In the mortgage business, time is money that a business owner can't afford to lose, that is exactly what happens in a financial industry without loan servicing software. The software takes under 10 minutes to install and offers paperwork for all forms of home loans.
The software program can track installments over the lifetime of the loans and will automatically produce payment alarms. A mortgage company can create the reminders on a daily, weekly or monthly basis which will get rid of the need for the processor to personally track late payments which will lessen the amount of man hours required.
Most mortgage lending software packages come complete with letter wizards that enables the consumer to make notes on the account. This helps prevent the borrower from being forced to explain his circumstance to every new individual who answers the phone and also helps the mortgage company determine if the borrower has previously called with payment arrangements.
This feature brings everybody in the office to the same page of the borrower notes. By the same token, care must be taken when entering any notes on a client's account simply because that if the account goes into default and litigation ensues, those notes become admissible in the court. Apart from that, it is a fantastic aspect.
One of the better features of loan origination software is the opportunity to email overdue notices instantly. The feature also extends to regular mail wherein the software can be developed to automatically print these notices along with addressing the cover which will print right behind the letter.
This streamlines the process of keeping track of all outstanding loan balances and getting them current at the appropriate interval. Reminders may be set to a weekly or monthly basis, based upon the needs of the business and daily spreadsheets can be found with the click of a button.
Most loan servicing software can be used by everybody in the office. Although, the manager has the capacity to set password protected security levels so that data which is delicate and of no use to the office processors will never be breached by any means. 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, to know a loan payment was late, they'd most literally have to go draw the file that could be in the center of thousands of other files. 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 programmed into it so all the manager has to do is enter his state and it computes all of the numbers from there.