Third Party Origination portals or TPO applications serve as a bridge bringing loan originators and loan investors together for managing the loan pipeline. The wholesale brokers and various correspondent clients can work together as one big team with the lenders and carry out quality loan origination for accurate and quick processing, approval, and compliance. This helps to increase efficiency in service and guarantees better customer connect.
High-quality loan origination naturally needs complete regulatory compliance with various standards such as Know Before You Owe (KBYO), TRID, Dodd Frank Act, and CFPB. The clients can easily track such compliances and make instant submissions. They can also track the statuses of their loans at any given point of time. The investors can participate directly in real estate with greater understanding and trust.
A Third Party Origination portal can bring together various institutional clients such as brokers, mini correspondents, and correspondent financial institutions, thereby expediting the whole loan origination process. A TPO software application, along with a lender portal, products and pricing engine, work flow engine, LOS as well as imaging and document center, helps in managing the complete loan pipeline efficiently.
Here are some of the basic features associated with a standard Third Party Origination portal:
- A Third Party Origination portal integrates seamlessly with a Loan Origination Software (LOS), appraisal system, documentation engine, pricing engine, FHA connect, Automated Underwriting System (AUS) and various other services
- Performs lock extension, rate lock, relock, change lock, full lock history operations
- Provides extensible and flexible support to unique lender requirements
- Registers all loans through the DU 3.2 upload (single/bulk) mechanism for 1003 applications
- Carries out rule-based quality checks that improve the loan view/export pipeline and brings efficiency to the loan pipeline management
- Advanced reporting service for the investors and sellers
- Achieve enhanced compatibility for smooth information access through the mobile devices
- Makes efficient communication possible with various clients and offers support with features such as online chat, real-time notifications and email alerts
- Enable self-management and self-service of the accounts, thus getting rid of documentation time lag
Advantages of implementing Third Party Origination (TPO) portals
Making use of TPO portals can certainly bring a range of advantages to end-users associated with the mortgage industry. Here is a brief look at some of those advantages.
- Simple user interface that makes it easier for the brokers, correspondents, and all of their respective clients
- Enhanced channel origination as well as revenue owing to the effective, collaborative, and efficient third party origination
- Leverages mortgage systems infrastructure existing presently, thus bringing down costs of ownership
- Helps in saving time spent on locking, pricing, submissions, and processing
- Agile implementation along with the use of solution accelerators, resulting in shorter market turnaround
- Extensible portal platform that easily accommodates future expansion
- Rule-based quality checks that help to ensure better loan origination along with greater customer satisfaction
It is important to assess the advantages your TPO technology will bring. High-level integration is one of the main criteria for any institution to have a holistic picture—be it on clients, internal processes, or balance sheets. If you would like to know more about mortgage servicing software visit here.