What is a Loan Origination System?
Today, a lot of mortgage lenders do manage complex product options, mandatory as well as regulatory investor compliance, integrating multiple lending technology tools and information security too. This is actually where Sync1 Systems enter the game. With such, it has become simpler for the lenders to know the significance of integrating technology and at the same time, how it become important 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. These are essential if you really want to maximize mortgage operational profitability as well as efficiency. When evaluating mortgage LOS system, the features that are discussed in the next lines are going be vital. I suggest that you read more to have better understanding of how it works.
Number 1. Data origination when it comes to borrower inquiries, it is integral that it goes right to the website or to the loan officers using easy interview style online platforms.
Number 2. Credit report get merge instantly or full residential mortgage credit report in 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 the two-way interfaces must be able to provide the users with an efficient method to approve loans and also to approve inconsistencies and reduce data input simultaneously.
Number 5. Loan conditions and status sheets the loan conditions and status items should be based on loan data characteristics and must be customized to be able to support lenders workflow process at the same time.
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 may also view here for more information on different forms that LOS system must 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.