Overview

The typical mortgage process is complex and inefficient. Processing a loan requires multiple hand-offs and coordination with multiple entities. The process is paper and labor intensive. The information required to process an application resides in multiple systems and multiple paper documents. Furthermore, to process an application a lender has to coordinate data with external parties such as credit agencies, appraisers, title companies, closing agents etc. There is limited visibility into a particular process – such as number of cases outstanding, turnaround times etc. Often times the only way to determine the stage of processing of a particular case is by reading through a case file to see what others have done. PlanetSoft’s Mortgage Accelerator address the processing inefficiencies by capturing data electronically, automatically routing workflow based on business rules, and by connecting internal and external systems in the process.

How it Works

PlanetSoft’s Mortgage Accelerator provides an end-to-end solution for automating the loan origination process. The solution, built on a superior web services framework, takes a mortgage application through its life cycle eliminating redundancies and providing efficiencies throughout the process. Key product components that enable straight through processing include:

		Capture loan origination data through electronic forms.
		Automate underwriting decisions through a rules based engine.
		Automate data transmission with third-parties (title, appraisal, insurance, closing, legal, etc) using industry data exchange standards.
		Manage vendor relations through an order management system that tracks orders placed, fulfilled, and pending.
		Automate document generation (notifications, forms, disclosures, etc).
		Update loan-servicing systems.
		Gain complete visibility into the loan application process. Through a dashboard interface, the mortgage bank can track the status and pending requirements for each application.
		Provide proactive interaction between customer, originator, bank, and other third-party vendors.

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