Your company utilizes mortgage software applications to process your clients' loans. There are many commercial mortgage software programs available you can use to process the loans, and choosing one can end up being a lengthy process. By learning some mortgage software basics, you can save yourself time and money, and be sure that you're buying mortgage software that is best for your company.

The first step you'll want to take is finding the right mortgage broker software for your company. Once you purchase this, you'll want to find mortgage software tools you can use with your program to make sure you're getting everything out of it. You'll also want to have mortgage software solutions for any problem you may face.

1. Purchase a mortgage software program you can use to put together all of your loan packages. The right mortgage broker software program will allow you to put together a loan from start to finish.

2. Use mortgage software tools that are compatible with your current system. If you use Fannie Mae LOS or if you integrate with any other system, look for compatible software to help facilitate a smooth transition.

3. Implement mortgage software solutions to handle any problems that may come up while processing your clients' loans. Look for mortgage broker software that points out potential red flags and helps you find the information necessary to fix them.

Action Steps
The best contacts and resources to help you get it done

Use mortgage broker software for each phase of the loan process

Mortgage software helps your loan officers break down all the important information your clients need. With the right mortgage broker software, loan officers can determine how much the clients qualify to borrow, speed up the loan origination process, enjoy automated underwriting and improve efficiency by entering data only once. All of this means your loan officers can process more loans at a greater speed, with a minimal risk of error.

I recommend: Check out Calyx Software to see how it can help you run your office more efficiently. PG Realty also has software with features to improve the loan process.

Find mortgage broker software

Your mortgage broker software program is the most important equipment you will use to process your clients' loans. This software will allow you to research the loans, put the paperwork together, present the package to your clients and submit it to their realtors. You'll want to make sure you research these programs before purchasing one to be sure it fits your company's needs. You'll also want to check for updated versions of the software you choose to use to make sure you are using the most current version.

I recommend: Byte software offers loan origination software for your company. Forbes.com offers a mortgage software directory you can use to choose the mortgage software you want to use.

Find helpful information for using your mortgage software

Once you've found and loaded the mortgage software you'll be using for your company, you'll want to learn everything you can about using it. You may be able to add other programs to go along with your basic mortgage software to offer your clients more help with their mortgage, such as refinancing for a better rate, accelerating their mortgage, or finding and receiving the equity in their homes. You can find helpful information on the Internet to provide these other services to your clients.

I recommend: Idea Marketers offers advice on how to use mortgage acceleration software to help your clients pay off their mortgages faster. PilotGroup.Net tells you how to develop a web site for your business that advertises the types of mortgages you offer.

Find mortgage software solutions

Your mortgage software will need to be updated occasionally, and possibly checked for errors. You should implement mortgage software solutions for your company's current mortgage software to ensure that you are using current updates, and following current procedures for processing your clients' loan packages.

I recommend: Broker Store offers many different mortgage software solutions for your business. Mortgage Software Solutions is a system to help you follow the steps of processing a mortgage.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Check with licensed realtors to see what mortgage software has the most current updates.

Whether launching a new mortgage broker business or improving an existing operation, brokers and lenders alike have found mortgage software to be an invaluable addition to their tool box.

These days, dedicated mortgage software applications are readily available and flexible enough to customize to the specific needs of their users. Mortgage software has been specifically designed to handle nearly every aspect of the mortgage business, from prequalifying customers to processing loans to marketing.

Look to mortgage software to help:

1. Manage a mortgage business.
2. Provide necessary forms and reporting tools.
3. Communicate with real estate, banking, and government offices.
4. Keep you current with the latest regulations that affect your business.

Action Steps
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Find the best mortgage software to match for your business

The software you choose should reflect your business specialty, whether it's making commercial loans or acting as a residential mortgage broker. Not every mortgage software application can suit all needs. If you want it to help manage appraisals, property management and investments, you may need a full-featured mortgage software suite.List your company's specific needs in detail first, then find a mortgage software solution that suits you.

I recommend: Find commercial mortgage software that can handle large volumes of business through the Mortgage and Loans Software Directory. Knowledge Storm uses high-tech tools to introduce you to leading mortgage software vendors. Talk to other mortgage providers at Broker Outpost about mortgage broker software benefits and problems they have experienced.

Test and compare a few mortgage software solutions

Many software vendors offer potential clients either a preview video or a demo version to download. Take these opportunities to get a closer look at your potential mortgage broker software before buying.

I recommend: Download a trial version of BrokerPro, a leading commercial mortgage software program for loan origination. See how software program Calyx Point works by asking for a demo.

Look for streamlining features

Instead of re-inputting information for new loans on existing customers, a program should be able to fill in the blanks for you and perform quick searches along multiple data files.

I recommend: Dynatek’s MORvision Lending Manager software streamlines the mortgage process from prequalifying through closing. Specifically designed for loan officers, Mortgage Quest automates as much as possible in the lending business.

Comply with government regulations

It is vital, but challenging, to comply with the ever-changing requirements of Federal and state real estate law. A regular update capability should be a part of any mortgage software package.

I recommend: Web-based programs tend to have the advantage over desktop applications when it comes to stay up-to-date. Oasis Software provides a web-based appraisal management tool for mortgage brokers. The Mortgage Office watches your back by printing out necessary IRS forms.

Use mortgage software to manage contacts

The mortgage industry involves communication on many fronts. Use mortgage software applications to manage contacts in an easy to use database.

