Mortgage origination software allows mortgage lenders to automate and close more loans in less time. There are dozens of Origination Software companies and each one handles the process a little differently.
A quality origination software should be a part of complete mortgage work flow solution specifically adaptable for the mortgage broker, mortgage company, credit union or community bank. A Loan Origination System should deliver reliable and cost effectiveness for generating different types of mortgage loan documents and tracking of compliance issues. It should be integrated with a pricing engine similar to EZoriginator or NYLX.
Loan Origination Software should handle all the processes of mortgage loan originations related to originating government, agency and privately funded loans. Origination Software should be designed and developed according to federal mortgage rules and regulations as well as the lending rules of different states. It should be capable of producing all necessary disclosures required by both.
Mortgage Origination Software should have consumer disclosure delivery built into the system for compliance tracking purposes or integrate easily with a mortgage document delivery system such as Click2Doc.
Mortgage Origination Software should have pre designed formats of processing and closing documents that are reviewed warranted to ensure accuracy and compliance with all laws regulating the industry. All these documents should be designed according to the latest legal requirements and general trends existing in the mortgage industry. Purchasing pre-printed forms is an artifact of mortgage industry history, but having electronic forms vetted for compliance is typical.
Quality origination software should allow users to create their own custom forms, modify existing documents, and create custom correspondence that incorporates data in the loan file, while maintaining the integrity of the system.
A quality origination software will allow for flagging Section 23 HOEPA High Cost Loans and Section 35 HPML Higher Priced Mortgage Loans or at least a manual entry point for testing results from third party HOEPA High Cost Loan Calculators.
Mortgage Origination Software should enable easy access to escrow calculations, starting with the most recent escrow, or in alphabetical order as desired by the user. Users can select from pre designed escrow formats provided with the software, modify existing escrow templates or design their own templates. This utility is very useful for dealing with customers who are repeat borrowers.
Mortgage Loan Origination Software should also track all necessary processes such as appraisals, preliminary reports, verifications, demand for payoffs, beneficiary statements, call reports, volume tracking per loan officer and ease of HMDA reporting.
When we use the term Origination Software, we mean both software installed and run locally and Web ware, those systems which are offered as a service by a provider. Both systems have merit depending on the clients needs.
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