Business Magazine

Work Smarter with Check My Loan Status

Posted on the 17 April 2014 by Codymiles

Check My Loan Status gives your borrowers access to their complete loan information and a full 1003.

At MortgageDashboard absolutely everything is designed and built to make the lives of our loan officers easier. That’s why we’ve built Check My Loan Status, your borrower’s new self-service loan portal.

Imagine this scenario: A borrower is ready to move forward with her loan application but you’ve made other plans. As you well know, this sweet interruption would cause any other plans to be put on the back burner. But in this case, however, you use MortgageDashboard which comes with the loan portal, Check My Loan Status.

After sending your unique Check My Loan Status URL, your borrower registers on the GeoTrust secured site and begins her loan application. Immediately, you receive an email “Jane Doe has began a loan application.” Jane has access to Check My Loan Status from anywhere (like her phone, computer or tablet) and can stop and pick up the application as she pleases.

As Jane completes the application, a 1003 is generated in MortgageDashboard. You’re reminded she has finished by another email, “Jane Doe has completed a loan application.” When you’re read to begin, the loan file is there waiting for you in the loan origination software.

After the application has been submitted, Check My Loan Status becomes a complete information hub for your borrower and Realtor. All of her basic property information, loan status, conditions to close, originator and loan file information becomes accessible any time she needs it.

As the loan changes status’ Jane is notified by email, “Your loan has moved from processing to underwriting”. She’s kept in the loop; she retains some control of an otherwise very mysterious situation. After all, buying a new home can be very stressful.

When additional documents are needed, Jane can use Check My Loan Status to upload them. Saving you time, the documents arrive directly in the MortgageDashboard eBriefcase for your team to sort through. Check My Loan Status keeps a high level of data integrity so her documents aren’t being passed around by email or other insecure sources.

At the end of the day, your customer’s experience is the most important factor for referrals and return business. Increase your customer’s experience and leverage yourself through the smartest and most capable application possible.

Spend more time doing what’s important.

Take a tour of Check My Loan Status

Why is this application necessary?

Borrowers have become more mobile than ever; they are using devices to communicate while on the move. As the adoption rate of smart phone and mobile banking software increases, consumers are looking to their financial institutions to offer a similar solution. Though technology has only begun to tap into the possibilities of mobile devices, Check My Loan Status offers a nimble and lightweight extension of the MortgageDashboard system that adapts to the changing technological environment.

Check My Loan Status is one of the first applications to provide capabilities to take a loan application, automatically pull credit and AUS, provide extensive loan information to the borrower and Realtor, and electronically notify all parties to changes in the loan status. Driving loan files from the point-of-sale to the loan origination software, the extension offers a true end-to-end experience on a mobile-ready platform.

The need for a mobile solution is unprecedented. As mobile users become more familiar with the technology, tech-savy mortgage companies can expect the growth of users preferring a mobile application over traditional loan applications and mortgage processes. Moreover, small to medium-sized mortgage companies can become swallowed by larger financial institutions with larger IT and development budgets. To combat the growth of these larger institutions with proprietary products, Check My Loan Status and the MortgageDashboard system provide a holistic solution for an affordable price.

Mobile domination may be happening sooner than we expect. As smart phones become the standard and mobile internet speed increases, the infrastructure is there to multiply mobile activity. It is altering the way borrowers prefer to provide information, monitor status’, and interact with loan officers. Larger financial institutions invest heavily into developing mobile applications for good reason; customers will rank mobile internet solutions in their choice of mortgage company.

Loan officer’s cannot be available at all times. For borrowers using Check My Loan Status, however, their information and status is always a click away. Check My Loan Status offers functionality paired with intuition and personalization. Appearing as the loan officer’s own proprietary application, the online software displays the company logo, loan officer head shot, and contact information on every page of the site. It is designed to understand how borrowers think and connects on an emotional level.

Efficiency saves money. As compliance becomes more constrictive and market share decreases, loan officers cannot become bogged down with the inefficiency of data-entry. Integrating the point-of-sale with the loan origination software, a loan application becomes a 1003 instantaneously. As the loan file is updated on the lender side, the borrower can see changes inside of Check My Loan Status in real time.

Have your borrowers used Check My Loan Status yet?

Tweet us with your experience @MtgDashboard

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