In today's fast-paced mortgage industry, efficiency is key. Underwriters are constantly challenged to process a high volume of applications accurately and quickly. FundMore is designed to help lenders do just that by streamlining the mortgage process and improving productivity. Here are five ways FundMore empowers underwriters to process more files effectively:
-
Automated Application Ingestion and Initial Assessment
-
Intelligent Decision Support with FundMore Score
-
Streamlined Document Management
-
Efficient Approval Workflows
-
Centralized Information and User-Friendly Interface
1. Automated Application Ingestion and Initial Assessment
FundMore automates the ingestion of applications from various sources, including POS systems like Filogix, Lendesk, or Velocity, and manual entry. This eliminates manual data entry, saving time and reducing errors. Once an application is ingested, the system can automatically initiate a call to the lender's Decision Engine. The Decision Engine then assesses the deal and makes product recommendations based on predefined rules. This initial assessment allows underwriters to focus on files that require their expertise, rather than spending time on routine tasks. Also, applications can be automatically declined if the applicant is on a blocklist or the subject property is in an unsupported region.
2. Intelligent Decision Support with FundMore Score
The FundMore Score widget provides a decision recommendation based on the data input. This tool uses lender-defined parameters to evaluate each application and assign a score, recommending whether to approve, decline, or manually review the application. The system identifies which factors in the score passed or failed, providing a visual cue to the underwriter as to which areas of the application need focus. This helps underwriters quickly identify key issues and make informed decisions. Also, risk rules can be configured to automatically flag applications outside the lender's risk threshold.
3. Streamlined Document Management
FundMore includes a document management system, FundMore.IQ, which allows lenders to manage document collection and conditions in the same widget. The system facilitates document requests to stakeholders and allows them to upload them directly into the system. Document requests can be automated upon application ingestion, and the system can automatically categorize documents based on pre-set document types. This reduces manual effort and improves collaboration with brokers. The system also can to link uploaded documents to conditions, ensuring that all necessary criteria are met. Furthermore, the system automatically scans all documents uploaded for viruses and malware.
4. Efficient Approval Workflows
FundMore supports a fully auditable, configurable approval process. The system recognizes lending authority limits and prevents users from funding applications when approvals are missing. The system also notifies all parties involved in the approval process to resolve issues quickly. When an underwriter is assigned an application where the loan amount exceeds their approval limits, the system prompts them to send an approval request to a user with the appropriate approval limits. Additionally, custom approval requests can be set up for situations that fall outside the scope of DLA. The system supports bulk approval requests, streamlining the process. FundMore ensures compliance and expedites the decision-making process by implementing these approval workflows.
5. Centralized Information and User-Friendly Interface
The dashboard in FundMore is designed to organize information and actions for user convenience. The application is summarized into a series of widgets such as the 'FundMore Score' widget, the 'Results' widget, the 'Loan Details' widget, the 'Credit' widget, the 'Income' widget, the 'Net Worth' widget, the 'Conditions & Documents' widget, and the 'Stakeholder's Details' widget. This consolidated view gives underwriters all of the key information they need to make informed decisions and helps them to work through files in an organized way. Also, FundMore's user interface is built on the latest material design principles, ensuring a seamless user experience.
By leveraging these features, underwriters can significantly increase their productivity and process more files effectively with FundMore.