The Future of Web-Based Loan Origination Software

Our Loan Origination Software, MortgageDashboard™, was founded in the “cloud” over ten years ago. Web-Based software is often referred to as Cloud Computing and only until recently has this concept become main-stream. Thinking ahead of the curve is just one of our core values. Delivering compliant products to help enhance productivity in a timely manner is just another benefit of using our web-based loan origination software. Best of all you never have to download the software nor complete any upgrades. The software is fully functional from your web-browser and requires no installation nor upgrades.

By hosting the loan origination software in a web-based environment we are able to provide updates more timely than a competitor who requires some sort of client/server installation environment. Therefore as new entities such as the Consumer Finance Protection Bureau come into power, your technology and compliance department will have strong and swift support from their Loan Origination Software partner MortgageDashboard.

MortgageDashboard Loan Origination Software Features:

-Live Chat w/ Support
-SMS capability to provide updates and communication to the borrower
-An Online Web-Application that synchs with Loan Origination Software
-Compliant State and Federal Disclosures from Harland Financial
-Access to www.checkmyloanstatus.com
-SugarCRM Integration

We are leveraging the most cutting edge ideas from our producing customer base. We are setting up features to help you close more loans in this challenging time upon us. MortgageDashboard has all of the tools the mortgage originator needs in a robust but light-weight loan origination software solution.  Please go online and book a demo or live chat with one of our sales representatives today at www.mortgagedashboard.com to experience the best in web-based Loan Origination Software.

When faced with these situations, we are understandably left feeling helpless, powerless to control the outcome of these situations. It is a natural reaction to have little or no response to these situations, since we were powerless to stop them from happening, we feel powerless to do anything about them.

All of us in the Mortgage Industry have experienced just the scenario I am referring to. We have all seen our bottom line take a huge hit due to the perfect storm of bad situations. There are now far fewer qualified borrowers in the market. All home equity has been nearly erased, all but shutting down the refi market. And lenders are now so overly cautious, getting loans closed requires a much greater effort.

What we must remember is that we don’t have to accept what this industry gives us. Sure, we could not stop these devastating events from occurring. The fact that we were powerless to stop these events does not mean that we are powerless to respond to them.

What have we changed in order to respond to this new market? Aside from some likely downsizing and cuts to your overhead, what else is there that you can say you have changed? What have you done to specifically build more business?

• Have you fully and effectively leveraged that impressive data base of past borrowers to solicit more business?
• Considered recruiting new talent?
• Have you considered other markets?

When considering these options, it is time to review the technology you are using. What are they doing to help you leverage that large database of past clients? What services are they providing you to help with the recruitment of new, high performance Loan Officers? How easy is it for you to expand to new markets? If your current Loan Origination System has not paved the way to allow you to leverage these additional opportunities, then it is time for a change.

First thing to consider is the adoption of a web based solution. SaaS, or Software as a Service, or more commonly referred to these days as Cloud Computing. This solution does not require that you build your own infrastructure to support remote usage, so expansion to other markets requires only finding the origination talent within that market.

The other thing to consider is a strong CRM solution. I have spoken to hundreds of originators over the years, and the ones that best leveraged their databases are the most successful.

So ideally, a web based Loan Origination System with a powerful integrated CRM solution may be just what you need to expand your market, add new talent and leverage your database.

All indications point to continued changes in our industry. Can you afford to continue to work with technology that has failed to meet the needs of our changing industry thus far? They will likely fail to respond to your future needs as well. The simple truth is that what worked then will not work now, so move to technology that will work for you now and in the future.

One of the reasons more leaders are seeking out cloud-based solutions for their mortgage banking software is because it puts their loan originators on the same network as their technology provider, making it easier to get support. MortgageDashboard is one of the first companies to capitalize on this fact to provide help and support in a more streamlined fashion. The enhancement is the first of many the company has planned as part of its “Be Better” campaign to help loan officers upgrade their mortgage loan software.

“This is exactly what lenders are looking for when they buy into a Cloud-based LOS,” said Brian Clark, director of customer support for MortgageDashboard. “In today’s environment, borrower’s will not wait long for a loan officer to solve a problem. By making it easy to get help without leaving the application, lenders who rely on MortgageDashboard will have the support they need to close more loans.”

Loan officers can use an instant chat feature from within the loan origination software to get help immediately. When a user enters a live chat with support personnel, MortgageDashboard tech support can tell exactly where in the application the problem is occurring.

