Effortlessly manage bundled home mortgage-renovation loans with our FHA 203K lending software solution.
You probably already realize that FHA 203K loans providing funds for purchasing or refinancing a home in need of repair are the fastest-growing mortgage product in the country. But did you know that there’s a better way to administer these loans? Instead of relying on a bunch of manual processes to track all the requirements involved in various steps of FHA 203K lending, use our dedicated FHA 203K lending software solution instead.
Our FHA 203K lending software solution has been specifically designed to support this unique mortgage lending activity. It gives you the ability to:
Manage Contacts: Our FHA 203K lending software solution includes a robust contact management portal allowing you to keep complete, up-to-date information on all players involved in the loan process and ensure they meet FHA requirements for participation. This includes the borrowers as well as the contractors that will be used to renovate the mortgaged property.
Track Communications: Our software comes stocked with many useful templates, and your staff can customize these and/or create additional templates to make completing and sending all the necessary communications regarding the loan process quick and easy. Our templates also help guard against administrative errors in communications.
Manage Drawdowns: Depending on the circumstances a FHA 203K loan can include anywhere from 1 to 5 draws payable to the owner and the contractors. Our FHA 203K lending software solution makes it easy to keep track of these different draws and ensure they are only released as work is completed and inspected.
Link to Your Back End Accounting System: Disbursement checks, transfer forms, and borrower pay downs can all be entered directly into our system and then automatically linked to your back end accounting system. This eliminates the need for duplicate entry and guards against errors.
Run Detailed Reports: One final benefit of using our FHA 203K lending software solution is that it enables you to run detailed reports on your activities on several different levels. First of all, you can always view complete information on individual loan accounts. Secondly, you can run reports on loan sectors, and finally you can run reports on your entire portfolio. The software comes pre-stocked with many different reporting functions, including stress testing scenarios, and can be programmed with many more.
Ready to Try Our FHA 203K Lending Software Solution?
Please contact us today for a free personalized online demo of our FHA 203K lending software solution. And remember, there are countless ways to customize this software to your exact needs so don’t hesitate to ask us about any extra functionalities you’d like to see in your software.
