We love futurism in our novels and movies, as well as in business – as evidenced by the continuous flow of future-predicting works on Amazon and Netflix. Have you ever considered what the future holds for your most essential mortgage business technology? I may not be Capt. Jean Luc Picard, but here’s what the next generation loan origination software system looks like.
Robust, All-Channel Capabilities – Most originators limit themselves to retail loan production, but more in the future will be leveraging the power of the Internet to benefit from consumer direct, wholesale and correspondent production. With the growth of the mid-tier mortgage banker, it will be more important to be flexible with every production channel, and more of them will support multiple channels to grow their businesses. The LOS of the past is not good at all of them, offering great point of sale and portal technology with full mobile-ready user access that makes “any time, any device, anywhere” a reality for every production channel.
Online applicants are expecting immediate results and today’s Point of Sale (POS) tool must be able work in an integrated manner to complete credit, asset, income, employment and loan decisioning/conditions interactively with the LOS.
Lenders wanting to work with TPOs, need to offer a complete range of features that make life easier for brokers and correspondents. TPOs need to be able to work with your system almost as if it were their own, submitting files, uploading documents and loan conditions, messaging securely, even having their MLO branding preserved on the LOS for communications to their clients. The interface must be easy to use and welcoming for the TPO, with every step clearly defined and actionable.
The next generation LOS is not only good at them, it excels with each channel, and performs at the top of its game for each user.
Great User Experiences — Users are eager for feature-rich applications that help them do their jobs better, faster and more easily. The LOS of the future understands this and caters to them like a campaigning politician – except it actually delivers on its promises. That includes promises to support MLOs with their branding and marketing; to the compliance department to keep messaging secure, uniform and under control; to the processing and underwriting team to keep workflow and AUS submissions on track; and to the executive suite to require (astonishingly) less system administration and overall cost than the current generation.
Along the way, the interface needs to do its part in alleviating the “user fatigue” that comes from day in/day out of working within an environment that lacks a welcoming look and feel. The next generation LOS provides a colorful, customizable user experience that enhances the individual’s effectiveness rather than detracting from it, with greater functionality and laborsaving measures built-in. Clunky workarounds are a thing of the past, as are monochromatic and unintuitive workflow screens.
Clearly High-Tech, But Subtle About It – You rarely see the tech behind the wonders onboard the Starship Enterprise, but you know it’s there. The next generation LOS is rather like that: very high tech but so good that it largely takes care of itself so that the lender’s staff doesn’t need advanced degrees. Things like using a MS SQL Database as the “single source of truth” and making it scalable for 5,000+ simultaneous users. Or best practices pre-configurations on the rules engine for retail and TPO channels, but with full customization easily accomplished by a non-technical professional. And advanced multi-tier architecture to ensure superior uptime and system speed, as well as best of breed vendor integrations and bulletproof reporting and tracking for confident compliance. There are a hundred more of these considerations, and the next generation LOS has it all covered.
The Best News: The LOS of the Future is Here Now. PCLender is announcing its latest version of the industry’s best LOS, and it’s the system you’ve always wanted. The most robust, user friendly and accomplished LOS system ever designed is available today to give you next generation efficiency with SaaS dependability and incredible ease of implementation.
Give us a call today or check it out at www.PCLender.com and move your company forward at warp speed!