Benefits of Real Estate Loan Origination Software
A real estate loan origination software system helps real estate agents, realtors, and property buyers find and obtain loans for the real estate they want to buy. Rather than apply online or in person with a traditional lender, this software sifts and searches through thousands of lenders and lending programs to find the money people need to buy residential or commercial property. If you are not convinced about trying this software, the following benefits of using the software may help convince you.
The Fastest Source for a Loan
You fill out one application for a real estate loan. That's it—one. When you hit "enter," the program returns all applicable and pre-approved hits for the loan you want. It sifts through thousands of programs and lenders in seconds. Then you just choose the lender who offers the most agreeable lending terms, digitally sign the application, and submit. If you provide your checking account information, you can get the loan money in as little as a few hours. At most it takes one to two business days (if you apply on a weekend or holiday).
Credit Risk Assessments Are Simultaneous and Automatic
Whether you are the buyer or a real estate agent/realtor, you can access a full credit risk assessment through this software. You can even request a full assessment report while you wait on a reply for a loan. Both will spit out within minutes of each other. Getting both documents quickly may be helpful, especially when you or the buyer wants to know why the buyer is either denied or is only offered high-interest loan options.
All Closing Documents on a Property Are Saved to a Single File
When closing on a property, there are so many documents to compile, sign, and file. If you do the entire process through loan origination software, all the closing documents on one buyer and the property he or she wants is digitally stored in one place. If you also incorporate cloud storage into this software system, then the numerous individual files are safely backed up in the cloud.
You Need No Paper, and You Save Trees
Imagine not having to buy reams of paper for document printing ever again. That is a pretty big expense, no matter who you are or what side of the buying fence you are on. You would save a lot of trees in the process, which has an appeal in its own right.