Mortgage lending software is one of the commonly used software in financial lending organizations such as banks, and other financial institutions. The software is an excellent management tool that has been developed from scratch. The process involved working directly with customers in the industry, examining their most common working processes and best practices and then incorporating these factors into the actual software.
The software automates all processes related to mortgage lending such as loan application (form 1003) and loan transmittal (form 1008), underwriting (e mail loan approvals and tracking conditions), loan approvals (closing documents and loan funding), and post closing (shipping, trailing docs, insuring and file room documentation). It also automates secondary marketing (lock tracking and investor locks), accounting (payment tracking, form 1098 & 1099, and commissions), and quality control (HMDA, LAR Reporting and broker management).
The software has different settings that can be used to customize different types of mortgage lending activities with the help of investor, broker, loan rep, warehouse line, appraiser, and closing services tables. The software generates professionally designed letters, forms, and reports to make a good impression on the customer. It provides wholesale business companies all the necessary tools for broker management such as license tracking and pipeline reports.
The software provides a comprehensive database for all mortgage-lending operations of a company and has more than hundred pre designed report formats for generating different types of mortgage lending reports. The software has built in security features including field level ?audit logging and business rules for maximum data security. The software provides key interfaces with other software products such as HMDA geocoding and reporting, accounting system links, warehouse line, MERS registration, and secondary risk management.
Minimum hardware requirements for the software are windows based PCs with 32 MB RAM. It is compatible with all versions of windows operating system (95, 98, 2000, ME, and XP), and provides full Microsoft database support such as Microsoft visual FoxPro and Microsoft SQL server.