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Mortgage Office Software

Mortgage Lending Software
for All the Needs of a Mortgage Lender


Having It All Together

One Vendor for:

SOFTWARE – one package for all your mortgage needs

SUPPORT – real live-voice Customer Support for help and assistance

TRAINING – by a staff having firsthand knowledge and experience

HOSTING – by Mortgage Computer reducing expenses


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Mortgage Office Home Page
The MC Home Page displays pictures of interest, Coach's Corner for
updating customers on enhancements, how to use the software, training issues,
regulatory notices, etc. This page is changed every few days.





Functions in the Mortgage Office Software

An End-to-End Solution


Answer Your Question

Answers to 24 commonly asked questions by borrowers.

Useful Tools

Tools to help your borrowers make the best decisions for their mortgage.

Calculator

Calculator is designed to provide answers, information, and computations requested by borrowers.

Use this option to compute what the mortgage payment would be, project the loan balance for a given period, compute daily interest figures, prepare amortization schedules, and calculate the APR on various loan types.

Although not stored in memory, the information can be printed.

Your staff could use this section several times a day.

Best Loan for Me

What I Can Pay allows the operator to enter basic loan information into the program to provide borrowers with a proposed loan amount they can afford.

What Could I Afford provides borrowers with a general price range for a house they can afford. In addition, those who may anticipate or have an increase in income may want to know what they could afford. This program offers the loan originator the capability to do a what if scenario.

Could I Qualify computes the ratios to determine if a borrower qualifies.

Payment and Costs

Use this option to rapidly compute and estimated monthly payment and projected loan costs. After the property county and state are selected, the program displays typical closing costs and escrow reserves and calculates the total payment (PITI) and APR.

The results can be printed and given to a prospective borrower.

Loan Comparison

This selection is a tool for loan originators to visibly demonstrate to borrowers the difference in various loan products being offered or what the savings would be by increasing the monthly payment a few extra dollars.

The program is designed for fixed rate loans with up to three variable options. The loans are compared showing the difference in the total interest paid over the term of the loan and initial cash required at the time of closing.

In addition to illustrating the different savings with the interest rate bought down with points and/or fees, the program can be used to demonstrate the savings if the term of the loan is different.

Select Loan for Refinance: On a refinance loan, enter the Servicing account number and the data is entered in the Loan 1 fields. This is an excellent way to see the savings or advantages of refinanancing.

Loan Origination

Multiple ways to take a 1003 loan application.

WebApp

Easy App

New 1003 Loan App

This option is for entering the loan information to complete a 1003 loan application. The screens and fields follow the application form.

Back Office

The tools you need to handle all facets of your mortgage lending needs.

Processing

Mortgage Office has created a powerful and precise loan origination program, from the application through closing to the selling of loans to investors and transferring the data to Servicing.

Processing provides document preparation, front-end tracking for application documents, underwriting, secondary market commitments, loan tracking, closed document tracking, funding, quality control, reports, cash flow management, and management reports.

Each option represents a function performed in the lending process. All selections are integrated and reside in one place where they can be accessed by everyone. There is never a need to re-enter or transfer data to other workstations.
 

Servicing

This program automates all functions of Servicing. The Servicing program is designed for making work flow faster, less tedious, and more enjoyable.

Servicing provides the functions needed to service various types of loans and investors.

  • Easy Payment Entry
  • Cash Balance and Proof
  • Transaction Updating and Register
  • Investor Interim Remittance
  • Payoff Quotes
  • Collections
  • Bankruptcy Control
  • Foreclosure Control
  • IRS Reporting
  • FASB
  • All Functions of Escrow Handling
Collection Accounts - Saves 40% of the collector's time over a manual system. The data is automatically stored and collection cards are no longer used.

Bankruptcy - Provides the accounting and control of borrowers who have filed for bankruptcy.

Foreclosure - Offers various options for tracking and reporting on loans in your portfolio that are in foreclosure.
 

Construction

Construction is a software program to account for proper disbursement of mortgage loan funds granted for new building purposes or extensive remodeling of already existing structures. It is more than merely a check-writing disbursement program.

Costs can be monitored and compared to the cost breakdown and property inspections to assure funds are not advanced before the work is completed.

This is a practical, workable program for construction loan disbursement.

