I am currently employed as a contract worker in the mortgage field. Throughout my work history, I have worked in different positions within the industry. I have been able to see the changes that have taken affect due to technological advances with office software and computer hardware.
It is evident now that all of the mortgage industry will be automated. I currently use the following software at work: Blacknight/Loansphere, Hometracker, Darts, Equator and Falcon. Our team has recently started using the Microsoft product, Share point. Share point allows every member of the ability to work on the same document at the same time. The Project Manager is able to change or add additional information to the spreadsheet while the team members …show more content…
It has increase productivity, profits, accuracy, efficiency and customer satisfaction. Customers have the ability to prepare and complete a lot of their paperwork online. I was listening to a radio advertisement in which the Lender was stating there was no longer a need for the customer to come into their office to start the mortgage finance or refinance process. It could be done with a 5 min phone call then the customer could complete everything online and scan or email them all of their documentation. Applying and getting completely approved for a mortgage will be completed for 80% of applicants. Each mortgage does require some form of docuemtnation. Technonology is now able to read scan documentation and enter the required information into the required fields. Once the fields are auto populated then the system can compare the information against the guidelines and if the information is correct the loan is automatically approved. Employment verification is also done by an automated system or telephone system Very little human interaction is required. More is required on the servicing side. Servicers submit payment request to the lender for reimbursement. Lenders are having programmers write software that process electronically submitted claims depending on how the claims fall on the waterfall then they are scheduled for manual
It is evident now that all of the mortgage industry will be automated. I currently use the following software at work: Blacknight/Loansphere, Hometracker, Darts, Equator and Falcon. Our team has recently started using the Microsoft product, Share point. Share point allows every member of the ability to work on the same document at the same time. The Project Manager is able to change or add additional information to the spreadsheet while the team members …show more content…
It has increase productivity, profits, accuracy, efficiency and customer satisfaction. Customers have the ability to prepare and complete a lot of their paperwork online. I was listening to a radio advertisement in which the Lender was stating there was no longer a need for the customer to come into their office to start the mortgage finance or refinance process. It could be done with a 5 min phone call then the customer could complete everything online and scan or email them all of their documentation. Applying and getting completely approved for a mortgage will be completed for 80% of applicants. Each mortgage does require some form of docuemtnation. Technonology is now able to read scan documentation and enter the required information into the required fields. Once the fields are auto populated then the system can compare the information against the guidelines and if the information is correct the loan is automatically approved. Employment verification is also done by an automated system or telephone system Very little human interaction is required. More is required on the servicing side. Servicers submit payment request to the lender for reimbursement. Lenders are having programmers write software that process electronically submitted claims depending on how the claims fall on the waterfall then they are scheduled for manual