When applying for a mortgage, you may have questions surrounding the loan process about why certain documents are needed, and just how long the loan process should take. As a lender, we do our best to communicate with our borrowers about where their application is at every step and what to expect next.
At the core of this communication flow stems from one major thing: Our loan automation system. We have configured the loan process to be ultra efficient and close loans in a consistently smooth manner.
Why is mortgage automation important?
Our automated system amplifies our loan process by cutting down on time spent working on the actual credit underwriting aspects of the process, and instead facilitating communication and teamwork, monitoring where every loan is in the process at all times, and the capacity to identify potential problem areas and improve them. Essentially, it’s given us the ability to turn the loan process itself into a virtual assembly line.
How does mortgage automation work?
- When one task is completed, the loan automatically conveys to the next stage of the loan process
- Team members are able to visualize the loan pipeline, anticipate their workflow, and focus on the steps they are responsible for
- Everyone has full visibility into the pipeline, so the loan file does not stop progressing when someone is out of the office, sick, etc.
- Automated lists advise what documents are needed for specific types of files.
- These lists help us avoid backtracking with clients for documents in instances where one was overlooked in our initial request.
- The virtual pipeline helps us anticipate what our underwriting staff may need, and allows us to be more proactive with client outreach
- This process allows us to see which files need to be prioritized without sifting through paperwork or emails
While our automation process gives us the ability to better understand our present circumstances and capitalize on time management, they also give us ways to improve on future loan closings. We are able to immediately identify our bottlenecks and tackle them without it impacting the pipeline.
For instance, by having the ability to zoom out and watch the movement of each loan in the pipeline, we are able to better understand how files advance during the process and identify any bottlenecks or problem areas. If we do run into an error, we create an automation to avoid that problem in the future.
Essentially, our loan automation is a flexible system that we change over time to adapt to current underwriting needs. It is a huge part of our promise to close a purchase loan, on an average of 10-15 days and a refinance on an average of 15-21 days.
If you have any questions regarding our automation tools, please give us a call at (760) 930-0569 and one of our loan officers will be happy to assist you.