Mortgage Software

Mortgage Software Options.

There are many types of mortgage software. For example, mortgage CRM software is customer relationship management software for the mortgage industry. It does automated marketing and lead generation.

There is mortgage banking software, using Microsoft Windows. Others include a marketing system, which automatically generates pre-qualified mortgage applications. Do loan accounting, loan processing, and loan servicing using mortgage software. There is software for borrowers to input a secured 1003 mortgage application. There is ready-made, complete, mortgage software for websites. Some have broker tools.

Mortgage software exists for comparing rates, generating leads, loan originators, pricing/quotes, loan management/servicing, refinancing, creating websites, and faxing.

Mortgage Software.

Mortgage software and calculators exists for homeowners, professionals, brokers, and lenders. Homeowner mortgage software and calculators includes financial calculation tools, schedules, and amortization plans. These calculators and other software help the homeowner minimize costs and demonstrate options.

Professionals, use mortgage software and calculators. They use the calculators to determine payments, amortization, interest, and total payments. Other software is used to:

synchronize piggyback loans;
work with 1003 applications;
manage lock expiration dates;
prepare plans for interest-only ARMs and Option ARMs;
create fast-fill forms when working with clients;
access different accounts remotely and securely; and,
maintain customer lists.

There are many other tasks mortgage software performs, for the professional. Only a few activities have been mentioned, using mortgage software.

Lenders use mortgage software and calculators for account management, transfer data between housing agencies, perform credit reports, and interact with other lending institutions.

Mortgage software websites include calculators helping mortgage brokers prospect and originate mortgage business. They have features to support submitting applications online, using calculators, finding interest rates, refinancing, teaching about mortgage options, and maintaining subscriber lists.

Underwriter Documents.

Typically, these documents are required for underwriter review:

credit report
1003 - Uniform Residential Loan Application
1004 - Uniform Residential Appraisal Report
1005 - Verification Of Employment (VOE)
1006 - Verification Of Deposit (VOD)
1007 - Single Family Comparable Rent Schedule
1008 - Transmittal Summary
Copy of deed of current home
federal income tax records for last two years
Verification Of Mortgage (VOM) or Verification Of Payment (VOP)
Borrower's Authorization
Purchase Sales Agreement
1084A and 1084B (Self-Employed Income Analysis) and 1088 (Comparative Income Analysis)

These are used when a borrower is self-employed.

There are times when an underwriter is dissatisfied with the documents the borrower has supplied. The underwriter asks for additional documentation. In addition, conditions may be imposed, called stipulations.

Sometimes, satisfying these conditions is a daunting experience, for the consumer. But, it is critical for the lending institution. It ensures information being submitted is accurate and meets specific guidelines. This gives the lender a reasonable guarantee the borrower will repay the loan. If a third-party is involved, it helps the borrower to clear such conditions.

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