How to Use Your CRM to Host a Successful Networking Event
Dec 20, 2023Networking events are an important way to begin and enhance working relationships with both potential clients and referral partners.
An LOS software manages the essential steps that must be completed for new loans, as well as refinances. This includes the origination, fulfillment, pricing and eligibility and document management.
As a mortgage professional, the biggest challenge is managing your contacts throughout these steps, which is why Surefire CRM has made integrating with your LOS software and other mortgage software our top priority.
A Loan Origination System (LOS) is a mortgage software platform that takes a mortgage transaction from origination to post-closing.
It is best to think of your LOS software as a lock system in a canal, opening the gates to the next phase once it has all of the necessary information to proceed. The data can range from basic borrower contact information to confidential information, which must be stored securely.
Although every lender has their own loan fulfillment process, they usually follow the same principles and procedures. With these methods, LOS software can provide mortgage lenders with customizable support systems for every loan’s origination and fulfillment.
The two key functions of any LOS software are origination and fulfillment of a loan. Origination begins at the start of the loan process. This includes some functionality for point of sale (POS), management of the loan application and pre-qualification. Fulfillment takes the information gained during the origination phase and guides the borrower through the steps of the appraisal, underwriting, closing, funding and post-closing.
Once pre-approval is given to the buyer and both parties sign the purchase contract, the LOS software kicks into high gear processing the appraisal order. With the independent estimate of the property’s value, the mortgage underwriter can process the loan with all necessary credit reports, title searches and tax transcripts. Underwriting is driven by information, which means that you’ll need the best mortgage CRM that can send out requests as quickly as possible.
When all documentation is prepared, the clear to close is given with all of the necessary documentation presented for the borrower to sign, including the all-important closing disclosure document. Documentation is key during this stage, and your LOS software needs to keep you compliant.
At any point in these stages, a piece of the dozens of documents can come up missing, data points may be missed or a deadline can be pushed back. Without the proper support from your LOS software, unexpected delays can reduce productivity and harm your ROI.
There are many software vendors available to mortgage professionals. During your discovery phase prior to implementing any LOS software, there are key factors that you’ll need to consider. We’ve already discussed some of these features, such as mortgage CRM compatibility, document management and POS integrations.
One of the other key features to consider will be compliance. Your LOS software needs to follow federal and state laws, which doesn’t just apply to data security regulations. For example, your loan estimate and closing disclosure need to match one another to remain compliant.
While LOS software provides origination and fulfillment management to help LOs manage their pipeline, these systems are not designed for external communications.
This is why the best mortgage CRM systems like Surefire work with your LOS software to effectively manage your mortgage pipeline. When these systems work in tandem, your communications with internal team members, borrowers, agents and other third-party service providers will be optimized, giving you and your team members the ability to close more loans.
Get instant access to tried-and-true mortgage marketing strategies and guides with Mortgage Marketing University.
See how Surefire effortlessly develops content tailored to your brand. Sign up for a free look book today.
You have what it takes to be a top mortgage lender and Surefire has what it takes to get you there. Learn How!
When considering the loan origination system you’ll use to optimize your lending team, it is important to consider the value they bring to your current systems. Below is a list of the best mortgage LOS software companies.
Empower®, Black Knight’s industry-leading loan origination system (LOS), delivers the advanced functionality lenders like you need to increase efficiency and speed, lower operational costs and improve the homebuying experience for your customers.
It supports retail, consumer-direct, home equity, correspondent, wholesale and assumption channels – all on a single system.
Key Features:
Customizable workflows, intelligent automation, exception-based processing, integrated point of sale, loan officer functionality, web APIs, pricing engine, fee service, compliance testing, actionable intelligence.
LoanCatcher is one complete, cloud-based loan origination system that lets brokers work from anywhere and focus on their business, not technology. Save money and time with a single platform that delivers what you need to originate loans efficiently.
This powerful LOS platform delivers a great experience across the board, simplifying the loan origination process so brokers can connect with more borrowers and close more loans.
Key Features:
Mobile-friendly point of sale, comprehensive product and pricing engine, robust pre-built and configurable workflows, advanced CRM capabilities, document management tool, channel for loan officer and processor communication.
Click here for more information from Black Knight on Loan Origination Systems.
Designed for midsize to large mortgage lenders, Ellie Mae’s Encompass is a cloud-based loan origination platform that expedites and improves the digital mortgage process.
Encompass allows loan officers, underwriters, and other team members to track loan files throughout the entire origination process. The system also provides systems for expediting the underwriting process.
Key Features:
Custom workflows, document management, loan tracking, risk management functionality, internal audit features, integrated pricing engine, application programming interface (API) for application customization and integration.
Calyx is a cloud-based mortgage loan origination system (LOS) designed to provide service to any lender level. Calyx provides three different solutions depending on the type of lending professional:
Key Features:
Custom workflows, document management, loan tracking, internal audit features, centralized reporting, granular access rights.
A cloud-based mortgage loan origination system (LOS), LendingPad aims to help businesses streamline and manage their loan origination processes and improve customer experience.
LendingPad offers specific editions for brokers, lenders, banks, credit unions and institutions to improve collaboration between different lending professionals.
Key Features:
Custom workflows, document management, loan tracking, internal audit features, post-closing audit features, secondary workflows for investors.
BytePro Software is designed to help banks, brokers and credit unions, it is a loan origination tool that helps manage documents, track payments, monitor disclosure requirements, send automated emails and more.
Key Features:
Audit Trail, Compliance Management, Document Management, Electronic Applications, Pipeline Management
Whether you are a smaller broker or large bank, a loan origination system is a significant investment in a lender’s tech stack. The process for finding the right LOS should include a review of the processes and procedures that make up your lending operation. The information used by your team will affect the level of customization you will need.
Networking events are an important way to begin and enhance working relationships with both potential clients and referral partners.
Ad conversion rate measurement helps LOs gauge the effectiveness of their marketing spend. Surefire mortgage CRM can boost those metrics.
Credit union marketing strategies can benefit significantly if marketers utilize content designed from the start to foster engagement.