Mortgage professionals want to close loans quickly, not only to secure new business but to increase borrower satisfaction. If borrowers feel well-cared for, they may be more likely to leave positive reviews, return for future services, and refer the mortgage professionals’ business to their friends. As a loan processor, you play a significant role in closing a mortgage loan more quickly. Here are some of the challenges that you may encounter and a few solutions that may help you optimize the process.
While mortgage loan processors face many challenges every day, access to proper technology, scant resources, and difficulty gathering documentation are among the most common. By making yourself aware of these challenges, you can prepare some strategies to address them and achieve more efficient loan processing.
Having access to integrated digital tools — such as a comprehensive dashboard that provides important insight into your borrowers and the loan process — is more important than ever.
It is also critical that processors have access to resources that increase efficiency, such as a team that helps clear roadblocks and offer support throughout the mortgage process.
Finally, processors can optimize their document-gathering process by getting as much information upfront as possible, as well as using secure and efficient methods for getting information to/from all parties.
As part of a heavily regulated industry, mortgage loan processing requires strict adherence to industry regulations and best practices. You can help ensure that you abide by the rules while increasing your efficiency by implementing automation and digitization within your system.
Task automation within the mortgage loan process is extremely important if you want to reduce your time to close. Instead of manually performing a task such as communicating which documents the borrower needs to submit, processors should be more focused on reviewing and compiling information for the underwriter.
From pre-qualification to closing, the mortgage loan process is trending closer and closer to operating with complete document digitization. Digital documents allow the borrower to submit required information more easily to the mortgage loan originator and processor, which can increase efficiency exponentially.
Processors who rely on paper document submission are putting themselves at a serious disadvantage. With digitized document submission, processors can access and review mortgage documentation more quickly and from virtually anywhere.
A few other ways to keep the process moving include:
Easy access to managers with more experience to answer questions quickly
Regular communication between the borrower, mortgage loan originator (MLO), and processor
A secure system for easy upload and storage of documents
At wemlo℠, we strive to provide each and every one of these solutions for our customers. And we’re always looking to add talented loan processors to our #teamlo. Learn more about elevating your career and how we process with purpose at wemlo.io/careers.