For more complex issues, an automated ticketing system gives users the ability to submit a request, in their own words and with screen shot attachments, without having to type anything. A trouble ticket is automatically issued and a confirmation email is sent that provides a link to log into the ticket to either add information or read notes or questions left by one of the company’s support specialists.

MortgageDashboard loan origination system was one of the industry’s first cloud-based mortgage broker software applications, though at the time it was released and became popular in the marketplace, systems delivered via the Internet were referred to as SaaS or Software as a Service offerings. As technology has evolved, MortgageDashboard has evolved with it.

Much of the mortgage loan origination process has been automated due to the increased acceptance of technology in the business. Gone are the days of the abacus and financial calculator. The process has been streamlined over the years by use of what is known as loan origination software. Software itself has become more advanced in the last decade thanks to the widespread use of the internet. Many software applications are now launched through an internet browser instead of being installed and updated in a client server model. Web-based Loan Origination Software, also known as cloud-computing technology, has taken over its fair share of the loan origination software sector. The pioneer in web-based loan origination software is MortgageDashboard™.

The Mortgage Loan Origination Process has changed for the better over the last decade thanks to the proper use of technology.

We were the first loan origination software to move to the cloud back in 2001 and we have never looked back. Being a web-based mortgage broker software and mortgage banking software platform, loan officers using our software are able to receive software updates without ever having to download new software. Regulations affecting the business are constantly changing and thus so are the loan origination software they must use. If you operate software that must be installed locally or run in a terminal services environment, you are constantly spending time and money to update the software. This takes your focus off your production and away from the most important aspect of the business, your borrower. The cost of web-based loan origination software is traditionally more affordable than software you must install simply because the updates are more easily deployed. This savings can be passed along to the borrower in terms of reduced fees and better interest rates.

MortgageDashboard™ streamlines the Mortgage Loan Origination Process

Another strong feature of the web-based loan origination software, MortgageDashboard™, are the tools that the consumer can use. Traditionally loan origination software is just for the mortgage company staff, but MortgageDashboard™ offers two products to help the consumer obtain the best customer service possible. First of all the customer has the ability to apply online with their loan officer, giving the borrower total control over the data entry on the loan. This eliminates mistakes on behalf of the mortgage loan originator and gives the borrower complete transparency in the loan process.

The second and even more important feature for the consumer, in aiding the mortgage loan origination process is a site called www.checkmyloanstatus.com. On this site, the mortgage loan origination process is further streamlined and has even more transparency because the borrower can log in and receive real-time status updates on their loan. This allows the customers to see where the loan is in the approval process, what the remaining conditions are on the loan, and how close they are to closing. In Mid-May, mortgage technology visionary Jorge Sauri, will be adding a game changing update to “checkymyloanstatus” which will allow the borrower to actually upload their documentation on the loan application directly to the loan originators e-briefcase further creating a strong enhancement to the mortgage loan origination process. Therefore, the customer is able to login and see what conditions are remaining for the underwriter to issue the approval and they can upload the conditions to the system in real time creating a notification for the loan officer and parties involved in the transaction. The time and cost savings of adding this feature, on top of the efficiencies already therein, is going to lead the customer down a very smooth path in the mortgage loan origination process.

Request a demo of MortgageDashboard™ to see how it can boost your business while streamlining your mortgage loan origination process.

What is the difference between mortgage broker software vs mortgage banking software?

A Mortgage Broker is considered a third party originator or TPO, they do not actually close or fund the loan but they rely on another party known as a wholesale lender to fund the loan and take on the potential sale of the loan in the secondary market.  Mortgage Bankers fund their own loans with their warehouse lines of credit and then sell the loan in secondary. So they are using their own (borrowed) money. Therefore mortgage technology products differ between the two different business channels.

A mortgage broker software platform really only provides the pieces of the puzzle that the TPO needs. The Mortgage Broker Software therefore stores and houses the loan application, enables for the pulling of credit, title, flood insurance, appraisal, and the running of Fannie Mae or Freddie Mac’s Automated Underwriting System. MortgageDashboard also has interfaces for compliance, fraud prevention, and products and pricing engines.

A mortgage banking software piece carries all of the same features of a mortgage broker software solution but mortgage banking software also covers the underwriting, secondary, warehouse, closing, funding, and trailing conditions.

