RemoteLender Loan Origination System
RemoteLender Advantage
RemoteLender is a comprehensive Loan Origination System that supports mortgage and consumer loan products for small to mid-size Lenders. Functionality spans from pre-qualification to closing, making it the only LOS software necessary.
RemoteLender clients no longer need to be concerned with the upfront and ongoing costs associated with implementing loan origination software. Instead, RemoteLender operates as a Software as a Service (SaaS) enabling lenders to deliver its loan origination software "on-demand" – without the cost of deploying expensive infrastructure. RemoteLender alleviates your investment and costs related to maintaining the loan origination software, database, hardware, operating systems, and network operations.
The RemoteLender advantages include:
- Lower Initial Costs – The Lender does not purchase a single, large licensing software fee.
- Lower Infrastructure Costs – The Lender need not store software or data files on their hardware so investing in additional hardware (servers, routers), newer operating systems, and database licenses (i.e. MS-SQL) is no longer necessary. There is also the convenience of no longer needing to constantly backup data because storage is the responsibility of the RemoteLender operation.
- Fewer Personnel – RemoteLender reduces the need for specially trained personnel to handle maintenance, monitoring and software updates, and configuration changes. RemoteLender will provide a dedicated team to handle these tasks.
- Secure Database Technology – RemoteLender services are certified reliable and secure, having received SAS 70 Type II Certification using industry-leading security vendors that offer the most comprehensive and most advanced security available.
- Reduced Downtime – RemoteLender reduces reliance on your IT personnel to support the system.
- Strategic Compliance Partners – RemoteLender works with some of the best compliance resources to provide you with multiple options to meet your compliance requirements.
Origination and Processing Advantage
By utilizing our “workflow-designed” RemoteLender System, Loan Officers can easily capture borrower information. Our “single data entry” and “required field” functionality will ensure all borrower information is captured at time of application.
Say goodbye to manual data entry in multiple fields containing the same information. Increase productivity of your Loan Officers and Processors by using our single data entry feature and drop down menu selections for quick application entry. This also helps to eliminate errors on disclosures and closing documentation in the future.
The Application stage emulates the 1003 application enabling Loan Officers to quickly input borrower information. Loan Officers can qualify borrowers for the correct loan product by accessing our built-in Product Eligibility/Pricing Engine.
Easy View Status screens allow Loan Officers to quickly obtain a snapshot of the borrower file including loan status, pending conditions, product information, LTV & CLTV ratios, debt-to-income ratios, and any other pertinent information about the loan in process. This saves time by eliminating repetitive phone calls to loan operations personnel requesting the status of the loan.
Processors can access all interfaces to 3rd party providers, including ordering appraisals, credit reports, flood certificates, mortgage insurance or automated underwriting systems like DU or LP, pending internal lending policies established by you. RemoteLender will automatically send loan information to any of these 3rd party providers and populate the information into the borrower record without ever having to do any manual entry or leave the RemoteLender system.
When it comes to printing forms, the user will no longer manually select documents from a menu. Preset printing stages will have “smart logic fields” that recognize specific product requirements and print documents automatically including the product-specific initial disclosures and RESPA documentation.
Other built-in features include document tracking, integrated Yellow Sticky Notes (notepad), and attaching document images to the borrower record. These features will allow for originators and processors to effectively communicate and manage their loan pipeline.
Underwriting Advantage
The Underwriting Stage is designed for Underwriters to review, add or change borrower information, making file review a simple task.
A unique section devoted to underwriting specific functions, such as access to appraisal screens, LTV, CLTV calculations, front- and back-end ratios, and maximum ratios based on total available credit lines are examples of how to maximize your underwriter’s time and streamline the underwriting process. RemoteLender has the capability to determine standard rental income calculation requirements as well as adjustments to income for PITI for up to 15 properties. Even ownership percentage figures are taken into consideration for the final net income calculations.
RemoteLender allows underwriting managers to establish lending authority levels by defining maximum approval limits within Underwriter profiles. Advanced Income Analysis screens provide the framework for underwriters to effectively and consistently verify borrower income according to lenders underwriting policies.
The Underwriting Stage includes predetermined tables that streamline the commitment process and provide consistency when generating the commitment letter. These tables allow Underwriters to track loan conditions by date stamping critical information such as underwriter name, date, and time. For quality control purposes, an audit trail is established to identify which underwriter cleared the conditions. In addition, conditions can be identified as required prior to closing or at closing.
A special section is available to simplify the underwriting process for Construction Loans. This provides the ability to track specific costs associated with construction loan transactions, including advances to the borrower during each construction phase.
RemoteLender provides a summary screen that details critical information found on the 1008 form. This provides easy and quick access to 1008 information necessary to complete the underwriting of the loan.
Another powerful underwriting feature is the ability to attach supporting documents to the borrower record. This includes credit reports, flood certificates, mortgage insurance certificates, Desktop Underwriter and/or Loan Prospector certificates, and appraisal reports. Plus, scanned documents such as pay stubs and W-2 documents can be attached to the borrower record.
Closing Advantage
The RemoteLender closing features will help your Closers become more productive and simplify the closing process.
Since Borrower information is populated from other stages, Closers spend a minimal amount of time entering data. For instance, closing conditions required by the lender at closing or notes to an attorney regarding specific closing instructions are incorporated right within the closing stage. This allows your Closers to manage the influx of high volume periods and meet tight closing deadlines.
Closing information can automatically be populated from tables such as attorney contact information, wire instructions, escrow information, title insurance premiums, and other closing specific instructions. No other LOS can match such ease and control when generating closing documents.
