A couple looking for a mortgage loan

Best practices for implementing mortgage loan origination software

The average time to approve a mortgage is about four weeks. Both lenders and borrowers want to minimize the wait and close loans as fast as possible. The duration of the mortgage loan origination process depends on many factors, many of which are related to the lender’s tools and practices.

With a substantial number of documents to check and questions to answer, loan officers are often overwhelmed with work, thus keeping borrowers waiting. To speed up the process, some financial institutions take advantage of fintech—such as mortgage loan origination software—to automate various stages of the lending process.

Fortunately, Capacity’s mortgage automation platform can simplify and automate different aspects of the loan origination process, allowing you to close more mortgage loans without overwhelming your employees.

Key benefits of implementing mortgage loan origination software.

AI-powered mortgage loan origination software can offer automation for time-consuming tasks that keep mortgage professionals from focusing on their core competencies. More specifically, the right loan management solution can do the following for credit unions, mortgage lenders, and any other financial institutions in the mortgage business:  

  • Reduce the cost of mortgage origination by taking over many aspects of the loan application and approval job and preventing the lender from incurring additional payroll costs.
  • Save time and money by reducing human errors related to entering and reentering large volumes of data.
  • Improve the borrower experience by providing timely responses and speeding up the lending process.
  • Increase employee satisfaction by helping them with decisions during lending operations and avoiding mundane manual tasks.
  • Take advantage of the data collected over time to make predictions about revenue streams.

Here are a few tips to help you implement the best mortgage loan origination software for your business needs in the mortgage industry.

1. Seek a vendor’s assistance.

While different types of mortgage loan management software exist, implementing many of them can be complicated, especially if you’ve never used similar mortgage software before. The vendor you are buying the digital mortgage solution from should offer assistance at different stages of the implementation process.

The key to proper software implementation is minimizing downtime. If you don’t want to interfere with workflows, you need professional assistance with the software platform you’re using. If the vendor doesn’t offer comprehensive implementation help, information, and advice for the mortgage CRM, the process may turn out to be time-consuming.

At Capacity, we help all our clients implement our mortgage loan origination solution, making the transition to the new tool as smooth as possible.

2. Assign responsibilities.

To ensure successful implementation throughout the life-cycle of the loan, you need to create an implementation team. These team members should take the time to learn everything the software solution might encompass and understand how it will change your lending operations.

Designated team members will:

  • Keep in touch with the vendor
  • Undergo training
  • Help other team members use the solution
  • Conduct testing
  • Answer questions

At Capacity, our customer success managers are always ready to train your designated team members to use our mortgage lending software to ensure smooth implementation and operation.

3. Start training early.

While top-notch mortgage loan origination software usually has a low learning curve, your team would still need some time to learn how to use it. The earlier you start helping your employees take advantage of the functionality of the new solution, the faster you can reap the benefits that loan management solutions like these encompass.

Give your team access to all the available learning materials in advance. They can start getting ready for the new mortgage CRM tool even before you begin the implementation process.

At Capacity, we offer robust and easy-to-comprehend documentation to help your team get the hang of using the new automated loan processing tool. Since our software platform is designed with the business needs of real estate and mortgage professionals in mind, it has a reasonable learning curve.

4. Be transparent.

Before implementing a mortgage loan origination system, you need to be entirely transparent with your team about its functionality. Your mortgage brokers should have clear information about which functions the AI-powered solution will perform to help them achieve their loan origination goals. Their feedback can turn out to be highly useful for implementation and operation purposes.

At Capacity, we can help you introduce the new loan management software to your team. Our experts are always ready to share their experiences to speed up the adjustment process as your team gets used to using the new mortgage software.

5. Give it time.

While you may be in a hurry to start taking advantage of all software benefits, implementing it overnight can be counterproductive. To ensure efficiency and avoid unfortunate mistakes, the implementation of any financial services software should be gradual.

Even if your team members already have experience with mortgage underwriting automation solutions and similar tools, rushing to get the job done may force them to miss important elements of the new mortgage CRM solution.

If you have any apps to integrate with the new software or platform, it will take some extra time to complete the process.

At Capacity, we recommend taking some time to get to know the solution. Our experts can take you through the implementation and integration processes within a reasonable timeframe.

6. Do thorough testing.

Once the new system is up and running, you need to test it. Before launching it in the product ecosystem, you have to make sure it works according to your needs and requirements.

At Capacity, we delegate team members to collaborate with your implementation team to ensure thorough testing. Our experts can help you solve any problems that arise during the testing process.

7. Review support options.

Once your loan officers start using software built for the mortgage industry, you need to make sure they have sufficient support at all times. Software vendors can either provide the support themselves or delegate the task to a third party. You need to make sure you know exactly who to contact in case something goes wrong with your new lending software.

At Capacity, we have a large support team ready to help you use the loan origination system in the most effective manner possible. It won’t just take you through all implementation steps, but will also do everything in its power to help this new solution contribute to your organization’s overall success.

Ensuring smooth mortgage loan origination software implementation.

The best mortgage loan origination software can help boost your organization’s profitability, streamline the origination process, assist with document management, improve the customer experience, and offer the customization you need to make the lending process easier on everyone—all within pricing that works for your business. To ensure a smooth implementation, close collaboration with the provider is a must.

Download our official onboarding guide to discover how easy it is to start working with Capacity.