As a lender, your success depends on your team’s ability to capture leads, convert them into borrowers, and give them an experience so seamless and memorable that they go on to send referrals to you for years to come.
If you’re looking to invest in mortgage lending solutions that can help support these activities, you’re already heading in the right direction. There are many options available, but not all options will live up to your expectations, team, or borrowers.
6 Essential Features of Mortgage Loan Software
So, here’s a look at six essential features you absolutely need when considering mortgage loan management software for lenders.
1. Streamlined Experiences for Borrowers
Borrowers are demanding an increasingly efficient and straightforward lending experience, and yours must begin with their online loan application and guide them to closing day. SimpleNexus is an all-in-one suite of tools that empowers lenders to address every aspect of the loan origination process. The best part is since all tools are fully integrated with each other, your borrowers can enjoy the best mortgage experience with:
- A single login to access their application, get their-pre-qualification letter, upload documents, and even sign the closing documents
- One branded platform they can continuously return to, which strengthens your reputation while simplifying the overwhelming lending process
- Having easier access to LOs to field borrowers questions, helps to move the process along while keeping leads engaged and clients happy
With SimpleNexus, implementing mortgage lending solutions that offer a seamless, streamlined experience is easier than ever.
2. Mobile-First Features
Of course, your borrowers will always be busy. With such a busy schedule, they don’t want to sit at their desk waiting for an update or need a document. That’s why choosing a loan management solution that offers mobile-first features is essential in creating the best mortgage experience.
With Nexus Engagement™ and Nexus Origination™ your borrowers can download a mobile app that gives them the power to view the status of their application on the go. Your borrowers can also check on their loan from their phone; chat with LOs if they have questions, and upload documents, which makes sending IDs and other papers secure and efficient.
3. Built-in Payments
While many digital lending solutions are trying to create a seamless solution so borrowers don’t have to log in to multiple platforms, they all fall short in one key are: payments. With Nexus Pay™ , your borrowers can view payment requests and send the funds with ever leaving the SimpleNexus portal.
If you need to, you can restrict payments to ACH or debit-only transactions. Borrowers can also split payments between cards, solidifying flexibility to provide the best mortgage experience for them. For your team, Nexus Pay provides a simplified management process for taking action on individual payments and the ability to customize titles, descriptions, and amounts as needed.
4. Digital Closings
For some borrowers, the idea of taking a few hours to sign paperwork can be tedious. For others, closing day is a ceremonial event that marks a major milestone in their lives. Others still prefer to take care of the paperwork in advance while still getting that special moment where you hand over the keys.
No matter what your borrowers prefer, Nexus Closing™ gives you the flexibility to meet their needs and shape the best mortgage experience. Nexus Closing allows you to offer a hybrid closing process where the majority of closing documents are eSigned and the remaining documents are signed in person with a notary. It even supports a faster traditional closing process by ensuring everyone comes to the closing table prepared.
5. Business Intelligence for Mortgage Lenders
More businesses are recognizing the value of business intelligence, setting up and utilizing it can seem daunting, time-consuming, highly technical and expensive.
SimpleNexus is proud to offer Nexus Vision™ , a mortgage intelligence solution designed explicitly for lenders. It’s easy to implement and provides powerful insights for your team.
With Nexus Vision you can let data drive decisions at all levels of business. Nexus Vision gives you the insights you need to compare projections to actuals, monitor employee performance, define best practices, prioritize activities, and maximize employee productivity. This turnkey data insights and analytics software is loaded with modules, reports, scorecards and dashboards, so your team can focus on the right metrics and data to drive performance. Download the Nexus Vision product sheet to learn more.
6. Incentive Compensation Management Software
Too often, managing incentive compensation involves messy spreadsheets, tremendous amounts of paperwork, and manual processes that create a lack of transparency and lead to unsatisfied team members.
Having the right software for incentive compensation drives production and performance. With CompenSafe™ , you can tackle these challenges with ease and save countless hours each payroll period. The software as a service (SaaS) cloud-based platform can be accessed by unlimited users from anywhere via single sign-on (SSO) authentication.
It scales to serves organizations of any size, handles compensation plan complexity, improves communication, and builds trust. CompenSafe can streamline your chaotic series of emails and spreadsheets into an orderly system. It seamless integrates with your loan origination system (LOS) in near real-time to automatically calculate and allocate team member compensation when a loan closes and funds.
With over 100+ out-of-the-box reports, CompenSafe acts as a single source of truth while meeting compliance requirements.
Mortgage Lending Software for the Modern Lender
Modern mortgage loan software can give you the competitive edge you need to keep borrowers happy, build your brand, and earn more referrals, all while keeping your team engaged and productive. SimpleNexus offers a truly all-in-one platform for lenders. Interested in learning more about how SimpleNexus supports digital lending while improving loan production? Schedule a demo today.