Mortgage loan agreements are complex documents that contain sections which include borrower’s information, deposit amounts, origination information, loan amount, lien holder information, insurance requirements, appraisal information, and notary public’s letter, among other things.
The laws and requirements for mortgage agreements are based on city, state, and country laws which can make creating and completing the agreements complicated and extremely time consuming. Typically, boiler plate text for mortgage agreements are written by legal counsel, agreements are completed by real estate brokers or clerks, and after completion reviewed by legal and notary specialists. In the past, mortgage agreements were designed to be pre-printed and completed by hand. The process to complete all required mortgage documents was time consuming and error prone, which caused delays and re-work. Another major flaw was that the master mortgage loan agreement had to have many sections to cover every possible variation of a mortgage. Often these sections would have a check box to indicate if the section was or was not relevant. However, if the section was not relevant the text stayed in the agreement taking up valuable space and potentially causing errors or additional concern for borrowers and or legal counsel. Completing and processing mortgage agreements took days or weeks. With Lettergen the process can now be reliable and legally completed in hours or days.
With LetterGen, a Mortgage agreement is designed to be completed electronically by professional and non-professional individuals. With LetterData the required sections of the agreement are marked with a red light indicating to the borrower or clerk that the section is required and must be completed. However, if a user is unable to complete at that moment, they can save their work and complete it later. The LetterData section navigator will remain Red until all required information is complete. Optional sections which traditionally required a person to check a box if it was not relevant can now be dynamically removed from the document by simply checking a box or button. This reduces the complexity and length of the document, improves the efficiency of the process and the look of the finished agreements. The traffic light system (Red and Green Lights) provided by LetterData's Navigator significantly improves the user experience and efficiency. Borrowers, clerks, and legal professional are guided by LetterData's navigation system through every step, providing peace of mind. When all required sections are completed the users see the Green light to continue to the next section.
After completion, users can press the submit button and the completed document will begin the workflow process for review, collaboration, approvals, signatures and in the end saved as a PDF/A for permanent archival.
LetterGen is a multi-lingual solution which allows participants in the mortgage process to work with LetterData in their native language to design, complete, review, and approve documents. Although LetterGen provides powerful advantages in loan and mortgage departments, it is not limited to these departments.
Additional Departmental uses for LetterGen:
- LetterData can be used to automate any document centric process which requires a customer, employee, manager, auditor, legal or notary involvement
- On-boarding of new account holders or employees (new hires)
- Correspondence and Marketing Communications
- Change of address forms
- HR vacation or leave request
- Budget approvals
- Loan application and approval
- Expense reports and approvals
Financial institutions can improve their customer experience by processing more transactions in less time, directly contributing to their bottom line. Bank efficiency is substantially improved allowing employees to sign up more customers, complete more loans, while improving integrity of the information being collected.
Call or contact LetterGen or an authorized partner today to learn more about how you can make your customers, employees and shareholders happier.
