In a dynamic mortgage marketplace, lenders are moving swiftly to adopt and implement technology which allows automation and streamlining of current systems for improved cost-effectiveness, enhanced employee efficiency, and higher productivity.
Mortgage loan origination systems (LOS)
A mortgage loan origination system (LOS) that is serviced from a distributed and instantly scalable cloud-based infrastructure allows the traditionally complex and segmented origination process to be streamlined by providing a more user-friendly experience for appliances and allowing real-time collaboration between borrowers and everyone on the lending side of the mortgage loan process.
The goal is to seamlessly connect each link in the mortgage service supply chain to every other link, introducing innovation and providing solutions for borrowers and lenders alike to simplify and facilitate easy mortgage loan origination and approval.
Mortgage point-of-sale (POS)
A mortgage point-of-sale system allows you to directly interface with customers and provide them with what they need to complete a mortgage loan application digitally. A POS is accessed through a secure web-based portal, allowing the potential borrower to initiate contact, upload documentation, and track the progress of their loan.
A POS can also include optional direct-source data verification services, the power to disclose within the point-of-sale with eSign, automated underwriting system connections, and input from pricing and decision engines. This can speed applicants through the pre-qualification process and get them started on their full application immediately.
Benefits of LOS / POS integration
An LOS that supports robust back-end functionality while providing the front end with an intuitive point-of-sale (POS) system can significantly reduce the overall costs involved with loan origination and servicing, and offer home buyers a more transparent, technologically-enabled, and easy to complete process during the process of applying for and securing the mortgage loan they need.
When you choose a LOS provisioned with a POS, your organization immediately becomes more scalable and can integrate more fully with familiar customer-facing processes and back end verification/fulfillment systems. A consumer direct channel allows the procurement of a “digital mortgage” to be completed with ease, delivering a seamless, hassle-free loan process experience for the applicant and an automated, fully supported and secure back-end experience for employees.
The POS integration process
You can opt to use your own POS if you already have one in place or to integrate POS features that deliver turn-key functionality and market-ready digital mortgage strategies. The entire customer-facing side of the mortgage loan origination process can be managed through the POS, including lead capture, processing, and management from origination to closing.
A user-friendly interface allows for broad collaboration with the lender and associated third parties to complete an application in real time and move it into the pending approval phase before the funding stage is put into motion. On the back end, the LOS can deliver real-time data updates, full collaboration, and integration with trusted partners specializing in different aspects of the lending process.
Shifting your mortgage loan origination system to adopt a POS can move your organization further down the road to integrated automation, increasing the number of loans closed and positively affecting revenues.
LendingPad Corp was founded in 2015 with the objective of providing effective technology solutions that span the entire mortgage lending process, to strengthen communication and ultimately, to lower total cost of mortgage lending.