Benefits of Modernized Mortgage POS Software

The mortgage industry is always changing, especially when it comes to origination costs and loan processing & approval. Slowly, but surely, the old-fashioned paper-based processes have been phased out in favour of digital processes.

One of the tools that have been born as a result of the digital revolution is mortgage Point-of-Sale software. Such systems offer a myriad of benefits including better efficiency, improved data management, and greater accuracy. Most importantly, they better the mortgage processing experience for both the borrower and lender.

Here are the top reasons why modernized mortgage POS software is a good purchase:

1. Efficient workflow management

Unlike traditional loan origination processes that are intricate and time-involving, modernized processes facilitated by POS software are greatly efficient. New mortgage POS tools automate the majority of tasks in loan origination, making the process smoother and faster.

Tasks such as credit checks, income verification, document collection, and others are a tad easier when using mortgage POS software. As one of the best mortgage POS software for lenders, SimpleNexus upgrades loan processing for lenders and borrowers alike. Borrowers can complete the required tasks thanks to a friendly interface and customer guidance, where required.

2. Faster closing times

If you’ve not heard it before, adopting digital platforms and solutions such as POS tools can reduce processing times by about 20%. That means that you can save about 10 days in total, and use that time to focus on other crucial aspects of your business.

What’s more, a perfectly created mortgage POS tool will increase your capability to surpass the average loan origination times which makes it easier to handle loan demand spikes. While at it, you will be able to maintain flexibility and ensure accuracy to avoid pitfalls later on.

3. Better consistency in loan processes

Loan production processes are subject to various variables that can threaten the quality of services rendered. Tasks such as data entry, information processing, and others can change rapidly, resulting in mistakes that are difficult to rectify.

By adopting modernized mortgage POS software, you can solve this problem by streamlining workflows. As a result, you will enjoy speedier processes and standardized outcomes.

4. Enhanced security

As you may expect, digitization comes with lots of security concerns. You may think that mortgage POS software offers a channel for attackers to access your system, but that’s rarely the case. As long as you choose industry-leading software such as SimpleNexus, you should not have any serious security concerns.

On the contrary, you should enjoy advanced security features such as top-notch data encryption, two-factor authentication, secure document storage & sharing, and others. That way, you can avoid the risks that come with compromised mortgage handling processes.

5. Better compliance

Mortgage professionals are supposed to be compliant with the set industry regulations. Failure to meet such regulations is associated with serious risks such as cancellation of business permits and lawsuits.

Thankfully, you can always avoid such heartbreaking endings by using mortgage POS software from a renowned provider. Such business tools give you the ability to comply with all regulations and stay up-to-date at all times.

Adopt SimpleNexus to enjoy these benefits and more

There is no doubt that having modernized mortgage POS software for your business will allow you to upgrade processes and reduce business risks.

If you are looking to enjoy the above benefits and more such as gaining greater insight into the performance of your business courtesy of powerful analytics, try SimpleNexus.

With great features to enhance service provision for your mortgage business, you can rest assured that SimpleNexus will help you take your business to the next level.

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