Loan Modification Software - Is it Useful?

With modification of mortgages in the forefront of economic news, Loan Modification has become a whole new branch of the mortgage industry. Now there is software available for these companies to better manage the increasing number of homeowners looking for help to stop foreclosures.

Most of the pricier loan mod software available out there claims to generate business. Since some would say that when it comes to generating business for mortgage modifications the economy has done that for us, if you are comparing modification software for price, unless you need to generate leads this may be a feature you can do without. Any homeowner that is in need these services just needs to know that the service exists that can save their home and you have a customer. Actually save them from foreclosure, and you will have ten more referred to you.

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What Loan Mod Software can do for your loan modification company is definitely streamline your company's workflow. There is software that can do everything but make coffee for your clients. You can have all of your forms and applications in electronic formats as well as having the scanning and emailing capabilities for all necessary documentation to get and receive everything from attorneys, loan processors and any other colleagues quickly and efficiently. You can track client files from beginning to end and never miss a step. For larger companies, there is software that can distribute leads and monitor staff productivity. On the client side, there is software that you can that you can actually set up so that your customers can have a secure log in to check the status of their own mortgage loan modification. This will not only be huge for your clients who will love having some sort of access to their status and save the company a lot of phone calls to check status.

You can truly automate just about the entire process and that is better for both the business owner and the client. The chance for misplaced or lost documentation is significantly less when the process of transferring paperwork becomes electronic. In the industry of lending, complete loan packages are imperative to a loan modification processor making a quick and affirmative decision and any time you can make the paperwork electronic, the process is much more efficient and the process flows faster. And any software that can do that is useful for everyone.

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