5 Features Making a Great Automated Underwriting System for Lending Businesses

Loan origination takes a lot of time and can be stressful for both the person giving the loan and the person receiving it. With the right approach, lenders can ensure that borrowers are satisfied, loans are approved quickly, and help is provided as quickly as possible.

It is one of the tools that helps lenders achieve their goals by automating different parts of the loan origination cycle. With these programs, loan originators can process and approve loans more quickly and give the borrower much-needed help and banks are turning to BankPoint for this sophisticated solution.

When choosing the best loan origination software, keep these features in mind.

Automated Support

There are many questions that borrowers face when getting a loan. Most of the time, the people who came up with the idea are too busy to answer all of these questions, update statuses, and provide 24/7 support.

In loan origination software, AI-powered features can provide borrowers with answers without putting too much stress on loan officers. Besides having a strong Q&A section on your website, you can also use an AI-powered chatbot to keep the borrower updated.

Analytics

With the advent of “big data,” you can learn a lot from all the information you gather about your borrowers. While you and your clients use the software, it must collect information about the borrowers and how the origination process works.

Lenders should use this data to analyze the app’s performance, why it lost to competitors, and the common problems borrowers face during origination.

You can use this information to reduce the time it takes to process applications, get more borrowers, and improve their satisfaction.

Access to Services 24/7

Getting a loan started requires handling a variety of loans and procedures. The underwriting team should have real-time access to information like loan approval status, sale price, interest rates, loan terms, and more, so they can work on the go without missing a beat with an automated underwriting system.

The mobile access can help loan officers speed up the loan process and give borrowers the information they need.

Lenders and borrowers can learn more than just the details of each loan with Capacity.

Customer Management

Managing customers is easier with easy access to their paperwork and automatic underwriting with software for getting loans.

This method of centralized management makes it possible for loan officers to access information about their customers and the status of their loans from any location.

Onboarding made easy

Lenders and borrowers can’t do without loan origination software. The onboarding process should be simple to make things easier for loan officers.

Having an easy-to-use dashboard for borrowers can make them happier and reduce mistakes.

For example, Capacity can be a very useful onboarding support for newly hired sales and operations staff.

In conclusion

By choosing the best commercial loan underwriter software for your needs, you can increase your profits and make your customers happier.