Amazing New Technology makes life easier for Brokers

I started doing mortgage loans in the 80’s and all paperwork in those days was done in a very thick file put together for the borrower, which would sometimes be 3 inches thick. Today things are moving in the direction of paperless processing.

Loan processing is typically a time consuming, tedious process that involves a large amount of paper pushing. TrueClose, a company that offers software to the mortgage industry hopes to change all that with their version 1.6. Given that the solution is Web-based, processors will now no longer have to manage physical paper files.

Specifically, processors create customized templates within the LOS to keep track of orders and deliver the control and visibility necessary for the processor to manage daily tasks. Also, version 1.6 comes with a checklist embedded in the LOS.

"Because processors are big stakeholders in the system, the logic built into the system allows them to manage daily tasks," points out Michael Blair, founder and CEO of TrueClose. "It gives the administrator a degree of visibility as well via a checklist. Processors can create their own customized templates to keep track of orders.

"We have just completed and will be releasing this embedded processing module to allow processors to manage underwriting and facilitate integrated workflow," he pointed out. "After the loan has been approved it goes into the first processing stage with loan officers doing manual checking and stacking. With this module you can get all the tips from Fannie and parse them throughout processing.

"In the end, that will become a competitive advantage, something that you’re not going to get in Calyx," he reported. "It gives people more control over the process. We continue to focus on going paperless because I believe in the e-mortgage. We have embedded an integrated faxing module because in order to make this successful you have documents coming from the borrower so you need a way to make that electronic. The processing module takes that a step further because it’s all integrated."

Also, TrueClose embeds customer relationship management functionality into the LOS. "The most important part of a mortgage company’s work is prospecting," explained Mr. Blair. "The loan officers in particular are spending 80% of their time prospecting. In order to make a tool to help them it makes sense to have CRM built into the LOS. At the beginning of the process the CRM is a must have with the application.

"What you get with Calyx is something that can build the predisclosure forms, but we wanted to start from the beginning and get into CRM," he continued. "When you talk about CRM you talk about letters, mailings and follow ups, but there is no tool like that in Calyx. We want to give the broker that - in addition to a management tool to help them oversee the process as well.

"When I first got into the mortgage industry, there weren’t many tools to help you manage your leads," Mr. Blair noted. "For example, these people are today calling 20 people a day, now how can you manage that? How do you keep up? Some people make a note and write it down but with the technology we have today it is important that they have one solution to manage everything in one place."

Why not go for a standalone CRM tool? "On a smaller scale you have CRM tools out there, but to be quite honest the target audience that we’re going after are not using more than 10% to 20% of the functionality of those standalone products," answered Mr. Blair. "Also, they’re not mortgage-specific. For example, you have three days in which to send a disclosure so why not have a flag that pops up to tell you that they’re due? You’re just not going to get that from a standalone CRM.

"You also have to manage more than one solution with a standalone product - that creates its own problems," he concluded. "As time goes by, you’ll see people looking to take advantage of the Web. Once this catches people will be jumping on, which is why this has been our focus."

I am Kelly Heyden. know more about mortgage broker training visit loanbrokeracademy.us.