Loan Origination Software
Description of
the FEATURES LendworX provides
in the Virtual Loan Officer™
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Loan Origination Software
made by
LendworX, Inc a software company which offers a
rules-based
loan origination software the
Virtual Loan Officer™
together with other equally unique features including but not
limited to Etraxx™ tracking and Gold™ processing software, targeted at the mortgage and real estate industry,
this software required as many as six years in development and many millions of dollars in development
expenditures.
This software is uniquely valuable to the mortgage and real estate sales
industries.
Accepting the challenge! Saving you money and time.
On Line all the time! Your Originator will be able to work Virtual anywhere
they have a Internet connection.
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This Virtual Loan Officer™ loan origination software is available on the
internet, almost effortlessly, which in fact translates into the
ability to expand your mortgage business while saving on loan origination
acquisition costs. Your Real Estate Brokers and other originators no longer
need to know the rules for products from several lenders or sources in order
to receive and compare loan programs and rates. They simply enter their loan
data into the one page simple interface of the Virtual Loan Officer™, which
contains all of the loan programs and rates your company offers, and
then all of the programs (and rates) for which a person qualifies are
displayed for the broker or originator thus comparing and providing the best
products in an instant. The broker or originator is no longer required
to go to numerous Account Representatives, use lenders’ fax sheets or websites
to get detail or several use AU engines to get an approval each time they do a
loan.
This feature creates more time for the LO for getting more loans.
Extraordinary loan pipeline tracking system allowing complete control of your
teams production.
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The
Virtual Loan Officer™ loan origination software is
also accompanied by the
Etraxx™ pipeline tracking
software with a management hierarchy viewpoint for better management of teams
and sub-teams. Thus tracking a mortgage pipeline and the Loan Officers under
management is no longer a challenging task for Lenders. The Etraxx system
allows full control over the pipeline. Etraxx shows all activities with a
time line and finger print for quality control and even has a comment section
for seeing and inputting comments for all Real Estate Agents, Loan Officers,
Managers, Processors and Underwriters in a mortgage origination organization.
Another feature of the Etraxx is the Loan Originators ability to upload
requested documents to and from loan processors in the loan file.
The Etraxx system helps LO’s close more loans efficiently while
increasing profitability.
Smart Technology allowing your Loan Originator to be the best.
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The
Virtual Loan Officer™ permits counter offers thru our proprietary near miss
technology. While using other similar pricing engines in many cases a
borrower’s loan details cannot be approved in a particular loan program
because of certain flexible parameters that, if slightly altered, would allow
approval whereas as the VLO near-miss technology takes in consideration these
flexible parameters include items such as length of prepayment penalty,
interest only, use of mortgage insurance, agreement for impounds, etc. The
Virtual Loan Officer™ intuitively notices these situations, adjusts the
parameters, and approves the borrower subject to these simple adjustments.
This feature eliminates “just missed” denials and decreases the time to
find an appropriate loan.
Diverse can do software! Complete with compatibility engine when doing combo
loans
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The
Virtual Loan Officer™ also provides combo loans Including as well as stand
alone seconds, Helocs and combined loan to value first all side by side for
comparison. Loan Officers will be able to get up to 90-100% financing on
combo loans with complete details on blended rates, payment and YSP. Included
is a compatibility rules based engine to make sure the loans are compatible
with each other.
This feature is a one page submission to lessen application and
processing time.
One
program one user name and password no need for any other program.
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The
Virtual Loan Officer™ eliminates the need for any other program. It is a one
stop easy to use system and it is internet driven. To find the most
appropriate Loan program, a valid credit report is required. The Virtual Loan
Officer™ provides the ability for loan originators to instantly pull credit,
price, place and approve a loan. It provides the payments for the client and
provides the mortgage originator with the Yield Spread in an instant. Virtual
Loan Officer™ provides all guidelines and underwriting for many hundreds of
loan products in an instant. It will take a complete enhanced 1003 fully
compatible with any Fannie Mae 3.2 program manually or by file upload. The
Virtual Loan Officer™ computes the debt to income and credit scores from the
pulled credit report and ties it to a fully approved list of loans. The LO
merely needs to pick the loan, and start the application. Then all
liabilities, credit score, and debt to income is extrapolated from the credit
report. When this information is placed into the enhanced 1003 it then
provides a fully approved loan subject to appraisals and review of supporting
documents.
The Loan Officer is now able to print out an approval letter for a
client within minutes instead of hours or even days.
To complete our Virtual Loan
Officer™ it includes a complete Gold Processing Center for your processors.
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The
Virtual Loan Officer™ Gold Processing System is fully integrated into the
VLO. It makes available to the processors a state of the art Gold
Processing portal. When used properly, it can help the processor and
loan originator to close more loans each month. The Gold Processing provides
correspondent lenders with a robust system that helps to prevent loan
originator fraud. It is fully auditable by your investor shortening the time
from funding the loan to selling it to the investor. Processors are
required to subscribe to the Virtual Loan Officer™ and have additional set up
requirements.
Total complete control over your organization.
- The Virtual Loan
Officer™ is a complete Loan Origination
Software system with an enhanced Gold Processing portal. Virtual Loan
Officer™ continues to improve and enhance the software making it the best LOS
solution from open to close.
- (Coming soon) includes consumer direct Websites for companies and
originators that provide short and long loan application wizards for borrowers
allowing them to submit and check status online. Our technology will allow
your Loan Originators to interact with the consumer in real time as the
consumers on your website.
To learn more and get a demo of our loan origination software please contact our
customer service department.
Call Paul Croskrey at 209-586-4769
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About
the Virtual Loan Officer loan origination software