Requirements checklist
What to ask for when choosing software for loan officers.
A checklist built from how loan officers work, to print or save as a PDF and bring to any supplier meeting.
What the software should cover
Tick each one that matters to your business.
- Borrower and referral partner records
- Application and document checklist
- Pipeline by stage
- Rate quotes, lock dates and expiries
- Conditions and closing tasks
- Borrower and partner updates
- Commission and branch split
Roles that need their own access
Who logs in, and what each person may see or change.
- For loan officers
- For processors
- For closers
- For the branch manager
- For partners who send loans
Reports to ask for
Ask to see each one with your own sample data.
- Pipeline by stage, officer and loan type
- Rate locks by expiry date
- Open underwriting conditions by owner
- Documents outstanding by borrower
- Funded loans by month and referral partner
- Fallout by stage with the reason recorded
- Commission statement by officer
Systems it may need to connect to
Note which ones you already run.
- SMS
- Calendar
- Document e-signature
- Loan origination or credit system export
- Accounting export
Questions for any vendor
Put these to every supplier you are comparing.
- Is it a loan origination system for lenders?
- How does it keep track of a rate lock?
- Can it list all the underwriting conditions?
- Can borrowers upload documents themselves?
- Does it work for brokers who place loans with several lenders?
- How does it treat borrower privacy?
- Can we track which partner sent each loan?
- Can the live pipeline be loaded?
- What does it cost?
Where the work usually breaks today
Circle the ones you recognise. They set the order of the project.
- Borrower stages are held in an inbox
- Lock dates and rate expiries are missed
- Underwriting conditions are not listed
- Referral partners get no status
- Commission is worked out at month end
Prefer to talk it through? See the loan officers page.