If there is one truism in the technology business it’s that no user will ever utilize all the power a developer has built into a platform. It never happens. We’ve been creating software for mortgage lenders for decades and there are still powerful features that many lenders are missing.
In this post, we’ll introduce you to five features that every lender on the Mortgage Cadence Platform (MCP) should capitalize on to help increase efficiency and productivity.
After all, clients purchased the last lending platform they will ever need, right? Let’s help them realize the tools they have at their fingertips are state of they art and they don’t need to spend millions of dollars to make it happen.Christopher Call, SVP of Sales Engineering at Mortgage Cadence
1. The Underwriting Module
The loan origination system is the system of record and ultimately holds all the information that the underwriter verifies, but in most systems data and documents are held in multiple locations throughout the system. Underwriters still deal with stacks of documents and data verification, even when reviewed digitally. Current users of our technology currently have a tool that can end the inefficiencies of flipping back and forth from screen to screen and document to document, The Underwriting Conditions Module.
MCP has improved an underwriter’s efficiency by reducing the amount of clicks it takes to review documents and data by housing all of the information in a single module. Underwriters need never leave the Conditions Module to complete their work, clearing conditions in a single screen. With both documents and loan data fields visible on the screen, matching up documentation and clearing underwriting conditions is easy. The system can be configured to associate Document Types with Condition Categories. Also, loan level data fields can be associated to Conditions Categories, as well as Screen Link. Therefore, when an underwriter is working on an Asset Condition Cateogry their Conditions Module screen will change dynamically based on that category and provide them with the data, documents and screens they need to clear conditions and ultimately quickly decision the loan file.
When clients leverage the MCP Borrower Portal and expose Underwriting Conditions, borrowers can upload documents directly to a condition on their loan file which marks a Received Date in the Conditions Module, clearly alerting Underwriters to those conditions that could be satisfied. Speed and efficiency delivered.
2. Pipeline Views (Pipeline Vista, My Tasks, and Loan Tasks)
We refer to this functionality as “the pipeline,” but it’s really an almost unlimited number of pipeline representations that can meet the needs of everyone in the company.
It is common for lenders to utilize reports to prioritize workload or understand pipeline status. Once a report is generated, it is old out-of-date information. If you are utilizing the system as intended, you already have a powerful, real-time, reporting tool built directly into your pipeline views. Built on powerful grid functionality, users can create different views of their Pipeline Vista or Tasking which helps to speed workflow and satisfy management without having to create reports. Loan officers can slice and dice their Pipeline to drill down to the loans that are top priority. For example, Loan Officers can filter their pipeline by Closing Date and Loan Type to only see Purchase Loans. Additional loan details can be included in the pipeline such as Lock Expiration Date to be able to understand the lock for those purchase loans closing this month. If this is a common view the LO utilizes, he/she can save the view and recall it when necessary. Processors and Underwriters can do the same thing with their tasking pipelines and loan level task views. Processors can group their tasks together by Due Date or group all of their Welcome Call tasks to be able to better prioritize their day. Not only can tasks be grouped together, but loan level dates, such as service orders or document expiration dates, can be added to the view to have a better understanding of priority activities at a glance.
3. The Tasking Function
Creating a task driven workflow may have been a new concept for many lenders on our system. It was common for lenders to recreate their old processes within their new system during implementation. Doing so just recreates the same inefficiencies. Also, some lenders may have not fully understood the true opportunities a task driven workflow would provide and inadvertently designed an unbearable, task heavy, inefficient workflow where users just started clicking off tasks without realizing the benefits.
What some lenders learned after creating their own workflows in the tasking tool was that their processes were not particularly efficient. The result was often task traffic jams. Instead of working on adjusting existing process, some lenders disabled the functionality altogether.
Talk about a missed opportunity. We’d like to have the opportunity to sit with clients who have abandoned the tasking functionality to understand what the challenges are to help design something that will provide you improved transparency into your work as well as improved velocity and pull-through rates. Some things to consider with tasking – task for the unhappy path or uncommon loan, property, or occupancy types. Utilizing tasking to notify users when documents have been uploaded that require review or a service has returned data and documents for their review. The tasking function will reveal inefficiencies in the loan origination process and can be used to create streamlined workflows that will increase productivity. We often collaborate with lenders to fine tune their process using this powerful tool.
4. The HTML 5 Presentation Layer
By using the latest software to communicate LOS data to users, MCP allows users to create screens that load dynamically based on the information requested and deliver them to any device. This is huge because it allows companies to present only the data that users need to complete their work and do it wherever those users happen to be.
For instance, if a processor is working on a mortgage loan for a condominium, then only the fields required to process that loan will be presented on the screen. This allows administrators to create unique user experiences for everyone using the platform.
Efficiency skyrockets when screen clutter is reduced and navigation is simplified. Providing too much on-screen information slows down users as they must decide which information has value for the task at hand.
5. Borrower Portal
We could write an entire post about the borrower portal. In fact, we did. You can download our borrower portal profile within HousingWire’s Mortgage Tech Product Showcase here.
In a nutshell, MCP’s borrower portal fulfills the promise made by so many digital lenders. They promise an easy experience, but all they can deliver is an easy application experience. The self-service portals other lenders provide for borrowers after they apply are a source of frustration.
The borrower portal provides borrowers with a convenient dashboard that provides all the information they need at a glance. There’s no need to search or navigate to different screens. Uploading documents is simple, too. Borrowers enjoy a great loan origination experience on their device of choice from application to close.
To learn more about any of these MCP features or functions, reach out to us today. You already have the power to grow a stronger business in 2020. Let us help you turn it on.