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

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

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

Today’s loan officers often play a valuable role as the “face” of their organization, and the impact they provide by delivering the exceptional customer experiences that drive loyalty can’t be understated. However, they also face unprecedented challenges. The global demand for loans is high — and is expected to grow by another 14% from 2020 to 2021. That might be great news for the lending industry as a whole, but for loan officers it may be adding even more stress to an already high-pressure job.

Indeed, the combined global labor and skills shortage is being felt by all industries, and lending is no exception. Experienced loan officers are having to spread themselves thin to keep pace.

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, only 30% of all firms across all sectors have achieved success. That leaves the vast majority juggling multiple software solutions, many of which are outdated and disparate.

Loan officers deserve tools that make their work easier — and mortgage loan officer software offers three key features that can help:

1. A single portal for all key workflows

A single solution that supports most, if not all key loan officer workflows can offer many benefits. One of the biggest boons comes from increased efficiency. A unified portal provides one place for all notifications and lessens the need to jump back and forth between screens while moving borrowers through the process. In addition, having a modern experience and interface for each step can help make individual tasks simpler to complete. All told, you can improve loan officers’ efficiency so that they have more time to focus on higher-value activities, like offering personalized service 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 borrowers interact, providing an intuitive experience out of the box. Top solutions may then offer the ability to tweak these standardized flows to align with your specific business needs — and the unique ways in which individual LOs prefer to work. The best solutions will ensure that these workflow changes don’t impact data structuring so that back office staff have everything they need to complete the loan.

3. Support for the entire loan cycle

Early generations of mortgage software focused primarily on getting applicant data in quickly and correctly by digitizing paper processes, but the support offered to loan officers beyond that point was mostly relegated to other systems, such as the LOS. Since the work of loan officers continues long after the application is completed, modern solutions should stay with them throughout the process. Great mortgage loan officer software offers support for getting applications completed accurately and quickly — and then continues offering helpful tools and workflows to help close the loan. In some cases, this support can continue beyond the close of a loan, providing an opportunity to support refinancing, offer home equity loans, or even branch out beyond mortgage products, all within the same platform.

4. Machine learning and automation

Loan officers spend countless hours doing laborious, repetitive work. Collating documents, organizing signatures, and sending follow-up emails are all necessary steps in the loan officer workflow, but with mortgage loan officer software, many of these manual tasks can be automated. Not only can this result in a more enjoyable job experience, but without the burden of manual tasks, loan officers can also transition from their role as administrators and data clerks toward that of a trusted advisor.

In addition, the best mortgage loan officer software can use machine learning to make intelligent recommendations on loan conditions. As a result, loan officers can better meet expectations and provide the expert advice which results in more personal customer experience.

How Blend’s mortgage loan officer software can help

Blend has spent years building a reputation for improving the consumer experience and is proud to offer an equally excellent loan officer experience.

Our Mortgage Suite offers a single workspace for loan management across its lifecycle. And the LO Toolkit streamlines the workflow further, bringing even more functionality tailored specifically to loan officers’ needs. It enables them to start applications, pull credit, structure loans (including product, pricing, and fees management), create loan scenarios, and grant pre-approvals.

What’s more, it can help loan officers to:

  • Improve efficiency — loan officers can access the tools they need throughout the origination process, all from a single location.
  • Automate key tasks — qualify borrowers, check rates, compare loans, and generate pre-approval letters all with a few button presses.
  • Become trusted advisors — spend less time inputting application data and more time on the activities that customers value.

Loan officers at Lennar Mortgage are already realizing the benefits. Rather than spending time completing manual tasks such as data verification, the company’s loan officers now rely on Blend to complete them automatically. As a result, loan officers can now save two hours per loan.

Tori Sommer, a consumer loan processor at Rural 1st, also appreciates the automation advantages that come with Blend. “Before Blend, every email I had to send was a reminder,” she said. “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.”

The benefits don’t end here. A more streamlined workflow enables loan teams to close more loans faster while reducing origination costs. In fact, according to a recent study conducted by MarketWise Advisors, Blend can help reduce the overall loan cycle by over seven days.