Transactions

Each selection performs a specific task:

  • Funds Input
  • Funds Disbursement
  • Interest Payment
  • Percent Available Funds
  • Loan Payoff Quote
  • Reversals
  • Pseudo Post
    To view before the disbursement how the account will look if posted. An excellent check prior to disbursement.
  • Update Transactions
 

Credit Line

Mortgage lenders have expanded services to meet borrowers' loan requests by offering lines of credit. The Credit Line program controls the drawing of funds and the repayment schedule.

The features of Credit Line include:

  • Automatically passes the new loan balance to Servicing
  • Adjusts monthly payment based upon loan balance or interest rate
  • Payment notice to borrower
  • Skip payments
  • Minimum draw
  • Minimum payment
  • Fee charges
  • Prepare statements or transfer the data for use in consolidated statements

Comments

This selection allows comments to be entered and modified for any loan stored in the program. All comments for a loan can be displayed and printed.

  • Displays the borrower's name, the date and time the comment was entered and by whom, and the program (Processing, Servicing, Construction).
  • The date, time and User ID will be entered automatically by the program upon modification of a comment.

Other Features

Reports, management, maintenance and everything you need.

Compliance Audit

After all verifications have been received and the documents are in the file, the loan is ready to be reviewed by the underwriter.

The selections included in Underwriting are used as the underwriter is reviewing the documentation received to approve the loan. This option provides all the information entered in the program for review by the underwriter in a systematic method.

Fraud Detection option alerts the lender to possible false claims on the 1003 loan application.

Loan Review - File Organization is to indicate the stacking order of the file. This selection is to be used to verify the file organization and that all documents are in the correct place and order in the file.

Document Compliance section is to set up what management wants the Quality Control Department to review and verify to assure the proper documentation is in the loan file. On the screen you have the option of indicating whether the documents are complete or missing.
 

Audit Center

This section is for the use of quality control and auditing departments. It is designed so the reports from various functions are all in one section. The need to go from one package to another and in and out of menu selections is eliminated.

  • The Audit Center menu displays the reports available from all packages requested by auditors.
  • This feature makes it easy for your auditors (in-house and external) to print reports without interrupting employees.
  • The employee saves time by not having to show the auditor. Employees are not aware of what is being viewed by the auditor.
  • Modifications to employee loans are highlighted.
  • Modifications made to a Loan Record are stored in the Print Modify Audit queue. The report includes the old and new value, the date the change was made, and the operator's name.
  • All pages of the Transaction Register are serial numbered as a control that pages, which could show irregularities, are not being destroyed.
  • A record is maintained of data fields in the Master Record that have been modified. The record indicates the field, time, date and user who made the modification. One can search the Modify Audit by: All Accounts, Single Account, Account Range or by User.
 

Accounting

All companies have to account for money received from the borrower for application fees, credit reports, appraisals, disbursement of loan proceeds at closing, payments to notes of receivables, interest, late fees, escrow funds, etc.

General Ledger is to set up the general ledger accounts to post directly to MC GL accounts for the various programs affected when monetary transactions are posted.

Each of the Mortgage Office packages provides a Transaction Register with a summary of activity that indicates which GL account the totals should be posted.

Cashbook Reconciliation is for balancing all checking and custodial accounts.
 

Management Reports

Reports provide management control. These reports are for use by all levels of management.

The "exception" reports provide information on only those areas of concern. MC provides "Management by Exception".
 

Maintenance

The selections in Maintenance take full advantage of the power that Mortgage Office Software provides.

Common data used is set up and maintained from one centralized section. Proper and full usage of the Maintenance section will increase productivity and reduce the possibility of errors.

  • ScrolEx Setup - Set up multiple entries for loan officers, underwriters, lenders, etc.
  • Company - Company and Branch Information, State and Country Codes
  • Processing - Products Offered, Tracking Labels, Margin-Interest Tables, Costs & Escrow Reserves
  • Construction - Cost Breakdown Profile, Field Description Labels
  • Servicing - Standard Fields, Escrow Dealers, Field Labels, Collections
 

Data Transfer/Receive

Data Transfer/Receive is an interface to pass information back and forth between your checking and savings system and Mortgage Office Software.

All loan payments posted by tellers for the day are grouped into a teller payment file and passed to Mortgage Office.

Build a billing file for loans with payments due that qualify for the automatic payment from a checking account.

Build a data transfer file containing GL and transaction history information. This data can be merged with other software vendor's data to provided a consolidated statement.

Mortgage Office is a Total End-to-End Solution.
I want to learn more about the features and functions that will benefit me.