4 Ways FundMore Empowers Lending Managers

Lending managers, such as underwriting managers, require robust tools to oversee their teams, ensure compliance, and drive efficiency. FundMore is a comprehensive Loan Origination System (LOS) designed to meet these needs. Here are four key ways FundMore empowers lending managers:

1. Enhanced Oversight of Approval Workflows

• Customizable Approval Types: FundMore allows managers to set up various approval types, such as exceptions for GDS or TDS, in addition to the default Designated Lending Authority (DLA). This ensures that the system can accommodate unique approval needs.
• DLA Limits: The system enforces lending authority limits, preventing users from funding applications that exceed their limits without proper approval. There is also a setting that prevents approval requests from being sent to users who do not have the correct DLA approval limits.
• Custom Approval Requests: Managers can set up custom approval requests for situations outside of DLA, like exceptions for credit scores or property types, with risk warnings and tasks to manage these requests. If there are outstanding custom approval requests, the system can block the "Fund" decision.

• Approval Process: The platform supports a fully auditable and configurable approval process that recognizes lending authority limits and prevents users from funding applications when approvals are missing. All actions on approvals are recorded in the Application History, and comments and decisions are automatically captured in Application Notes.
• DLA Validation: The system validates loan amounts at the time of approval, and if the loan amount increases above what was previously approved, the DLA is invalidated and a new approval is required.

2. Access to Comprehensive Reporting and Analytics

• Standard Reports: The platform includes various standard reports, such as "Number of Deals by State," "Deal Amount by Date," "Closed Deals by Broker," and "Deals by Underwriter." Microsoft Power BI generates these reports.
• Customizable Reports: In addition to canned reports, lenders can also create custom reports tailored to their specific needs.
• Data Export: Data can be exported in various file formats from the system.
• Pipeline View: Managers can track deals and their status in the Pipeline View, organized by priority. The system will display all deals for users and their direct reports, which assists with workload management.
• Visual Data: The system uses visual cues, such as colour-coded statuses and icons, to provide a clear and immediate understanding of the data.

• Multi-User Presence: The system uses an icon to show when multiple users are working on the same file, improving team collaboration and reducing redundant effort.
• Automatic Assignment: The system has an automatic assignment algorithm that automatically assigns deals based on user capacity. This can reduce manual intervention and distribute the workload fairly.
  
  

4. Streamlined Communication and Standardized Processes

• FundMore.IQ Integration: The system integrates with FundMore.IQ for document requests, which streamlines communication with brokers. Lenders can request documents, communicate via notes, and facilitate document signing.
• Document Management: The system provides document management capabilities that allow for uploading, reviewing, downloading, and deleting documents, with options to share or not share documents with brokers/borrowers.
• Application Notes: The system allows users to add notes to the application, with all approval actions and comments automatically captured within.

• Standardized Broker Notes: The document request feature includes comment functionality for seamless communication between brokers and lenders. The comments will be visible to brokers in the authenticated view, or they will receive them via email if they are in an unauthenticated view.
• Risk Flags: Managers can create and manage risk flags that highlight potential risks with an application, and the system has automation to block conditional approvals if there are unresolved flags.
• Lock Reasons: The system allows for the creation of lock reasons, which help automate an application through various stages and provide structured reasons for locking or unlocking it.

FundMore offers a comprehensive tool suite that empowers lending managers to oversee their teams, make informed decisions, and streamline the mortgage process. By leveraging these features, managers can enhance efficiency, reduce risk, and improve overall performance.