When it comes to attraction, logic can go right out the window. When configuring your LOS, however, logic and the rules that go with it make a match made in mortgage heaven. And not all loan origination systems have logic, believe it or not. Perhaps that explains why over 30% of lenders are looking to replace their system.
In PCLender’s world of LOS technology, logic forms the basis for process perfection with rules that create a highly effective manufacturing process based on the specific data points of each loan. What do we mean by that?
Rules engines work by using the computer’s equivalent of the synapses in the human brain that help us trigger actions based on things we want or don’t want. They use “If/Then” concepts that form the basis for all manner of business decisions, but are present in the inner workings of the rules engine technology. For example, if a document arrives and underwriting needs it in order to finalize an approval, “then” PCLender’s rules engine would understand its importance and send it right to the front of the applicable underwriter’s workflow so that the approval can happen immediately.
If an appraisal arrives into the system that varies by a certain percentage in relation to the expected value, it can be automatically flagged for any of several actions. If a credit report check reveals a new debt just prior to closing that could have impact, the rules engine can make sure the pre-closing workflow is notified. In short, the correct application of business rules provides a tremendous number of time and labor-saving opportunities for PCLender users.
Best of all, the rules are fully customizable to work the way the mortgage originator wants. PCLender comes with a preset collection of rules that reflect standard industry practices, but should a company want to make it their own, it is simple to do. Imagine if you could do that with your car, your grocery store, your home, etc. – as the old commercial says, you can “have it your way” with PCLender.
It is all about logic: the rules are designed to follow the logical flow of the mortgage process. So when you want to customize, you don’t have to reinvent the wheel, you can just opt to fine tune the design. How much time do you want to allow between calls or emails to borrowers on items you are awaiting while their loans are processed? Setting a rule can ensure the team’s workflow is prompted at the optimal time. There are hundreds, even thousands of things you can customize, or you can go with the preset best practices. The important thing to remember is that you have choice in virtually every aspect of your business with PCLender as your technology partner.
Have any questions, concerns or comments? We’d love to hear from you. We’re committed to being a match for you that was made in mortgage heaven! Call us at 877-536-6886 or email firstname.lastname@example.org.