Digital Feature That Will Transform Your Mortgage Loan Business

The number of customers willing to complete the mortgage application online has grown with the popularization of online services. According to McKinsey, about 60% of respondents are more than open to the idea of this service working completely online. Demand for digitizing in the loan industry continues to grow. More and more private lenders and any kind of digital feature to update their workflow. According to the data from Mortgage Bankers Association, the volume of the domain will grow to $2.5 trillion in the upcoming three years. It is about 40% higher than the market volume in 2010-2019. Previously,, described more in details about the future of digital mortgage loan services in previous blog post.

Thus, in order to get into this highly scalable and prosperous domain, you need to find a key to digitizing. It will attract more attention to your business. In this article, Engenious will help you discover how to quicken mortgage loan services and digitally transform your business. 

Loan Origination

A loan origination system (LOS) is a compilation of software solutions that automates the financial institution workflow. This way it makes the borrower experience smooth and user-friendly. This type of software manages the loan from an initial application to funding and administration. It quickens loans and makes the process a bit simplier. This end-to-end automation provides users with a more transparent and clear view of the process. It raises the trust between a customer and a vendor.

Business Process Management

Business process management software (BPMS) is a digital feature that automates the repeating tasks. This type of software also makes the workflow more smooth and fast. This service can give your mortgage software a deeper automated analysis of input data, automated fill-out forms, monitoring of business activity, etc. 

To build such software, you need to get familiar with its key features. At Engenious, we believe that you need BPMS to have the following capabilities: 

  • Collection of relevant data and the ability to display it;
  • Automation of the work process along with setting deadlines and assigning tasks to the personnel;
  • Automated and dynamic approval feature;
  • Analytics to provide you and a customer with the most accurate data;
  • Support for mobile devices. 

Such digital feature would help your company build a more dynamic and seamless workflow. With BPMS, your mortgage loan servicing would be safer for most of the customers. Routine tasks would be less of a pain and more accurate. 

Decision Automation

Decision automation is a complex software to automate decision-making processes. This digital feature uses the benefits of deep analysis and artificial intelligence. It’s task is to provide the entrepreneurs with the most accurate data and risk assessment. You are able to make decisions automatically based on rules or data. It especially applicable if the situation of an individual borrower changes and the system would need to adapt. 

The process in general follows the scheme you can see below.

Eventually, this type of software observes the situation given the data or rules, orients depending on your needs. And thus helps you decide based on what would be best for your business. This helps reduce risks, avoid mistakes in decision-making, and increase the general productivity of your business. 

Loan Management

The loan management system is some kind of similar to the LOS. It has the similar goal of managing the loan from the application to the approval. It may verify the information of a borrower automatically for the mortgage approval. Overall, this digital feature makes the process less overwhelming for a customer. 

To caliber home loans this type of software would assess the data about assets and provides helpful analytics. It is predicted to be a very efficient and profitable business solution since loan services software market value would reach $4.8 million by 2028. 

This digital feature can be used for different types of loans, from business to mortgages as well. With high-quality automation, the system can gather and analyze the borrower’s information better. The data that the system might gather is as follows: 

  • health
  • risks associated with the lifestyle of a person
  • annual income 
  • credit history
  • financial health

The automation of a loan would help you as a business to nullify most of the risks by careful and deep digital analysis. Your customer, in their turn, would get a quick and close to paperless loan without any extra steps. The biggest difference of this system from LOS is that it is more focused on maintaining the process automated rather than automating the data processing only.

Risk and Compliance Management

Fintech is a domain where compliance with legal aspects of the business is among the most important parts of a business strategy. This digital feature is more viable than the same issue for e-commerce or entertainment. The industry itself is associated with much greater risks. So when it comes to mortgage software, this problem is even more drastic. 

As a result management is extremely interested to ensure that you eliminate all risks connected to legal issues. Mistakes on this front would mean a critical fund loss or even end the viability of your business. Risk and compliance management software will ensure transparency within the company, seamless flow of information, and accessibility of all the critical data.

Portfolio Management 

This type of software product is vital for people who want to keep a keen eye on their assets. Borrowers would benefit from a feature of portfolio management since they’d have a better opportunity to track their finances. Usually, this software allows for planning big investments and regular payments, including loans. 

At Engenious, we think that one should learn from the best. So, after a careful review of the best portfolio management solutions, we’ve come up with a list of features that your software needs to have to succeed in this goal. They are as follows: 

  • Analysis of the users’ income and outcome
  • Net worth calculation 
  • Analysis of investments and payments
  • Risks analysis
  • Reports on regular payments, taxes, ROI, and overall financial health of a user

Elements of portfolio management in mortgage software would help your customer track their funds. Therefore it attracts more people to use your software solution. 

Other Digital Features That Might Benefit Mortgage Loan Business

Among all others, innovative technologies have a special place on this list. They can be implemented in your software partially, as third-party services to improve the productivity, effectiveness, and profits of the company. Here are the most useful tech solutions for a mortgage loan business in our opinion. 

Artificial Intelligence 

In this case, AI can be helpful in visualization and analysis. This digital feature will help users better understand the insights of their loan via interactive elements, such as: 

  • Dashboards with real-time reports
  • Chatbots with AI assistance
  • Predictive analytics

Machine Learning 

To have a more streamlined, less faulty, and faster workflow you have to proceed documents by AI. The automated risk assessment, decision-making, and general elimination of manual routine work would nullify most of the errors. Thus it is minimized delays and greater automation would bring your business to the next level of productivity.

With such a level of accuracy, your mortgage loan software will attract customers for being a highly trusted resource. 


Blockchain is capable of eliminating most of the problems in mortgage software. The lack of transparency would be minimised since clear and all critical data about every transaction is available. 

Aside from this, blockchain can bring you greater security since due to its decentralized nature it’s hard to hack. Automation with smart contracts can go up to a market disruptive level, innovating the domain; and lower transaction costs since there is no fee and no intermediaries will make your solution cost-effective to the customer. 


There are a lot of possibilities to achieve the desired results in the mortgage loan business. It is a quickly growing domain. But, it still has a lot of space for innovation. 

All you need to do is to find a technical partner capable and qualified enough to implement your ideas. With the right view of the project, you’d get software with a transparent workflow and enhanced business value. A software capable of changing the domain. 

We at Engenious would be more than happy to assist you! Tell us your idea and let’s bring it to life with our development experts. 

May 20, 2022

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