What Does A Mortgage Broker Software Do?

2009-01-13 15:15:41

( Financial )



A mortgage broker software is something that became popular in the United States when the mortgage industry experienced a boom. But this software is not for borrowers or the end-consumers of the mortgage industry.

A mortgage broker software is for mortgage brokers, credit unions, loan officers and related personnel. This software is basically used for originating loans. In case you didn't know it yet, brokering mortgages takes a lot of paper work, but a mortgage broker software makes the work a lot easier.

So, exactly, what is a mortgage broker software? As the name implies, it is a software package. Out in the market, there are many brands of mortgage software, but the basic feature of all brands is the ability to create profiles of clients, tracking daily tasks, calculating processing fees, and tracking remortgage opportunities. Other brands of software might have these features:

* Mortgage case progress tracking
* Document scanning with customized folders
* SMS text messaging from the software
* Licensed address look up
* Email direct from the software
* Drag and drop databases, documents, images, etc.
* Viewing any client's business at a glance
* Automatic letters
* Sending re-mortgage opportunity letters with a few clicks

It is said that the boom within in mortgage industry would not have been possible without the mortgage software, which was specifically designed for loan officers to operate and efficiently and in an organized manner. The whole point of the software is to allow a mortgage brokering company to maintain minimum support staff while effectively managing the volume of loans that it is likely to generate at any one time.

Automated features of a mortgage software helps loan officers in managing client relationships efficiently. But more than client management, the software has also proven to contribute to generating mortgage broker leads, which is very critical to any a mortgage brokering business.


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