Rising interest rates, cash buyers, investment firms buying swaths of property and low inventory all contribute to a more competitive market for folks who just want to buy a home. Automated letter generation is one of the most valuable tools lenders and borrowers have at their disposal.
HUNTINGTON BEACH, Calif. (PRWEB) February 07, 2023
BeSmartee, a pioneer in digital mortgage lending software, introduces “Letters,” a feature that enables borrowers to generate different types of letters instantly, on-demand. In a purchase market, like the one the industry is currently shifting to, this capability has incredible benefits for both lenders and borrowers.
Letters, like preapproval or prequalification letters, are essential to the mortgage lending process. Especially during purchases, they serve as a fundamental assurance to both buyers and sellers. Additionally, they give consumers clarity into the process, align expectations and ultimately represent clients in transactions.
BeSmartee has developed “Letters,” a proprietary feature native to the company’s mortgage point-of-sale (POS) solution. The feature uses dynamic loan-level data to allow consumers to generate various digital letters instantly without the need for a present loan officer, including:
- Pre-Qualification + Fee Itemization Worksheet
- Fee Itemization Worksheet
- Conditional Approval
- Request for Additional Information
Enabling consumers to generate these letters automatically, at any time, increases their chances of getting the home they want. It also increases lenders’ operational efficiency by easing the workload of loan and compliance officers.
“Today’s housing market is aggressive. Rising interest rates, cash buyers, investment firms buying swaths of property and low inventory all contribute to a more competitive market for folks who just want to buy a home,” says BeSmartee’s CEO, Tim Nguyen. “Automated letter generation is one of the most valuable tools lenders and borrowers have at their disposal.”
“Letters” is a configurable feature that can scale to any lending operation. Lenders can customize elements like branding and verbiage to meet marketing, origination, compliance and legal needs. “Letters” also integrates seamlessly into lenders’ loan origination systems and provides a full audit trail. These features eliminate the need for manual data entry, managing multiple word documents, random auditing for regulatory infractions and the potential for human error.
“Letters,” part of BeSmartee's Freedom 2023 Plan, is already available to lenders using the BeSmartee POS. The company will further expand the feature’s functionality. To learn more about the Freedom 2023 Plan, contact BeSmartee's mortgage technology experts.