RemoteLender Smart Forms automatically identify specific document requirements based on Loan Product and the state where the collateral is located. RemoteLender is also fully integrated with Harland GreatDocs for easy form generation and custom closing forms are supported and included in each closing package.
If you require secure transmission of closing documents to attorney or title companies, RemoteLender has a built-in interface to the RemoteDocs Secure Document Delivery System from Data-Vision.
Tracking reports based on lender criteria are available. These reports may include Closed Loans Not Funded, Closing by Loan Officer, Closing by Branch, Pending Outstanding Closed Loan Packages, and many more.
Post Closing Advantage and Secondary Marketing Advantage
RemoteLender can produce rate sheets and lock loans, identify investor-specific characteristics required for pooling the loans, and download loan-level information to Excel.
Automatic pricing adjustments can be factored and viewed into loan product parameters to avoiding costly pricing errors in the future. Secondary Marketing controls can be implemented to prohibit access to specific fields once the loan has been locked with the investor.
RemoteLender can generate a variety of reports that contain vital secondary marketing information. For instance, pipeline reports can be used to track loan activity and verify your present exposure in the market. This includes loan fallout reports that could directly affect hedging efforts in the Secondary Market. RemoteLender also supports automated delivery of loans to Freddie Mac, Fannie Mae, and FHLB.
RemoteLender also interfaces with the PowerSeller Secondary Marketing System. These systems can interface with specific defined fields required for Secondary Market activities such as hedging pipelines, creating loan pools, and running Risk Management. Combine the two and get the best of both worlds to meet your lending and secondary marketing functions.
The Post Closing stage allows users to track critical outstanding documentation and generate a funding checklist that details critical documents required for funding of the loan. Investor stipulations can be tracked to ensure timely delivery to the secondary market without incurring costly penalties for late delivery.
Tracking screens are available to track all final documents including recorded mortgages, title policies, and government insurance certificates. RemoteLender can generate Hello/Goodbye Borrower letters and Welcome Letters either individually or in batches. These letters will automatically populate with the Lenders address and loan numbers as well as list each document being sent.
Interfaces to 3rd Party Vendors Advantages
RemoteLender’s ability to exchange borrower loan-level information to other 3rd Party Providers is unmatched by any other LOS. At Specialized Data Systems , we haven’t found a 3rd Party System we can’t interface with, whether it be for ordering credit, flood or mortgage insurance, for obtaining an instant decision from popular Automated Underwriting Systems such as Loan Prospector or Desktop Underwriter, for submitting HMDA data, for receiving borrower 1003 application data from popular web-based POS systems such as LoanQuoter or for transmitting closed loan data to servicing systems.
RemoteLender’s database design and built-in export/import feature makes the ability to exchange borrower information between RemoteLender and other systems easy and effective. Depending on the interface, exchanging borrower information can either be performed in a “batch” or “on-line, real time” mode.
Just ask your Account Manager for a list of the interfaces we support.
Competitive Advantage
One Lending System – RemoteLender supports both mortgage and consumer loans. The entire loan process from point-of-sale to closing can be handled by RemoteLender. Users will not have to use different software, open separate windows, or sign out of one system and into another to complete the loan process. It’s all integrated within RemoteLender!
Accessibility – Based on your workflow and client requirements, RemoteLender can be accessed via the browser on your computer. Security measures for where and when these services can be accessed are established by your institution. As noted above, access to the RemoteLender Platform can easily be turned on or off.. In other words, multiple security measures are taken to ensure the safety of your customer’s data, while still providing you with remote-access capabilities as defined by your institution.
Document Generation via Stages – Using the unique “Print Staging” capability allows users to print a group of documents by loan product with one button push. Users can also select a single document for a borrower. Documents can be printed to any printer on the network and users can preview documents before printing.
Printing checks for a single or several is also possible. Check printing is like form printing. The checks are designed as forms with fields for payee, dollar amount, and print amount.
Construction Lending RemoteLender takes the confusion out of construction lending. The system’s enhanced construction lending functionality can manage and track the entire process from purchase of the raw land through to the final certificate of occupancy.
Advances can be managed as they are provided to the customer. Loan calculations will indicate if further capital investment is required by the borrower prior to the bank advancing any monies. The system allows for the easy tracking of all costs in one place.
HMDA Reporting – RemoteLender can generate your HMDA file requirements for filing your HMDA LAR. Additional interfaces are available to third party services to assist you in HMDA Reporting and to provide additional tools for testing your HMDA Data. RemoteLender can recognize when HMDA Data reporting is required or not required by product. HMDA Data collection fields can also be built with Warning Messages to alert the user that HMDA information is required from the borrower before RemoteLender will allow further application data entry.
Security – Advanced security comes standard with RemoteLender. Password requirements, easy set-up or termination of users, secure fields, secure screens, and required fields make RemoteLender a very secure system. Screen access can be controlled by our unique “Smart Field” logic so data entry is not only efficient but limits what user can access what screen. User level access can be defined down to the screen or even field level. Maximum lending authority levels are supported.
E-doc Delivery Capable – RemoteLender is configured to work with numerous e-doc delivery systems such as RemoteDocs or Guardian Documents. RESPA or Closing Documents can be securely delivered to borrowers and closing attorneys respectively. Documents can easily be sent within seconds and sensitive information is protected using leading-edge security and encryption technologies.
Learn more about how RemoteDocs can provide a secure e-document delivery channel by clicking on www.specializeddata.com/remotedocs.
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RemoteLender Advantage