Best Software for Mortgage Loan Officers


Best Software for Mortgage Loan Officers

Mortgage Loan Officers (MLOs) are constantly looking for ways to stand out in a competitive industry. They need to improve their marketing efforts, reduce the time and resources required to process mortgage loans, and improve their customers’ experience. There’s no doubt that technology is the key to achieving those goals. This brief overview gives you an idea of the types of technologies that can help your business grow.

Some of the technology listed below may be available in an integrated package from one vendor. The alternative is to choose individual applications from different vendors and then integrate them. The packages may be easier to implement initially, but they lock you in with one vendor. You’ll need to determine which approach makes the most sense for you.

Customer Relationship Manager (CRM)

A CRM is a requirement for anyone who needs to generate leads and nurture them into clients. In its simplest form, a CRM allows you to store contact information, and schedule and track your interaction with those contacts. Some CRMs are built specifically to meet the needs of an MLO.

Marketing Automation

Often, marketing automation capabilities are built into CRM software. This software helps you stay in front of clients and nurture prospects with pre-defined marketing campaigns.

To Do Lists

This is another feature that you may find in your preferred CRM. Organizing your day, making sure you take care of important tasks consistently, and improving your relationships are the result of creating accurate to do lists.

Loan Origination Software (LOS)

Paperwork can be overwhelming when you’re an MLO. A loan origination software package can help you minimize paper, improve your efficiency and minimize risk. Some of the capabilities you’ll find include:

  • Application summary
  • Underwriting summary
  • Disbursement manager
  • Packaging summary

Online Loan Applications

You can give prospects the opportunity to start the application process using a secure online loan application, regardless of where they’re located. This type of self-service is a very big part of your customers’ expectations.

Product and Pricing Software

Identifying the right product and pricing for each prospect can be a very time-consuming task. Software is available to help you make the right decisions for your prospects. A number of vendors supply this type of software, usually on a software-as-a-service (SaaS) basis.

Electronic Signature Software

It’s difficult to get people together in today’s busy world. You can use electronic signature software to let your clients sign disclosures and other documents at a time that is convenient for them. In addition, it keeps the process moving much faster.

Secure Document Storage

Both you and your clients may need to review loan documents from the office, on the road, or at home. A secure document storage facility will allow for that type of access. You can use commercially available storage such as Google Drive. In addition, some vendors provide access to cloud storage with an interface specifically designed for loan processing.

Automated Verification and Credit Reporting

Software services are available to verify assets, income, employment and more. Using this software will help you eliminate a number of tasks that don’t require your expertise.

The same is true for credit reporting. You can take advantage of services that will provide quick and accurate credit information.

If you aren’t taking advantage of the technologies described above, you’re missing an opportunity to make your services stand out from the crowd. How you use technology will affect how prospects view your services. Making the loan process as painless as possible will help you to relax and it will help your customers experience a truly seamless mortgage loan process.

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