Loan Application Management
Mortgage processing in the USA, from
Wikipedia:
In the U.S., the process by which a mortgage is secured by a borrower is called
origination. This involves the borrower submitting an application and
documentation related to his/her financial history and/or credit history to the
underwriter. Many banks now offer "no-doc" or "low-doc" loans in which the
borrower is required to submit only minimal financial information. These loans
carry a slightly higher interest rate (perhaps 0.25% to 0.50% higher) and are
available only to borrowers with excellent credit.
Mortgage Processing Definition: The sequential tasks performed by a lending institution from loan application start through loan closing,
including receipt of the application, performing credit investigations, evaluation of loan terms and other procedures.
Fairway Financial Services is a locally owned and operated
mortgage processing/brokerage firm specializing in servicing residential mortgage lending throughout
the Kansas City metropolitan area, as well as all of Missouri, Kansas, Nebraska
and Iowa.
Our developers were contacted to streamline the management of
original mortgage, loan consolidation processing from acquisition of the initial mortgage lead through calculation & payment of
brokers' commissions after closing of the first or second mortgage note.
The specific deliverables where as follows:
-
User friendly streamlined interface with validation
checking
-
Management of the entire mortgage lending process including:
-
Mortgage Process Pipeline Analysis
-
EOM Mortgage Volume
-
Broker Commissions Calculations
-
Monthly Mortgage Processing Statistics
-
Annual Mortgage Loan Volume
-
Account Receivables
Mortgage loan servicing begins with the loan details. Below is the main screen which begins the process of
tracking the loans through the pipeline.
All aspects of each loan are tracked on this screen including all associated costs for the loan. All lists are
maintainable by the user via the list maintenance tab.
Below is the main mortgage loan processing management data entry form.
Below are some example reports which are not enlargeable because they contain
real data: (note: OneWorld Marketing is owner of Fairway Financial)
Management reports are a key aspect of the Loan Processing database.
This report is selectable by date range - typically a full month. This report provide a quick view of lending office
comparative performance.
There are about 10 different reports in total - we have only show a few for this loan
process management software case study
Monthly broker loan volume summary by office.
An important part of the management of loan processing is the calculation of broker commissions. Below is one the
commission calculations reports.
This report is selectable by date range - typically a full month. Note that brokers from multiple offices are managed by the system.
Also, offices and individual brokers can have differing commission percentages.
Broker Commission Calculations Report:
