A Software-as-a-Service platform for your existing loan processing team to deliver a 5-star borrower experience
LoanWorks integrates with your Loan Origination Software (LOS), serving a different purpose. It embeds the loan process workflow, know-how, and validation criteria for all the loan types to guide your loan processors, working backward from the closing date to sequence the tasks efficiently, liberating them to deliver the best experience to the borrower.
Dashboard reporting
The Dashboard reporting allows our partners and supervisors of mortgage loan processing teams to visualize essential data concisely and visually appealingly.
It provides a quick way to access key performance indicators (KPIs) and other critical metrics in real-time, such as loan process milestone reports for all loans managed by the platform, individual loan performance reports, loan processor performance, and SLA performance reports.
Clear and transparent visibility of each loan status enables loan processors and their managers to spot, correct, or prevent issues quickly, delivering flawless execution.
Workflow Management
We embed the knowledge of each step involved in processing each mortgage loan type streamlining the workflow to close on time. We set time-based milestones working backward from the desired close date.
We have pre-built all the key tasks and stages involved per loan type, such as gathering the required documents for the loan type, credit assessment, and document verification.
Our platform alerts loan processors and other stakeholders when specific tasks are needed, completed, or behind.
It is agile in dealing with additional underwriting conditions or issues in execution that require loan processor attention.
Finally, it helps identify bottlenecks in the process, provides data-driven insights into areas for improvement, and helps the onboarding of new team members by transferring knowledge quickly.
Document Validation and Verification
LoanWorks has document validation and verification embedded to help streamline the document review and approval process.
It defines the document types and validation rules to be used by the loan processor relevant for every loan type, with examples and guides to facilitate the process.
The loan processor uses those guides to validate and verify the accuracy and completeness of each document, given the underwriting conditions.
Our platform saves verification time, reduces costs, and improves the loan process’s overall efficiency while minimizing risk and ensuring compliance with regulations.
Dynamic Closing Package
LoanWorks can dynamically generate a closing package based not only on the loan type but also on the additional conditions that the underwriting partner might require for final loan approval.
We embed the knowledge of the documents required in the software, guiding the loan processor to gather, validate and verify all the specific loan documentation needed.
Using workflow management to streamline the closing process, we reduce the time and effort required to prepare and deliver customized closing packages for each loan type improving efficiency and enhancing the borrower experience as a result.
Communication Management
LoanWorks enables communication management to coordinate the various stakeholders, such as insurers, underwriters, appraisers, builders, title agents, etc. It provides a centralized platform for communication and collaboration.
Communication is integrated with the workflow enabling stakeholders to track their progress and deadlines against the tasks needed. This reduces errors, delays, and miscommunications, improving the overall efficiency of the mortgage loan processing process and the experience of each stakeholder working with you.
The borrower can always connect with the loan processor anytime through digital channels, such as document uploads if not supported by the LoS, email, chat and by phone.
Ease of use
The importance of being easy to use is critical to streamline the loan process, reduce errors, and improve overall efficiency.
LoanWorks user-friendly interface allows loan processors and other stakeholders to quickly navigate the software, input data, and retrieve necessary information. This helps reduce the time required to process a loan application and improves customer satisfaction.
Additionally, it reduces onboarding and training time for new employees. They can quickly learn how to use the software and get up to speed to deliver quality and efficient 5-star borrower experiences.