What are the Building Blocks of a Loan Officer Software Stack?

If you’ve been reading the Jungo blog for a bit, you probably know that we’ve written quite a bit about the different components of a loan officer software stack. But, if you missed those posts, or perhaps just want a refresher, check out this article.

So, choosing a software that will help you run your business is not just very important, it’s also stressful. However, if you do your research and know your options, it doesn’t need to be. 

Here’s a brief overview of the loan officer software platforms you need to know about: 

1. Customer Relationship Management (CRM) Database
2. Loan Origination Software (LOS)
3. Point of Sale System (POS)
4. Document Management Software
5. Product and Pricing Engine (PPE)
6. Auto Dialer

Customer Relationship Management (CRM) Database

At its most basic level, a Customer Relationship Management software is a database. It will allow you to store the information about all the people you are connected to in your business. 

When you were just getting started, you may have used a very simple version of this, a spreadsheet. However, the software version, a CRM, is the more accomplished, successful, and put together sibling of databases. So, instead of storing static information on multiple lists that you have to cross reference to actually use, you can collect data from multiple sources and update it dynamically. Plus, you can then use this data to also power your business.  

Loan Origination Software (LOS)

A LOS is one of the most important platforms in a loan officer software stack. A Loan Origination Software can be used to prepare 1003s and handle borrower applications. It can also complete underwriting and credit analysis, and can even be used to manage document collection. 

Your Loan Origination Software platform should provide a centralized location for managing a loan at every step of the process. This is important not only for streamlining business practices and closing loans faster, but also for maintaining compliance. 

Point of Sale (POS)

On the most fundamental level, Mortgage Point of Sale systems are the portion of a loan officer software stack that handle many of the borrower facing tasks. A POS is a digital loan application and a portal where a borrower can upload loan documents and also track their mortgage’s progress. 

A great POS platform acts as a seamless borrower-facing portal. So, this easy-to-use interface will give your borrowers peace of mind, as they will feel included in the entire loan process. 

Document Management Software

We know that collecting and managing loan documents can be a very time consuming part of your task list. After all, borrowers need to submit documents detailing their income, credit report, renter history, employment history, and much more. Then, multiply all those documents by however many loans you process in a year. No, thank you! 

But, that’s where document management software steps in to bridge the gap between you and your borrowers. 

Product and Pricing Engine (PPE) 

A Product and Pricing Engine is a software platform that mortgage loan origination teams use to calculate mortgage pricing options. Many pricing engines also generate loan pricing scenarios for borrowers to view their various rate options. 

By using a PPE, loan officers can shave valuable time off the process. Additionally, PPEs also allow mortgage originators to compare rates across various lenders. They also lock rates until a borrower is ready to move forward with their loan. 

Auto Dialers 

Lastly, loan officers can also use auto dialers. Their name is fairly self explanatory, however auto dialers do a lot more than just automate phone calls. For instance, at the most basic level, an auto dialer connects to your phone and dials phone numbers from a list. More advanced features could also include playing pre-programmed messages to a voicemail, routing live calls to team members, logging outbound and inbound records, and more. 

An auto dialer can save you valuable time and make your call campaigns more successful. So, this will lead to more business, and more efficient processes. 

Bottom Line

Loan officer software stacks are full of invaluable technologies that will help you be more efficient with your time, close more loans, and therefore, earn more money. But, deciding on which software to invest in can be difficult. However, Jungo offers many resources to make your decisions easier.