I recommend: Calyx Software maximizes productivity by connecting mortgage brokers to customers and service providers. A conversation log allows you to keep a record of contacts too. INet’s eDominate software includes a customer relationship management tool in its program.

Market your business

Software can aid in marketing efforts by tracking mortgage leads and sales. Tracking tools tell you which marketing efforts pay off best.

I recommend: Manage mortgage leads with Lead Evaluation and Distribution System, a web-based program. Loan Officer Pro offers marketing tools and strategies specifically made for mortgage brokers.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Know what you can expect from a software vendor's technical support. Ideally, look for training for all users, and then easy access to support personnel afterwards.
• •  Consider leveraging the power of the web to support your mortgage business, and using mortgage software applications which can integrate with your web presence can be a powerful combination.

Residential mortgage software and commercial mortgage software can be a key tool to help manage your mortgage business. Today's technology offers mortgage software applications that provide brokers and loan officers with necessary forms and reporting tools as well as to communicate with real estate, banking and government offices. Mortgage software solutions can also help keep you abreast of the latest state and federal regulations that can potentially impact your business.

Mortgage software education and training is essential to fully utilize all the bells and whistles that will come packaged with any mortgage broker software you purchase. Many providers of mortgage software will support customers by offering specialized training. This training can take many forms, which will be discussed further in this article.

1. On-site training lets you bring one trainer to your workplace to train many.

2. Web-based training allows users to train without ever leaving their desks.

3. Off-site training allows users to see mortgage software facilities first hand and potentially get the benefit of focused training.

Action Steps
The best contacts and resources to help you get it done

Bring mortgage software training on site and provide training to multiple users simultaneously

On-site or in-house training allows you to save on travel costs and lodging for multiple people by arranging for one trainer to teach a group of users the ins and outs of mortgage software systems applications.

I recommend: Integra Software Systems provides on-site training to loan officers, processors, underwriters and anyone else needing to use their mortgage software program. Calyx Software provides customized training to meet your team's needs where they work.

Log on to receive web-based mortgage software training

Web-based training can be completed at your desk, eliminating travel and lodging costs. Students need only a computer with an Internet connection and a phone to participate.

I recommend: Byte Software offers several web-based training programs to its customers. Market Focus offers Mortgage Quest, which is web-based training divided into 17 topics that can be learned in sequence or as necessary.

Travel to obtain mortgage software training at a provider's facility

Traveling to a mortgage software company's facility can sometimes offer more thorough training than they could provide at your office. This is, in part, because trainees are focused only on learning about the system when at the provider's site, minimizing the possibility of distractions.

I recommend: Financial Industry Computer Systems' training center is located in Dallas, TX. All clients attend training courses here prior to mortgage software system implementation. Wipro Gallagher Solutions offers specialized training on site and at WGS labs.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Train the trainer. Send one person to receive mortgage broker software training that can come back to be a permanent resource for your company.
• •  Purchase self-paced training materials and tutorials available through some software providers. This allows as many users as necessary to train on their own timetable.

Selecting the right mortgage software for your real estate or brokerage firm can be confusing. Some programs assist only with processing the loan while others help real estate agents track sales leads from the first phone call to handing over the keys. Before you begin your search for mortgage software, it's important to establish what features you need.

Action Steps
The best contacts and resources to help you get it done

Loan origination program

Software that contains a loan origination program allows mortgage brokers to be more efficient with the many forms that accompany loan origination. The programs typically provide templates that simplify filling out forms for various loan scenarios. These programs also allow mortgage brokers to easily calculate closing costs and other fees for clients and electronically organize client files.

I recommend: For an example of a loan origination program, visit Calyx Software and read through the program's features. Request a free online demonstration from The Mortgage Office.

Closing tools

Closing tools may be used in conjunction with loan origination programs. Mortgage software with closing tools varies from simply providing the closing documents to tracking sales leads from first contact through the closing process.

I recommend: Read through the frequently asked questions at MyClosingTools.com. For an example of a mortgage software interface that provides closing documents, visit International Document Services.

Automated underwriting

Automated underwriting is a feature included in many mortgage software programs. Rather than using a loan underwriter who reviews loan applicant information, automated underwriting is a program that determines loan conditions based on information including the applicant's credit history and market statistics.

I recommend: Read more about automated underwriting at the Freddie Mac website.

Technical support

One of the most valuable features mortgage software can offer is technical support, which provides users with instructions, troubleshooting and advice for using the software. Technical support options may include a 24-hour help hotline, live chat and on-site servicing.

I recommend: For an example of mortgage software technical support options, visit PG Realty. Learn more about technical support at Atmosphere Solutions.

Accessibility

Accessibility refers to how users can use the mortgage software. In order to be widely accessible, many mortgage software programs can be installed on multiple terminals or accessed remotely.

I recommend: For an example of mortgage software with good accessibility, visit Integra Software Systems. HousingWire.com offers a brief article on the benefits of remote accessibility.

Electronic document management

Electronic document management allows electronic forms of all loan documents to be stored in client folders on a hard drive or similar storage device. Depending on the electronic document management program, hard copy forms can be scanned, faxed or copied into the mortgage software. Some software may include electronic document management as part of its standard features.

I recommend: Watch electronic document management demonstrations at Simplifile. Learn more about how electronic document management is used in mortgage software by reading a Byte Software press release.