How Mortgage POS Software Improves Loan Production
The mortgage industry is dynamic, especially when it comes to operational costs. In recent years, this industry has seen a steady rise in mortgage origination costs, and it’s not even an easy process.
As mortgage professionals look for tools and processes that help to boost operational efficiency, increase market share, and grow overall margins, one tool stands out – mortgage POS software.
A mortgage Point-of-Sale is a tool that your clients can use to interact with you as the loan originator digitally. Some clients know it as the “client portal”, “borrower portal”, or “mortgage portal”. But how can the mortgage POS improve loan production? Here are a number of ways:
1. Quicker time to close
Did you know that leveraging digital platforms for your mortgage business can allow you to enjoy shorter processing times? To be more precise, your processing times will be about 10 days (approximately 20%) shorter than average.
A good POS software product will give you the capability to close loans faster than the industry average. This means that you can easily handle spikes in loan demand while maintaining elasticity and reducing the number of bottlenecks in the entire process.
2. Leverage the power of analytics
As a lender, it’s crucial to gain better insight into your business model and processes. You want to keep growing your business, and the best way to do that is to analyze data.
You can use mortgage POS software from SimpleNexus without having to put so much effort into data analysis.
When you leverage a well-crafted POS system, the system will automate the data analysis part for you. This makes it possible to gather the information that you can use to improve your business in the long run.
3. Consistent workflows
The current loan production processes have many variables that lower the quality of the entire origination cycle. From document collection to data entry and processing, there’s so much that is bound to change.
Mortgage POS software solutions come in to solve this process by streamlining workflows. Not only will you have a speedier process, but such systems also standardize the loan production process for even greater efficiency.
4. Increased accuracy
The mortgage business is quite sensitive. You don’t want to keep making mistakes that will prove costly to your business as time goes by.
An excellent example of an honest mistake in loan production is wrong data entry due to a lack of cross-verification. Such errors may seem to be insignificant at first, but they can be damaging to a business. In the end, they will cost a lot of time to fix, and that is time that could have been used to improve your business.
Taking advantage of a well-built mortgage POS solution makes it possible to provide error-free results. That also provides for more accurate decision-making, hence better accuracy and faster loan processing.
5. Improved compliance
The mortgage industry is highly regulated by governments all over the world. This means that businesses have to put greater effort into complying with complex government regulations while managing the risks that may arise during the lending process.
Mortgage POS software can save the day by making it easier for lenders to comply with set regulations, even when there are updates. That’s because it’s quite easy to modify terms and conditions and communicate any updates in a timely manner so that the borrowers won’t miss any information.
Leverage POS software to grow your mortgage business
Now that you know how mortgage POS tools can help you grow your mortgage business, it’s time to have first-hand experience.
Nexus origination is a software tool from SimpleNexus that will help you improve your loan production processes and serve your customers better. If you want to experience this, simply request a demo and watch your loan production processes improve.