Traditional loan origination processes consisted of an abundance of phone calls. MLOs sitting with a customer could receive numerous calls during a given meeting. It could annoy the customer you’re spending time with and could also be daunting to have to catch up on missed calls throughout the day.
Mortgage automation is the solution to all time-consuming tasks of this nature—ones that take you away from actually originating loans.
The idea of automating processes has been a concept that dates back to 1948 when the Vice President of Ford Motor Company first coined the term. Industries created machines to automate many of their processes, but there were still plenty of jobs that needed a human to complete.
Loan originating once included many of these processes, and it still does to some extent. Underwriting needs to be done, documents signed, bank statements retrieved, and so on.
But most of these can now be done digitally. And mortgage automation networks like Wemlo allow the communication between these phases to be eliminated. And communication—as mentioned in the example above—can consume a ton of an MLO’s workday.
How mortgage automation saves time and money
Tired of mounds of paperwork sitting on your desk? Or filling up your briefcase? One of the best parts of an automation network like Wemlo is the ability to eliminate paperwork altogether. Everything stays stored inside your own personal dashboard and is easily accessible to both you and your customer.
Mortgage automation also saves both time and money when it comes to the organization of your tasks and documents. Every piece of documentation is stored within a specific client folder and broken down into categories. The digitization also saves money with the absence of printers, ink, and paper.
But what’s most important about mortgage automation is the time it can cut off of loan origination timelines. Without the back-and-forth communication, missed calls, and follow-ups, the process becomes much smoother. Both the client and the MLO have tasks to be completed and they are outlined within their own client-facing and broker-facing dashboards.
The simplicity of an automation network
It’s as simple as point and click. Create mortgage applications, price loans, and launch your own point of sale (POS) solution from within the platform. See the real-time status of pending loans. Communicate directly with borrowers. And best, allow your borrowers to have access to their own dashboard.
No more paperwork. No more phone calls. And no more working early in the morning or late at night to avoid interruptions. When the communication and paperwork processes are removed, the only thing you have left to do is originate and close loans.
That’s how we’re processing with a purpose.
Looking to grow your mortgage brokerage?
Here at Wemlo, we know the value of time. So we’re standing by, ready to help propel your business to the next level. Sign up now to take your brokerage to the next level, or head on over to our WeLearn page to see how our network can help your business.