Mortgage Software Key Terms

Learn the meaning of commonly used mortgage software key terms

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.

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.

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.

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.

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.

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.

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.

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