cycle, so that they know exactly where they are in the process and have the predictability and visibility into closing dates.
Cloud Virga – POS platform of Cloud Virga provides digital services to keep track of the loan process.
Roostify – Roostify is a provider of automated lending technology whch has functionality that allows customers can know about their loan status
Lending Pro – Lending Pro is a loan management software keeps perfect track of all customer payments.
Loan Commander – LoanCommander is an integrated, web-based set of tools designed and built by mortgage professionals to track loans in real time.
Customer Relationship Management (CRM): Vantage Technology’s VIP solution and Salesforce are popular CRM platforms which bridge the engagement gap between lenders and borrowers. A CRM platform increase the productivity, identify cross sell and up sell opportunities, enhances customer experience and increases transparency.
Vantage Technology’s VIP solution – VIP solution is the mortgage industry’s solution for lenders and loan originators in customer relationship management (CRM), prospecting, marketing and automated sales solutions.
Salesforce – Jungo is the premier mortgage app for Salesforce, offering a comprehensive solution with workflow management, referral tracking, LOS and EDGE integration and marketing automation.
Engaged CRM – Engaged CRM is a provider of cloud based CRM solutions for high volume mortgage businesses.
Infusionsoft – Infusionsoft is a cloud-based sales and marketing solution that offers Customer Relationship Management (CRM), Marketing Automation and E-Commerce functionalities in one suite.
Loan Origination System (LOS): An LOS system provides end to end digital mortgage experience by managing loan files, disclosures, compliance, and underwriting. Prominent LOS platforms like Encompass 360, Empower, Netoxygen has inbuilt functionalities for regulatory compliance, Automated Underwriting, PPE, Electronic document management, appraisal delivery, CRM solutions and eClosing.
Encompass 360 – Encompass 360 is an all-in-one mortgage management solution that offers a digital mortgage experience covering the entire loan lifecycle so lenders can originate more loans, lower origination costs, and reduce time to close.
Empower – Empower is a state-of-the-art, enterprise loan origination system (LOS) that provides the functionality for every facet of the origination process from point-of-sale to post-closing.
Netoxygen – NetOxygen LOS provides rich automation, smart configuration, and access to emerging digital tools adapted to the newer trends in lending.
Lending QB – LendingQB’s unique approach to system building is to layer its core platform and best of breed components together to create the optimal solution for each lender.
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