Digital Mortgage: Tools & Software For Digitizing Your Loan Business

by Aidan Paringer

Ever since the first first ‘Rocket Mortgage’ ad hit everyone wants a digital mortgage. Consumers expect a digital mortgage experience. Top producing loan officers want to work with lenders and brokers who can provide their clients digital mortgages. Yet, very few companies really offer anything near this.

What tools and solutions can help bridge this gap?

(Click To Download This List)

What are the best digital mortgage tools?

While there aren’t yet any full stack digital mortgage platforms you can almost patchwork a complete digital mortgage with these tools. Start with a digital 1003 application tool, a POS or underwriting tool, then a mortgage CRM, e-signature tool and finally a closing tool.

Want to learn about more future mortgage technology trends that can make or break your business?

Digital 1003 Applications

Digital 1003 Application
Until just recently there were barely any true and convenient
online mortgage application tools that lenders and loan officers could install on their sites for prospects. This is really the first and most essential step in staying relevant and having a chance to win loan business in today’s virtual environment and modern mortgage landscape.

Some of these solutions now include:

Underwriting, Processing & Verifying Documents Online

Verify Mortgage Docs Online
Borrowers very rarely use paper anymore. Few people have printers, if they even remember what those are. There is more publicly available information online that can be used to verify borrower identity, incomes and employment than underwriters can find in W2s and tax returns, or through application forms.

Loan officers who are smart and ahead of the game will be training their prospects to keep digital records of everything on their phones and in Google docs and other cloud based storage solutions, so it is on hand when needed.

Some of today’s most visible providers for these tools for lenders include:

These providers offer digital solutions for asset, income and employment verification. Some brag their services are able to cut closing times by 20 days.They can help provide mortgage originators with streamlined flood, title, valuation and closing services. While others offer intelligent identification and authentication of borrowers and their application information in new ways. Such as tapping into borrower bank deposit records.

Powerful Mortgage CRMs

Powerful Mortgage CRM
Mortgage CRMs offer valuable integration throughout the loan process. They help originators connect with prospects with upfront marketing, convert them into leads, take applications, and then ensure a high touch process through closing and beyond.

Part of this is both email and SMS automation for keeping borrowers and referral partners in the loop and updated, and aiding in resolving underwriter conditions fast. Some are mortgage specific. Others are just customizable to suit the mortgage business.

E-Signature Tools

Mortgage E-Signature Tool
There is no more labor intensive piece of the mortgage process than having to print and sign a cavalcade of documents. If documents can be stay online as their sent and signed it saves time for everyone in the mortgage process. There are lot’s of companies now that offer a stand alone e-signature product but we recommend that you find an e-signature tool that can be easily integrated and automated. For example BNTouch’s E-signature tool can automatically send and track signed documents.

Closing & Notary Software

Digital Closing Software
All originators need deal flow and to be constantly filling the pipeline with mortgage applications because without a good back-end experience and finish, borrowers who were expecting a modern experience can really frustrated and let down. That’s what they’ll remember. That’s what they’ll post in their online reviews. It’s important your able to set proper expectations for your borrowers and follow through with them. There are lots of companies now offering really innovating digital closing solutions.

To bring it full circle, some of the companies offering digital closings include:

What are you doing to create the ultimate digital mortgage experience?

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