Generally speaking, lending software that is specifically designed to meet the loan origination needs of hard money lenders is often referred to as Hard Money Lending Software. Many of the features built into this type of software are geared toward the mortgage industry with some added features specific to those in the hard money space. Let’s take a look at some of the features that define Hard Money Lending Software.
Any lending software should be able to manage your loans as they move through the pipeline. Loan Tracking is a critical feature and as a private money lender you should be able to pull up any of your deals easily. A customer portal is also something you will often see with hard money lending software. This allows your customers and vendors access to view their loan file and status without having to call you. The portal can also be used to allow the customer to securely upload and download documents. This is a real time saver and offers a level of security to both the lender and the borrower.
Most mortgage companies will want a centralized database for all their contacts. This is an important feature in all lending software as it helps keep track of prospects and active customers to make sure that nobody falls through the cracks.
By centralizing information it directly helps close loans faster. Managers are just one click away from knowing what’s going on with every loan officer’s pipeline. Borrowers are just one click away from uploading their docs or e-signing paperwork. Processors are just one click away from accessing those uploaded docs.
CRM tools such as click to call and texting are also an important communication feature. By allowing your CSR’s the ability to call out from the system they save valuable time and do not have to rely on their personal cell phone to make client calls.
The ability for lending software to scale is important and it should be able to scale in both directions. The software should be able to scale down to a single user account and have a small business price point. But, on the other hand it should also scale up with enough features that it can accommodate large businesses. Features such as a granular permission groups, prospect tracking, phone and text system, and built in e-signature may be useful for a single hard money lender but may also appeal to a large mortgage refinance shop.
Want to start closing mortgage loans faster than ever? Then you need to invest in a lending software platform. Captasoft’s Hard Money Lending Software is a comprehensive CRM capable of scaling down to a single loan officer or scaling up to enterprise mortgage lenders. We have a built in E-Sign module, sms and phone call click to call. Sign up for your free trial at https://HardMoneyCRM.com. No credit card required and you can add your whole team during your trial.
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