Federal Housing Administration (FHA) has announced that it will soon accept e-signatures on most loan documents. This will help the mortgage process become faster and simpler for both borrowers and lenders. Moreover, the Consumer Financial Protection Bureau (CFPB) has released its disclosure documents, which many e-mortgage consultants predict will enhance the adoption.
The most interesting observation is that all lenders, small and big, are using the online banking process. It helps customers to complete almost the entire mortgage process online. Customers now don’t need to run from one office to another. They can send their applications through electronic devices. These devices can be used for comparing different rates, submitting applications and other documents, and also for contacting loan officers online.
However, even online platforms can get cumbersome. The use of a mortgage software solution to automate the processes is made exactly for that reason, and it has benefited many bankers. An end-to-end e-mortgage software is thoroughly involved in the acquisition, loan origination, underwriting, and managing portfolios after settling a deal.
The entire process of applying for a mortgage becomes tedious because of the long pre-settlement process. Moreover, the entire journey of pre-settlement has to be seamless for the consumer. Using compatible software, you can:
- Provide customers with reports that help make decisions regarding property purchase
- Give lending agencies and brokers proper estimates of property values to help them pre-qualify their leads and work smart according to consumer expectations
- Provide access to plenty of comparable sales to acquire fast customer approval
- Accomplish the process of property valuation management between lenders and loan evaluators
The best part of automation software is that after the successful execution of the pre-settlement process and follow-through with client onboarding, it continues its value addition for capital marketers and lenders. Here is what the software does:
- Gives regular updates on property valuations so that lenders can evaluate the current loan-to-value ratios to manage risks effectively
- Helps manage the underwriting procedures and shares well-researched inputs on ongoing property trends
- Helps in customer retention by keeping them alert on properties being sold
- Understands property data with respect to conventional home loan procedures and provides portfolio insights
The most important aspect of end-to-end e-mortgage software solution is that it will equip all lenders with automation and speed. This shift is not just to meet the mandatory compliances and better accuracy, diligence, and transparency requirements, but also higher customer satisfaction: an absolute parameter in the present market-facing fierce competition.
