Everybody wants to obtain a house. That is why numerous risk-takers apply for a mortgage loan for house investments. Mortgage processes are a lot of paperwork and procedures that can sometimes lead lenders to inevitable complications. For this reason, experts developed digital mortgage software to help both lender and borrower process close deals quickly.
8+ Digital Mortgage Software
3. DocuSign Rooms for Mortgage
4. Cloudvirga Enterprise POS
6. Expedite Close
7. Oper Credits
What is Digital Mortgage Software?
Mortgages are loans for property investments. A lender provides a sum of money to the borrower to buy a house with a legal agreement, including regular payments and collateral. The mortgage process involves numerous procedures; that is why lenders or mortgage companies utilize digital mortgage software. Digital mortgage software provides numerous innovative features and functionalities which lessen or eradicate the processes using piles of paperwork. With digital mortgage software, you can track and locate files, borrowers, and lenders with simple taps, type, and swipes. Such software is essential and practical to mortgage companies as it provides accurate data analysis.
Undeniably, digital mortgage software provides numerous benefits and advantages to your mortgage processes. As you know, manual processes usually take a lot of time and effort. Aside from that, the possibility of obtaining inaccurate information has a high probability. With digital mortgage software at your fingertips, you can process and close deals conveniently and cost-effectively.
Various technology firms that developed digital mortgages present different innovative features and functionalities. Free versions, free trials, free basic features, and advanced premium features are options platforms usually offer. Although such software is helpful, there are a few platforms that may not exceed your expectations. That being the case, conducting research will be a wise move to ensure you choose the best software for your company. The following are examples of features that most users recommend:
- Customer Management
- Customer Statements
- Audit Trail
- Auto Loans
- Automatic Funds Distribution
- Branch Optimization
- Business Loans
- Closing Documents
- Collateral Tracking
- Collections Management
- Commercial Mortgages
- Contact Management
- Credit Reporting
Top 9 Digital Mortgage Software
1. Expedite Close
Expedite Close, developed by Black Knight, simplifies the closing process, lowers cost, improves customer service, and creates efficiencies. Black Knight has annual revenue of $593.3 million and 4,092 employees.
2. DocuSign Rooms for Mortgage
DocuSign includes an audit trail, task progress tracking, document analytics, mobile signature capture, customizable templates, plus more helpful tools. DocuSign has annual revenue of $518.5 million and 3,558 employees.
Snapdocs can add signing appointments to your calendar of choice with a single click or receive reminders about upcoming schedules. Snapdocs has annual revenue of $66.4 million and 578 employees.
DocMagic is an all-inclusive, end-to-end eClosing system that includes everything required for a paperless eClosing. DocMagic has annual revenue of $16 million and 110 employees.
5. Cloudvirga Enterprise POS
Cloudvirga Enterprise POS empowers loan officers to do more in less time, build trust from applications to close, and close more loans faster. Cloudvirga has annual revenue of $9.1 million and 70 employees.
MortgageHippo delivers a modern borrower experience, increases borrower conversions, future-proofs your organization, improve efficiency, and decrease costs. MortgageHippo has annual revenue of $4.2 million and 20 employees.
7. Oper Credits
Oper Credits is a lending and brokerage solution; it includes features, such as a client portal, agent portal, and others to improve the user experience. Oper Credits has a million-dollar annual revenue and 1-25 employees.
StreamLoan includes pipeline management, residential mortgages, customer feedback management, client database, closing documents, and many more innovative features. StreamLoan has annual revenue of $0.9 million and six employees.
EClosePlus provides a one-of-a-kind solution for lenders, referral partners, settlement agents, and borrowers. EClosePlus enables a suite of eClosing products, intuitive artificial intelligence, state-of-the-art security and provides even more helpful features.
What exactly is a digital mortgage?
A digital mortgage is a software tool that lenders or mortgage companies use to process deals and other transactions quickly and efficiently. It provides contributive features that enable convenient methods. On top of that, digital mortgages also improve the communication between lenders and borrowers, leading them to prevent disputes and process flawless and friendly transactions.
Why is mortgage software crucial?
Mortgage processes involve piles of paperwork. Undeniably, managing, searching, and reviewing paperwork is a lot of work and costs too much of your time. With a busy schedule, manual processes won’t cut it. That is why the utilization of digital mortgage software is a perfect choice. It helps you manage, search, record, save, secure your documents with easy taps and swipes.
What motivates people to apply for a mortgage?
As we all know, numerous people do not have enough savings to buy a house with full payment. For this reason, many mortgage companies arise to help people buy the property they want. Of course, since we are talking about a large amount of money, there are qualifications, processes, and legal agreements required to process mortgage loans.
There have been numerous cases where disputes have arisen due to inaccurate information and methods used in mortgage transactions and processes. With such incidents, you can gain negative feedbacks sullying your business reputation. That is why, if you want to ensure flawless transaction management, quick, and effective communication, digital mortgage software is the way to go. Connect with your client conveniently and guarantee friendly business.
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