How mortgage loan officer software can set up your lending team for success

See how the best solutions can help optimize efficiency, automate processes, and enable loan officers to become trusted advisors.

Blend

Illustration of consumers interacting with a digital representation of consumer loans

When your customers begin their homebuying journey, a mortgage loan officer is often their first point of contact, serving as the “face” of your organization.

Make your work easier with new solutions

Subscribe for industry trends, product updates, and much more.

Not only are loan officers tasked with providing exceptional customer experiences, but they are also critical team members that can help you deliver seamless end-to-end mortgage experiences and drive customer loyalty.

That’s a hefty, high-pressure job description, particularly in the current climate of mortgage rates sitting at the highest they’ve been since 2001 and a slowdown of loan applications. Market uncertainty is always a given, of course, but it’s also an opportunity to ensure your loan officers have all the tools they need to be successful, trusted advisors within your financial institution.

While there are solutions available to help mitigate these challenges, after working the same way for decades, it’s difficult for the industry to move in a different direction. Despite recognizing the importance of digital transformation, many firms are still struggling to achieve it. That leaves the vast majority juggling multiple software solutions, many of which are outdated and disparate.

Here are four key features of mortgage loan officer software that can help set you up for success.

1. A single portal for workflows

One of the biggest advantages of a comprehensive mortgage loan officer-software solution comes from increased efficiency of workflows. Using an all-in-one platform allows your loan officers to unify the entire loan process without the hassle of multiple screens and sifting through electronic documents. A single technology solution with clearly defined steps that your employees can easily follow can cut the time from origination to closing. This frees up loan officers to focus on higher-value activities, such as offering other complementary products or personalized services to your customers.

2. Flexibility in process, consistency in output

Many loan officers are more productive when they have flexibility in their loan workflows, but the rest of your loan-processing teams also need a consistent approach to maintain loan-data quality. Superior mortgage loan officer software takes this into account and mirrors how loan officers and applicants interact, providing an intuitive experience out of the box. There is also the ability to adjust standardized flows to align with the unique ways in which individual LOs prefer to work. The best software solutions ensure these workflow changes don’t impact data structuring so back-office staff have everything they need to complete the loan.

3. Support for the entire loan cycle

Early mortgage software iterations focused primarily on getting applicant data in quickly and correctly by digitizing paper processes. However, the support offered to loan officers beyond that point was mostly relegated to other systems, such as the LOS. Great mortgage loan officer software not only guides loan officers through application completion accurately and quickly, but it also provides helpful resources and workflows to close the loan. The best software solutions reach even farther, providing loan officers the opportunity to support refinancing, offer home equity loans, or branch out beyond mortgage products — all within the same platform.

4. Machine learning and automation

Collating documents, organizing signatures, and sending follow-up emails are all necessary steps in the loan officer workflow. Mortgage loan officer software cuts the laborious nature of these manual tasks through automated processes, supercharging efficiency. Not only can this result in a more streamlined and enjoyable job experience, but it also frees up loan officers to transition from their role as administrators and data clerks toward that of a trusted advisor.

In addition, the best mortgage loan officer software uses machine learning to make intelligent recommendations on loan conditions. This allows loan officers to better meet expectations and provide expert advice, resulting in more personalized customer experiences.

How Blend’s mortgage loan officer software can help

As a partner for digital transformation and innovative experiences, Blend’s software solution offers a modernized approach to mortgage lending.

Our Mortgage Suite offers a single workspace for loan management across its lifecycle, and the LO Toolkit streamlines the workflow even further, bringing more functionality tailored to loan officers’ needs. Using our suite of tools enables them to start applications, pull credit, structure loans (including product, pricing, and fees management), create loan scenarios, and grant pre-approvals. Here are three key benefits our loan officer mortgage software provides:

Improves efficiency

Using Blend’s resources gives loan officers access to the tools they need throughout the origination process, all from a single location. Rather than wasting time completing manual tasks, loan officers are now saving about two hours per loan on average, reducing application to approval times by up to five days.

Automates key tasks

Blend takes much of the manual back and forth out of the lending equation while improving application accuracy and increasing consistency throughout the loan lifecycle. Automated processes include qualifying borrowers, checking rates, comparing loans, and generating pre-approval letters. “Before Blend, every email I had to send was a reminder,” says Tori Sommer, a consumer loan processor at Rural 1st. “I was constantly following up with our customers and keeping track of who owed me what documents. With Blend I don’t have to do this anymore.”

Positions loan officers as trusted advisors

Using a comprehensive platform means your loan officers can spend less time inputting application data. Using Blend to demonstrate to customers that the loan process can be simple and intuitive gives loan officers an opening to deepen relationships while continuing to provide personalized offers and tools throughout each customer’s financial journey.