To become a really efficient shop your LOS must contain the most advanced tracking tools available. Employees and borrowers both deserve up to the minute status updates.
When documents are created or a fulfillment item is ordered, Loan Producer automatically updates the date created and date received on tracking screens to give your employees up to the minute status of the loan.
Status Codes and Status Triggers
Unlimited user-defined status codes give you the flexibility to track your loans as they progress from a prospect to an active application through locking the loan, to underwriting, closing, funding, selling, shipping and post-closing. Status triggers will automatically update the status of the loan as events on the loan occur.
My Work List
My Work List is a customized real-time pipeline tracking tool that has proved to be valuable to all employees involved in mortgage lending. Detailed selection criteria and customized displays provide all of your employees with an instant snapshot of loans they are working on. The ability to select loans by status ranges, date ranges, loan types, employees assigned to the loan, investors, terms, amounts, etc. provide for the most widely used automation tool found in any loan origination system. Managers can review the status of all of their employees’ loans at any given time. Processors can retrieve and open all of their loans that need processing work performed. Underwriters are presented with their list of loans that need to be underwritten. Closers can work on closing and secondary marketing staff can prepare loans for delivery. Since the status is automatically updated with status triggers, the loans flow through to each employee automatically. This enables a more efficient work environment for the user, due to the ability to focus on only loans necessary for the task at hand.
Numerous built-in tracking reports provide updated snapshots of exactly what is happening in the pipeline. Pipeline, pre-closing tracking, post-closing tracking, loan registration, borrower and investor locked loan by lock-in and lock expiration date, aging, warehouse status, investor commitment, production, shipping reports, just to name a few, provide updated information for the employee as well as management. And since all the reports are automatically imaged and stored in Radstar, you can go back to see previous pipelines at any given time.
The verifications screen can be accessed to see the results of all the verifications sent out, when they were received and if they are still pending. Track the date sent, re-sent, received and expiration dates for all verifications of assets, employment, liabilities and property.
Loan Producer comes with a very helpful date screen showing nothing but important dates on the loan giving users quick access to the history of the loan throughout the pipeline. From application and loan import dates, to lock-in dates, to document expiration date, to appraisal date, to estimated, cleared for and actual closing dates, to funding date, rescission date and more.
Post Closing Tracking
Not many loan origination systems provide for complete post closing tracking functionality. Loan Producer allows you to track recording information, tax information along with all your post closing documents. Track the location of the document, date ordered, follow-up date, date received and date shipped.