Mortgage professionals are accustomed to alphabet soup – at least the figurative kind. We use acronyms without even stopping to think. TRID gave us LEs and CDs. FHA gives us lots of MI. QMs give us ATR. We’re always explaining PITI, DTIR, LTV, and, well, you get it. You live it, after all.
The world of mortgage software does not want to be left out. In fact, the categories of mortgage software are typically described with acronyms themselves. Here they are. Get ready to season your mortgage alphabet soup with a few new flavors!
LOS: Mortgage Software That Supports the Loan Process
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The Loan Origination System (also sometimes called Loan Origination Software) is perhaps the oldest and most established type of mortgage software. These mortgage software platforms are found in most mortgage offices. They provide a place for team members to input borrower and property information and track a loan’s progress from prequalification through all processing stages to funding and, potentially, beyond.
CRM: Mortgage Software That Focuses on People
Loan originators use Customer Relationship Management software to store and manage contact data. Loan officers use mortgage CRM software to communicate with leads, prospects, in-process borrowers, past clients, and referral partners. Basically, CRM systems help loan officers track and communicate with contacts throughout the customer life cycle.
Mortgage CRMs provide systems and marketing materials specific to the industry. The industry’s oldest CRM, Surefire, has a sophisticated approval management system and tracking to help companies ensure their communications remain compliant. Surefire also includes the industry’s best content library, filled with marketing messages and workflows designed by industry veterans.
POS: Mortgage Software for Borrowers
Think past the Urban Dictionary definition of POS. We’re talking about Point of Sale systems. These mortgage software solutions allow borrowers to conduct their mortgage business digitally through online applications, disclosure reviews, document submission, and more.
PPE: Mortgage Software for The Price is Right
Product Pricing Engines are not actually associated with television’s longest-running game show (but that got your attention, didn’t it?). Instead, PPEs calculate pricing options based on the actual rates a lender can offer. Production of different lending scenarios can be automated, enabling a loan officer to generate loan options for borrowers quickly and seamlessly.
MSTMYLG: A Mortgage Software Acronym You Heard First Here
Mortgage Stuff That Makes You Look Good encapsulates a series of mortgage software platforms that defy categorization (at least as we’ve categorized here).
While all of the mortgage software systems we’ve discussed can help you work better and raise your professionalism level, MSTMYLG systems help you distribute information to your clients and referral partners and/or learn more about your contacts yourself.
For example, some apps focus on real estate, helping you deliver MLS listing info, while others compile data about a property address and its sales history. Others still provide demographic and economic data about an area, displayed neatly in an infographic.
Other MSTMYLG systems provide borrower intelligence you can act on. They’ll monitor borrower data and notify you when activities occur or milestones are reached. You can receive alerts for things like credit pulls, credit score changes, or equity increases.
Integration: The Ultimate Mortgage Software Term
If you’re dizzy thinking about implementing all of the different types of mortgage software, it’s time to take a deep breath. “Integration” is the term you need to know.
Integration is the bringing together of two mortgage software systems. Information can be shared between platforms using an API (an application programming interface that defines communications between two or more systems) or a webhook (delivers data to other applications in almost real time).
In other words, this entire alphabet soup of mortgage software platforms is designed to cook together. Enter an applicant’s info into your LOS, have it sent to your mortgage CRM, which works with your POS to track their application progress and your PPE to offer loan options. Continue automated communications throughout the entire customer life cycle with your CRM. Bring in MSTMYLG to boost your efforts along the way.
Top of Mind Networks has partnerships with companies providing all of the mortgage software categories listed, and Surefire CRM plays well with them all. Take a tour today to see how Surefire CRM and our partnerships create your recipe for success.