Currently MortgageDashboard only covers the Loan Origination and processing piece of the puzzle with underwriting interfaces built in for DO and DU. We are working on a full blown banker edition that will cover the whole mortgage loan software process. Our new Mortgage Banking Software solution will bring the Mortgage Technology sector to its knees.

These are some of the main differences and similarities of mortgage broker software vs mortgage banking software.

Last month three of mortgage dashboard’s loan origination software competitors were acquired by other technology companies and we expect this to result in a decline in service for the users of the competing platforms. This should give our mortgage technology firm, mortgage dashboard,  a leg up in the loan origination software market. Mortgage Dashboard is a perfect fit for all business channels in the mortgage finance sector; specifically we are looking to be the mortgage banking software solution for mortgage banks, credit unions, and community banks. Many of our competitors believe the mortgage broker is a thing of the past due to industry regulation, but our company still strongly believes in supporting this sector with our mortgage broker software solution. This further compliments our position in the mortgage LOS market as a leader in cloud computing mortgage loan software.

AUSTIN, Tex.—March 11, 2011—MortgageDashboard™, a leading on-demand loan origination system enabling straight-through, paperless mortgage processing for lenders, credit unions and banks, in response to recommendations from its users made a vital change to their successful “Success Based Pricing” model.

The “Success Based Pricing” option allows users to use the program with limited to no fees, paying a transaction fee when a disclosure package is printed. Until now, this included the denial letter. With our most recent upgrade, users are now able to print the denial letter at no additional charge.

“We are aware of the challenges our customers are currently facing in getting loans approved. We believed that this was a necessary change to assure that our ‘Success Based Pricing’ is indeed tied to our customer’s success” said Rory Lane, Director of Community Engagement of MortgageDashboard™.

About MortgageDashboard™

MortgageDashboard™ is a Software-as-a-Service (SaaS) company founded in 2001 to provide industry-leading on-demand solutions for the mortgage industry. MortgageDashboard™ offers an end-to-end mortgage banker system that provides lenders with on-demand tools on a pay-per-loan basis. In addition to pay-per-close software for mortgage bankers, MortgageDashboard™ provides the nation’s leading on-demand loan origination system (LOS) for Web-based, paper-less origination and processing. For more information, please call 800-209-8812 or visit www.MortgageDashboard.com.

By Brian Collins

The Federal Reserve Board said it will host a webinar March 17 to provide “updated information” and answer questions about its controversial loan officer compensation rule, which goes into effect April 1.

Read the rest of this story at Origination News.

Software engineers at MortgageDashboard™  add NMLS No. to every document in one day.

AUSTIN, Tex.—March 3, 2011—MortgageDashboard™, a leading on-demand loan origination system enabling straight-through, paperless mortgage processing for lenders, credit unions and banks, recently demonstrated what is quickly becoming one of the most important reasons leaders are seeking out Cloud-based solutions when its engineers made an important product update for a lender in less than one day. At a client’s request, the firm created an additional compliance check by requiring that all documents generated by its integrated document preparation engine would bear the National Mortgage Licensing System & Registry Number.

“This is exactly what lenders are looking for when they partner with a Cloud-based LOS,” said Rene Rodriguez, CEO of MortgageDashboard™. “Compliance is critical to their survival and the pressures are only going to get worse and the demands more complex. No one has a crystal ball spelling out what requirements they will need to meet in the future. But when they find out, they need to know that changes to their mission critical loan origination technology can accommodate them immediately. We are proud to have proven our ability to do just that.”

The Nationwide Mortgage Licensing System and Registry (NMLS) is the legal system of record for licensing in all participating states, the District of Columbia and U.S. Territories.  In these jurisdictions, NMLS is the official and sole system for companies and individuals seeking to apply for, amend, renew and surrender licenses managed in the NMLS on behalf of the jurisdiction’s governmental agencies.  NMLS itself does not grant or deny license authority.

About MortgageDashboard™

MortgageDashboard™ is a Software-as-a-Service (SaaS) company founded in 2001 to provide industry-leading on-demand solutions for the mortgage industry. MortgageDashboard™ offers an end-to-end mortgage banker system that provides lenders with on-demand tools on a pay-per-loan basis. In addition to pay-per-close software for mortgage bankers, MortgageDashboard™ provides the nation’s leading on-demand loan origination system (LOS) for Web-based, paper-less origination and processing. For more information, please call 800-209-8812 or visit www.MortgageDashboard.com.