There is a great future in online originations, particularly with younger borrowers who are connected online through their cellphones 24 hours a day. Online shopping for just about everything is a mainstream concept that people of all ages embrace, and mortgages are no exception. But how do you get there?
An effective solution requires an integrated process for interviewing prospective borrowers, identifying and collecting conditions, delivering disclosures and documents electronically, pricing and locking loans and–perhaps most importantly–keeping the applicants and real estate referral partners informed.
You need superior tools to build an online mortgage powerhouse—and 10 key requirements will help you capture the growing online origination market.
10 Must-Have Tools
As you power up your online origination strategy, here are critical tools to your success.
- Dynamic interview process – with questions that are relevant and minimize the effort to put in accurate and complete information
- Great user experiences – navigation should be intuitive and screens should be prepopulated with information available from integrated online sources to streamline credit, liabilities, assets, income and property data collection
- Automated approval and response (Program/LTV/Occupancy/DSR/Credit Score) or AUS. Applicants want immediate results. Rules-based dynamic response capabilities should be easily customized to your preferred business processes
- Portal messaging and alerts – for high-performance secure online communications that are logged between applicants and the appropriate lender staff provide superior compliance over email communication. Automated alerts let originators know when application have started and a second alert when they are submitted
- Advance document management and imaging – to simplify the process and eliminate an archaic paper process. Images received online go straight into the lender teams work queues
- Streamlined lender staff workflow – intuitive, familiar and efficient for high productivity that goes beyond the application process to simplify the process of providing loan updates and requesting file documentation
- E-signing capabilities – for disclosures and final documents to further reduce paper and increase convenience for borrowers
- Affordability – cloud-based delivery, per-loan pricing turns fixed LOS expense into variable cost easily handled by lenders of all sizes
- Multiple Borrower Support – It is common practice that many applicants can be on a single transaction, don’t limit yourself to one borrower pair. Each applicant needs a secure and personalized login to maintain regulatory compliance with disclosures and loan conditions
- Effective Branding – your online application should have the ability to be branded for consumer direct or by Loan Officer, Branch or Third Party Originator. Providing your team with links to personalized pages with photo portrait, contact info and biography makes your originators super online savvy
Got them all? PCLender does, built in and ready to use.
The Right Platform
Presentations from skilled loan officers and personal communications with dedicated mortgage team members will never go out of style. The key is to provide a platform that leverages their talents while removing unnecessary steps and obstacles to success, and that’s exactly what we have built.
At PCLender, we are lenders as well as technologists. We understand the realities of the business and the challenges that lenders face every day, and we have architected our system accordingly. Why go anywhere else when PCLender has everything you need to build your brand, increase market share and create great experiences for borrowers and referral partners alike?
Contact us today and learn how to power up your online lending strategy with the industry’s most efficient LOS system – PCLender.