For many years, insurers have to go through the loan underwriting process manually. Because there wasn’t any other way or methods for doing underwriting tasks. But with the advancement in technology, this job has become simpler. These days, underwriters don’t have to do their job manually. They have a separate underwriting software that automates the whole loan orientation process.
Loan underwriting softwares is capable of increasing your workers’ efficiency, only if it is created well, keeping in the needs and objectives of your business. Here are some features that you must consider when shopping for underwriting software.
Easy To Update
The biggest problem with many underwriting software these days is- they take lots of time to update. You want to invest in software that makes your job easy, not in something that consumes lots of time to update itself. However, the updates are necessary. The underwriting guidelines are continuously changing, and you want your software to update everything quickly. So that you don’t do your job based on old guidelines.
When you are buying software, ask the seller about the update time. And also, if they charge anything extra for that update. In most of the cases, the updates are free of cost. However, you have to keep in mind the update time. It should not be like you are spending the whole day updating your software, giving a pause to the loan underwriting process.
If you are introducing this software in your business for the first time, make sure to check the user-interface. The interface of the software should be easy to use. It should make things simple, not complex for your workers. When you are shopping for an automated underwriting system, ask your seller about the OS. Tell them your requirements- you want a software to be as simple as Facebook or Instagram’s user-interface. You don’t want your workers to spend their whole time learning how to use the software instead of using it.
There are two types of softwares- the one that saves every data offline and the one that saves everything online. You should prefer to go with the online one. It will save you time by keeping the data stored safe and secure over the internet. Those softwares that use the internet to store data are called cloud-based softwares. Using cloud-based underwriting software gives 24/7 data access. This means- whether you are sitting on your couch or travelling by bus to NY, you can access your underwriting data whenever and from wherever you want. Credit underwriting data is one of the most crucial pieces of information. By using cloud-based software, you can keep that data secured.
So these were some essential features that you should look into in underwriting software. Prefer buying software that provides all these features. We hope you find this blog useful. In the end, share this blog with all your friends and business partners. Help them to choose the most efficient software for their underwriting tasks.