Choosing the Best Mortgage Software

With dozens of loan origination and mortgage servicing software vendors vying for your business, selecting the best mortgage software can be challenging. Using the right mortgage software improves efficiency and saves time, while the wrong software can waste time and create headaches. When purchasing your next mortgage software, look for these essential features:

1.       Comprehensive, end-to-end single vendor solution. Ideally, you want integration between your point-of-sale (POS), Loan Origination System (LOS) and mortgage servicing software. An integrated system handles the entire loan process from borrower application to loan payoff. By choosing an integrated, single-vendor solution you can:

Increase borrower engagement. Borrowers are more likely to use an online portal that’s convenient. Look for a borrower-facing portal with these features:

• User-friendly interface
• Communication hub (see below)
• Simple conditions fulfillment process
• Easy to use

Reduce friction for borrowers and loan processors during the application process. When your POS and LOS are integrated, loan information flows seamlessly between borrowers and loan processors. System integration promotes communication between the loan officer, processor, underwriter and closer.

Easily onboard new loans into your LOS. Communication between your POS and LOS allows you to share loan plans, credit information and other loan application data. When borrowers apply for a mortgage using LPOnline®, FICS’ borrower-facing portal, the loan application, credit results, supporting documents and other loan information are imported into Loan Producer®.

Improve data consistency and reduce errors. When your LOS shares a database with your mortgage servicing software, you won’t need to re-enter common data shared by the two systems. FICS’ Mortgage Servicer® integrates completely with Loan Producer®, providing seamless dataflow between the two systems from point of sale through processing and closing to servicing without time-consuming data re-entry.

Improve consistency across platforms. With an integrated system, you’ll have similar features across applications (feature parity).  Native interfaces between applications are smoother than third-party interfaces. Furthermore, regulatory changes can be implemented in a coordinated way when you have a single-vendor solution.

2.    Borrower communication hub. Borrowers expect a convenient, timely, transparent mortgage process. They should be able to monitor the lending process online from application to closing. Using the same portal to complete their application and view status updates is convenient for borrowers who don’t have to visit separate portals and keep track of unique logins. LPOnline®, FICS’ web application, is a borrower communication hub where borrowers can easily apply for a mortgage, view disclosures, submit supporting documentation and obtain loan status updates online—all in one place. 

3.     Flexible pipeline management in your LOS. Coordinating the processing of a loan application can often be a complicated endeavor. Automated pipeline management tools facilitate the movement of the loan along the pipeline from loan officer to closer. FICS’ ABE (Automated Business Engine) automates your loan application workflow, using loan status codes and triggers to automatically move loans through the pipeline from entry to closing and send automatic notifications of status updates to other users. With FICS’ personalized/customized pipeline management, each employee in the loan process can establish customized criteria to set up his or her own specific pipeline management, thereby improving efficiency.

4.    System support provided by staff with significant mortgage industry experience. When you have questions about your mortgage software, you’re looking for answers and innovative, yet practical, solutions to your challenges. FICS® employees possess extensive mortgage lending experience as well as technological expertise—a winning combination to provide those solutions. Because your questions are unique, you deserve personal attention, not phone trees and canned responses from a call center employee. When you call FICS®, you'll speak with our receptionist who will direct you to the appropriate system support person. Or, if you choose, you can send an email straight to the specific department or support representative.

If you’re looking for residential loan origination software that’s integrated with POS and servicing software, FICS® has what you need. FICS® has delivered exceptional automation, performance, system support and value for more than three decades. Contact FICS® for more information: Sales@FICS.com or 972-458-8583.