The Loan Status Tracker is a powerful tool for mortgage originators and processors that allows them to view and update the status of loan applications as they move from origination to closing. The Loan Status Tracker is web-based, and it displays loan applications received through your Loan Originator Site, Loan Origination Links, and Loan Referral Links. 1003s can also be imported into the Loan Status Tracker, providing a comprehensive view of all loan applications in progress.
The Loan Status Tracker allows you and your loan processor to view all loan applications by the applicant's name and the person who referred them to you. The status of each application is displayed, indicating where it is in the loan origination process. The Loan Status Tracker provides a clear and concise overview of the loan pipeline, making it easy to prioritize work and ensure that nothing falls through the cracks.
The status of each loan application is displayed in the following steps:
Clear to Close (CTC)
Seamless 1003 Management
Fannie Mae 1003 MISMO® v3.4 and FNM v3.2 Compatible
The Uniform Residential Loan Application (1003 after its Fannie Mae form number) is an important document that provides lenders with key information about a buyer's finances and the mortgage sought. LoanSystems is a tool that can be used to create, manage, and export 1003s, making the loan application process more efficient for mortgage professionals.
LoanSystems can help mortgage professionals streamline the loan application process and improve efficiency. One of the benefits of using LoanSystems is that prequalification forms and the six-step loan application can be easily imported into the 1003. LoanSystems supports Fannie Mae 1003 MISMO® v3.4 and the prior FNM 3.2 file formats, making it easy to manage 1003s within the Loan Status Tracker or export them to a Loan Origination Software (LOS).
Great Tool for Brokers
Mortgage brokers who use LoanSystems can view the status of all loans of connected loan officers. The loan processor or loan processors designated by the broker or loan officer can update the loan status.
The Loan Status Tracker is a powerful tool to stay organized and on top of all loans as they move from origination to funding.