Using and keeping up with technology is a very important tool, no matter what your business is. In the mortgage business, technology means speed. This speed in processing, placing and closing mortgage loans can push a lender ahead of the competition; while making life so much easier for all.

     In the twenty some odd years I have been in the business of mortgages lending, I have used a mortgage processing software, called em>Calyx. Revising and revamping their technology is my main reason to keep upgrading the software package at a huge cost. The latest version of Calyx 5.4 has prompted me to write this tidbit on how the use of technology affects the client.

     Loan officers that have wireless laptops, Blackberrys and international cell phones are very connected. Loan officers and lenders that have the latest industry technology can be invisible. They can order a credit report, process a mortgage, get a FannieMae or FreddieMac approval in less than a minute, transfer a file over to any lender of their choosing and obtain a commitment letter (with additional items needed) in less than 48 hours. The most important selling tools for me: control, choices and speed. Most importantly, I have the ability to move the loan from one lender to another if a better deal or lower rate is offered elsewhere.

     I want to outline the process of a mortgage from inside the industry, so a borrower will understand the tools that will enable the loan officer to obtain the best mortgage for them. Part of this process is the ability and willingness to transfer a loan to a different lender up to the final days prior to closing.To keep this blog entry short, I will continue tomorrow in greater detail with Part II.