Loan Servicing Software: Taking Your Business To The Top
In the mortgage marketplace, time is money that cannot be wasted. Unfortunately, that is exactly what happens when industries don’t have loan servicing software. The software takes less than ten minutes to set up and supplies paperwork for all forms of home loans.
The computer software has the ability to track payments over the life of the loans and will automatically produce payment alarms. Home financing business can set up the reminders on a daily, every week or monthly basis that can eliminate the need for the processor to manually track late payments which will reduce the amount of time needed.
Most mortgage lending software packages come with letter wizards which enables the user to make notes on the account. This prevents the customer from being forced to explain his situation each time someone new gets on the phone. This also helps the mortgage company determine if the borrower has already called with payment plans.
This function provides everybody in the office to the same page of the borrower. By the same token, care should be taken when entering any notes on a client’s account due to the fact that if the account goes into default and litigation ensues, those notes become admissible in court.
One of the best popular features of loan origination software is a chance to email overdue notices straight away. The feature also reaches regular mail when the software can be programmed to automatically print these notices together with addressing the envelope which will print directly behind the letter.
This streamlines the process of keeping track of all outstanding loan balances and getting them current at the appropriate interval. Reminders are usually set to a once a week or monthly basis, based upon the needs of the business and daily spreadsheets are available with the click of a button.
Although the director will be able to set password protected security levels, most loan servicing software may be used by everybody in the office. There are lots of features to the software that was previously not available to individual mortgage companies. The use of it prevents the loan processors from having to go into each individual account to look at them.
Before, owners would literally need to go draw the file which could be in the middle of thousands of other files to know if a loan payment was late. The software keeps all information in one safe and secure spot to reduce the man hours required in looking up this information. It is also useful when you are that it has mortgage industry regulations for all fifty states designed into it so all the manager has to do is enter his state and it computes all of the numbers from there.