GETTING TO CLOSE

“FAST AND FURIOUS”

LOAN PROCESSOR’S SPEEDY COPILOT

Getting from point A to point B today

So, how do loan processors manage this intricate process? How do they coordinate with various partners such as title companies, insurance providers, realtors, and lenders, each of whom may have their own systems, processes, and timelines to contend with? This is certainly not a task for the faint-hearted. Moreover, on top of all this, loan processors must keep borrowers informed, ensure they provide the necessary information, and meet the closing deadlines.

Now, let’s explore some of the current solutions available

You might wonder about Loan Origination Systems (LOS), which are designed to help manage the loan pipeline, handle documents that borrowers submit (sometimes), and collect the final loan application and closing documents from borrowers, lenders, and title companies at closing. However, LOS systems are not specifically focused on assisting loan processors in determining which tasks are a priority on a given day, when they should follow up on emails, letters, or phone calls, or when there’s a risk of the loan process derailing.

More Faster, More Furiouser

So, what’s a more practical approach?

Imagine if you could simply set the closing date preferred by the borrower, specify the partners you’re collaborating with, and automatically receive a comprehensive list of tasks, along with notifications and due dates for each step of the process. Well, you can achieve this with specialized loan processing software.

One of the standout features of these software platforms is that they don’t just center on the final loan product; instead, they focus on automating and simplifying the loan processing journey, making it more efficient and reliable for a swift closing. They tackle challenges like task sequencing, ensuring processors and loan officers can smoothly navigate their daily tasks. Here’s what this software can do:

1st Gear – Manage Response Time Differences

It considers that different parties may have varying response times. For instance, Lender A might take 5 days to reply, while Lender B responds the next day. The software knows you need to follow up with Lender A on day 3 to keep things moving. The same principles apply to Insurance, Appraisers, and Title companies, for example.

2nd Gear- Automatic Notifications

The software keeps everyone involved informed by sending automatic notifications to different parties, requests for documentation to borrowers, and updates to the loan team.

3rd Gear – Enhanced Productivity

It empowers loan processors to be more productive, allowing them to handle 20-30 cases per month by focusing on tasks that genuinely require their attention, while automatically handling the rest.

4th Gear -Custom Workflow

The software adapts its workflow based on the type of loan and the specific sequencing required, ensuring a streamlined process.

5th Gear – Timeline Evaluation

It constantly evaluates the timing of the entire workflow against the closing date, helping everyone stay on track.

In essence, this automation results in a significantly less stressful work life for loan processors and a more efficient, effective process for everyone involved.

Buckle Up

70% of the time that borrowers engage with brokers is during the processing stage. Having a co-pilot loan processing platform that streamlines and guides processors always to get things right the first time fast helps differentiate you from the competition.

In this market, referrals and repeat business provide a bedrock of stability, but you have to step up the game. Get into gear today!