We live in a world where we have many safety features preventing catastrophe’s, such as child locks on car doors or windows. They can sometimes be frustrating as an adult, and we may think that they are unnecessary because, after all what is the harm if I open the window?
But we don’t play the same role as that young child eager to explore and push buttons not aware of the hazards that cool little button could hold! The bigger benefit though, is the adults in the front seat that can rest assured that while they are focused on the road ahead they don’t have to worry about that window….and the precious cargo! Bottom line, those locks are put in place for peace of mind.
Locks in the Loan Process
Depending on the process systems for a loan in your company, a loan can go through many hands and each role has an integral part. In a perfect world the loan just passes from one stage to the next without any issues. For example, a loan officer is gathering income data and wants to know roughly what the borrower income qualifies for, so they start entering the income into our software. The processor discovers more accurate information and adds to the file. The underwriter finalizes the income and makes sure it is all accurate and complete. The loan closes, and is sold and audited and all is well with the world.
Unfortunately, we don’t live in a perfect world and often (most often) the flow is interrupted or goes back and forth a few times. In my experience the feed back I hear from underwriters is their biggest fear is to go back into the loan, after all is said and done, and the income is changed… WITHOUT their knowledge! This is where they quote Billie Eilish…“Just stop, what the “heck” are you talking about?”
We created IncomeXpert to work within teams. Anyone can have a log in ID, but not everyone has the same role. With our Role Manager, you can control permissions to prevent the frustrations of income changing at the last minute without the Underwriter knowing. One of those permissions, is to be able to “lock” the loan. After the Underwriting role has reviewed and signed off on the income, they can click the “lock” box and be confident that the income won’t be changed.
While it might frustrate a LO going back into the file to “play with the numbers”, they don’t play the same role as an underwriter whose neck is on the line after the loan closes. This gives the underwriting role the peace of mind that the safety feature is in place to prevent a catastrophe.
How did we come up with this brilliant idea? We asked the experts…YOU!
Based on feedback from our loyal clients. They asked, and we listened! We are always looking for ways to make your job easier and the best way to do that is to listen to you. If you have feedback or just want to hear more about how IncomeXpert can save you time and money, contact me!