An advantage of a single-close loan is not submitting all your documentation multiple times; this saves both time and money while guaranteeing your lender is following all rules.
Next-gen technology begins by automating existing processes while adding cost-cutting automation and creating the borrower experience you have always desired. Furthermore, all communications with borrowers are recorded in your database to help maintain compliance and historical records.
Cost-effectiveness
Closing costs can be prohibitively costly when purchasing a home. One way you may be able to reduce upfront expenses is through rolling in closing costs over the life of your loan; this strategy is known as rolling them in, and it may prove cost-effective. When considering this approach, you must consult your lender about its implications and impact on loan amount and monthly payments.
Closing costs depend on the type of mortgage and the price of the home you select, with government loans usually having lower closing costs than conventional ones. Furthermore, you could reduce closing costs further by asking for seller credits or taking advantage of an attractive interest rate.
Consider all costs related to buying a home when deciding beyond loan pro closings. These expenses could include fees to verify your credit score and appraiser fees as well as mortgage points (fees paid to reduce the interest rate on a loan by purchasing down it by paying one percent of the loan amount as an additional fee per point).
LoanPro’s Promises feature allows you to record customer promises that they will take action on a specific date (e.g., make payment or update insurance information). Once created on their accounts, it can be seen through their promises report.
LoanPro is a loan management software system designed to streamline and automate the mortgage loan obtaining and servicing process, from origination through collection. Available as a cloud solution, LoanPro can be accessed from any computer with internet connectivity.
LoanPro offers a free trial period, during which you can set up loans and configure settings to your liking. This trial period gives you full access to all the features of LoanPro; even creating loan accounts and processing them immediately is possible! Plus, its straightforward interface makes doing tasks quickly and efficiently possible!
Ease of processing
People purchasing homes may be dissatisfied with reading and signing stacks of loan documents, which often involves reading through and signing long stacks of papers. They’d much rather use digital tools or more effective closing processes for faster completion; however, several key factors can prevent this from becoming easier: buyers require expert assistance to explain documents clearly; additionally, they want assurance they’re not paying unnecessary costs such as property tax increases.
LoanPro contracts two close offers an innovative solution by providing one central platform that oversees all stages of the mortgage transaction from contract to closing. Their services provide mortgage brokers with forms and electronic signatures. LoanPro is licensed by Arizona State as an affiliate member of the American Land Title Association; additionally, they utilize proprietary technology that safeguards customer information against any possible fraudulent activities.
Loan processing systems enable borrowers to sign documents using electronic methods like DocuSign and SMS while simultaneously communicating with lenders through an email and telephone system. Their software can be tailored to different lenders’ needs and integrated into other platforms to automate and streamline communication processes.
OnDeck offers one of the most sought-after business loans, providing small businesses access to capital quickly. Loans provided through OnDeck may be used for anything from remodeling a building to making capital expenditures; their repayment terms can also be tailored around each borrower’s cash flow needs.
LoanPro’s Rule Builder feature allows you to easily create rules that automatically alter settings, numbers, or calculations on accounts based on specific conditions. For instance, if an account goes inactive for some time, you could use that rule to suspend interest on it and reduce database maintenance time significantly.
Flexibility
LoanPro’s features allow you to tailor your experience and meet the specific needs of your business, such as creating rules to perform specific actions when certain criteria are met – an excellent way to increase customer service and reduce costs. In addition, customers can track all their activity via customer websites that allow them to log in and view payment history and documents.
Use auto-payment programs to debit payments from customers’ bank accounts automatically. This can help prevent late fees and keep your customers satisfied, but be wary of its limitations: the maximum monthly payment limit set forth by lenders’ terms and conditions cannot be exceeded with this method; these systems cannot process more payments than this threshold allows.
Account fields that can be manually updated to track information but won’t affect loan calculations (e.g., net amount, taxes, warranty coverage, sales price, or GAP). Loan officers typically utilize these fields for tracking various data points and displaying loan-to-value ratios or other relevant statistics on reports.
Date and Time Stamp of an Action in LoanPro software. This information is taken directly from your database time stamp and may display differently depending on which time zone your UI displays, with UTC used by both.
LoanPro helps lenders innovate faster by quickly bringing loan programs to market that drive profitable loan growth while improving operational efficiencies. Our highly scalable API-first modern lending core helps lenders solve complex problems quickly and flexibly.
LoanPro’s simplified loan servicing and management, payment collection, and data access capabilities help lenders increase transparency and control in an easily managed environment on one platform. Powered by its REST API access to AWS databases and PCI SOC 1 & SOC 2 certification, LoanPro technology ensures smooth operations at every step.
Convenience
LoanPro makes your life easier as an agent, compliance officer, or business leader – from real-time customer data collection and automated communications that increase collections to streamlining loan servicing from acquisition through groups – providing a comprehensive solution to all your loan servicing needs.
LoanPro’s customer website allows customers to make payments, upload documents, create AutoPays, and view their account status. In addition, LoanPro helps track and manage payment histories, delinquency histories, and loan collateral ownership histories and restricts access by IP address, allowing or disallowing logins from specific locations.
As part of LoanPro software’s accuracy feature, the Last Human Activity Date must be accurately represented on any loan. Doing this will prevent unnecessary expenses by adding the date of any recent activity performed or changes made within the system – to do this; you must click into a particular account and save this information there.
This tool is available across all loans and can be used to modify account settings, numbers, and calculations on an account. It can also resume interest accrual on suspended accounts and alter the minimum payment amount accordingly. Lastly, this feature enables borrowers to customize the calculations on individual accounts so they meet individual borrowers’ unique requirements.
Context Engine Variables are retrievable values calculated using existing system values that can be retrieved to display messages, modify forms, and perform rule evaluations within LoanPro’s application. They are created and managed by LoanPro’s context engine as part of its core functionality.
LoanPro’s team of experts is committed to offering an exceptional platform for loan servicing. Their configuration-first approach makes configuring and customizing LoanPro to fit your unique requirements a snap, with customer retention exceeding 92% and their revenue surpassing $100 Million recently.
