Mortgage Origination Software Innovates the way Mortgage professionals do business

The electronic loan origination software (LOS) has revolutionized the mortgage industry by offering access to loan files, online loan delivery, Web-based file-sharing and storage, integrated contacts,
calendar features, and the ability to connect directly with appraisers, title companies and insurers. The best part: This access comes anywhere, at any time.

These systems have made the lending process more efficient by saving time and money and reducing waste. But they haven't changed much since the early 1990s, when they were introduced. If we examine technologies that are mainstream in other industries, we find that many elements of the mortgage industry still appear to lag. Thus, if you're using an LOS, it's wise to be aware of four key features that can or soon will be integrated into these systems - and how they can benefit you and your company.

1. Document-imaging
Considering the number of pages in a loan file and the multiple copies needed, it's likely that each loan will cost you 300 sheets of paper. Multiply that by the number of loans your firm processes each year, and you are looking at a lot of trees - not to mention a lot of angry environmentalists. Integrating document-imaging into your LOS can save your firm money by lessening document duplication, storage and destruction. It also can save you processing time - hosting 4 Loan-Origination-System Tools to Know Now Many LOS advancements could help save your company money and time your documents online allows access for all involved, permitted parties. This means that relevant loan officers, brokers and underwriters can access the files electronically at any time.

2. Payroll integration
If online banking lets you pay your bills in one place, why can't your LOS? Like common bookkeeping software, technology exists that can integrate your payroll system into your LOS. This allows users to customize commission calculations for payables, input billing for receivables, fee caps, account balances, commission transfers, recurring expenses and more. A payroll system that you can update and monitor in real time, straight from an LOS, can prevent many headaches.

3. Online conferencing
Videoconferencing and online chat have been around for a while now. And we're seeing a resurgence in their use, with companies turning to them while scaling back their travel expenses. Using Voice over Internet Protocol (VoIP) technology and online video and chat can allow
users to communicate in real time with clients and staff members. Positioning those things
within your LOS can help you monitor your pipeline while communicating with employees.

4. E-signatures
More than 200 years after the Founding Fathers signed their names in ink and formed our nation, the Uniform Electronic Transactions Act (1999) and Electronic Signatures in Global and
National Commerce Act (2000) made signing documents as easy as clicking a mouse. Integrating the e-signature process into an LOS can help brokers eliminate the need for waiting and for meeting in-person to sign physical files. Document-signing takes place through the LOS, and those documents can be stored online. Brokers no longer need to print loan documents and mail them to applicants.
When electronic documentation becomes truly mainstream, perhaps in the next five years, we will even complete electronic closings with notaries, real estate agents and title companies using electronic signatures. When we reach that point, brokers will have greater ability to do business from anywhere at any time.

Read more about our innovative loan origination software solutions on our website at http://www.atlos.com