Internet Based Loan Origination Software

The following description is only to help the bidding firms to get a general feel of what we are looking for. Let this explanation guide you in assessing a bid and creating your specification document, which is required to be considered for the project development. Platform is to be an Internet-based loan origination solutions for the mortgage lending industry. Technology will be used by lenders selling direct-to-consumer, branch office locations, call centers, loan officers, brokers, etc. Product features include but are not limited to: •Targeted Web-based marketing for loan officers, branches, and brokers •Professional private branded Web sites •Scenario-builder tools to assist with consumer "what-if" scenarios •Lead Capture Capabilities •Prospect education •Prospect qualification •Mobile Loan Officer functionality •Loan application data entry •Instant Web documents •Loan product selection •Alerts to keep transaction participants informed •Credit checking •Automated underwriting •Closing cost management •Settlement service ordering •Compliance verification •Integration with downstream systems such as secondary marketing, accounting, etc. •Private labeled with customer's company logo and unique branding •Easy to understand dynamic application guides consumers through the entire process •Consumers are provided with a detailed listing of closing costs and fees •Task sensitive help provides “virtual loan officer” support •Convenient real-time online approvals and loan status •Lender specified rates and products •Online fee collection •Seamless integration of credit, DU, LP and lender specific underwriting stipulations •Website administration tools enable management of site content •Provides easy integration with existing origination channels Other notes: Integrating Consumers, Loan Officers, and Processes A private branded solution for retail mortgage lending, platform must bring efficiencies to the lending process by providing online dashboards for originators, consumers, and processors, enabling them to share a view into each transaction. Possibly a .MOR Web Services-enabled application, platform must allows banks to easily and cost-effectively integrate new products and services with this system, and rapidly move these services out to the customer touch point. Time Matters Platform must give consumers access to their own personal portal where they can complete the 1003, get alerts, view documents, and check status. This means fewer phone calls, less worry and a much faster mortgage process. For loan officers, platform must bring critical loan information and services to their fingertips including automated underwriting, products, pricing, documents, and settlement services. Lead and pipeline management and reporting are also simplified through collaborative workflow and communication. This makes loan officers more competitive, more productive, and their customers happier. By providing a single window into the mortgage process for all participants, pkatform must streamline home lending processes. Everyone collaborates to deliver customer satisfaction, meet the needs of loan officers, and increase production. More Features include but are not limited to: Point of Sale • Up-front Documents • Settlement Services • Wireless Access • Identity Verification • Automated Underwriting Web Services Infrastructure • .MOR Web Services Center (not sure) • .MOR Server (not sure) • Scalable Foundation: Sun, Oracle, WebLogic (not sure) Consumer • Create Personal My Loan Web Page • Search Loan Products and Rates • Pre-qualify and Apply for Loan • Share Documents with Loan Officer • Access Loan Status and Services Loan and Branch Officer • Create/Upload/Edit New Loans • View Status of Loans in Piepline • Order Credit, Automated Underwriting • Search, Select, and Lock Loan Products • Share Documents with Consumer • Communicate with Consumer • Sales Management & Marketing • View Roll-up of Lead and Loan Properties • Assign Leads and Loans • View Sales Reports • Create and Manage Site Content • Review Loan Officer Sites for Policy Compliance Operations • View Pipeline for Processing, Underwriting • Verify Loan Eligibility, Pricing, and Stipulations The following list provides more key benefits that platform should include but not limit istelf to and the intended benefits of each: Automated Decision Engine – GHR’s loan origination Decision Engine delivers multi-product, real-time, risk adjusted eligibility, pricing and qualification in a single transaction •Benefit:Improves consumer satisfaction and lead conversion rates by providing instant decisions – provides real-time updates of loan programs, guidelines and pricing while insuring consistency and accuracy of decisions Integrated Dynamic Loan Application with validation – Easy navigation process integrated with loan program decisioning and data validation •Benefit:Self-service model empowers consumers to independently make informed financing decisions – also minimizes data entry errors and phone calls for missing information Instant Access to credit reports and AUS decisions Integrated access to DU/LP and credit service providers •Benefit:Real time product and pricing information leads to improved lead-to-application rates High Touch environment features Loan Officer Web pages and Branch Locator – •Benefit:Allows consumers to choose how they want to contact lenders Maximizes consumer communication opportunities and improves cross-selling opportunities Automated Rate Tracking – e-mail notification to borrowers when pricing changes for their specific loan scenario •Benefit:Enhances consumer’s experience and confidence in lender while improving customer satisfaction and loan conversion rates by delivering real-time messaging Real time online approvals and loan status – Available to the borrower •Benefit:Improves customer satisfaction through independent access to information, documents and status Online Forms – URLA, Good Faith Estimate, and Truth in Lending Statement •Benefit:Easily generated and available documents improve the origination process and customer satisfaction Multiple Transaction Types – Purchases, Refinances, HELOCs •Benefit:Improved conversion rates by providing a solution for all borrower financing needs “My Private Loan Folder” with loan docs – Secure messaging portal provides transaction specific communications and note tracking documents and e-mails •Benefit:Increases consumer satisfaction and pull through by providing detailed transaction information and status Private Labeled Web site – Look and feel configured to meet lender’s requirements •Benefit:Ensures consistent corporate branding for lender clients Platform interface must integrate with the following but not limited to: Biscom, Microsoft Certified Solution Provider, Oracle, VMP, Freddie Mac, Fannie Mae (DU or DI), Byte, Point, etc. The following platform languages are only our thoughts and may include but are not limited to: J2EE, SOAP, WSDL, XML, UDDI, SOA, Java, Sun, Oracle, APIs, HTML, HTTP, MySQL, ASP, SSL, PHP, SSH Tunnel, SCP, SFTP, FTP, etc. ---- Although we have a few details listed above, we are open to any change of those listed. Clearly we are looking for professionals who can enhance what we have listed and provide the missing gaps in the platform for its successful completion. Other things we have in mind, but are not limited to: Monitor the network connection, core server configuration maintenace, electronic delivery of disclosures, several control objectives, testing of operating efficiencies, processing environment redundancy, platform scalability, extensive data backup, security measures, rate quotes, resource center, automated rate updating, site reporting, remote access for everyone, etc.