Brokering involves a lot of waiting. We wait for approvals, wait for lender confirmation of document receipt, wait for lenders to review documents, etc. etc.
It’s nice to have some instant gratification every now and then. Merix’s new Explore 2.0 broker portal delivers that.
Explore 2.0 comes with several enhancements:
- Brokers can now upload supporting documents directly to a client’s file. Merix will confirm receipt instantly. This eliminates the aggravating, “We didn’t get your fax” routine.
- Underwriters will immediately be able to view documents. No longer will a clerk need to first manually attach incoming paperwork to a file.
- Merix’s credit administrators are now immediately notified that documents have arrived via email
- Brokers are more quickly alerted when documents are approved because underwriters don’t have to update two systems (Filogix and Explore)
Absolutely every lender should offer secure document uploading with timestamps and immediate broker confirmation, either via its own portal or via a third-party system like Filogix Exchange. Relying on humans to process faxes is downright 20th century.
Systems like Explore 2.0 minimize broker uncertainty and encourage faster turnaround (because of greater lender efficiencies and because brokers can track turnaround times with precision and hold lenders accountable for their SLAs).
Robert McLister, CMT
It’s not the transmittal of documents that keep an approval waiting for a broker, it’s the quality of documents that delay approvals, along with not receiving the proper documents requested.
Hi Steve, In a great number of cases I agree with you. People can be pretty sloppy in the docs they send up to lenders. In other cases, brokers submit the right stuff and a lender “gets busy.” Sometimes that’s unavoidable and most lenders are pretty good. But it’s the occasional time when you really need a prompt file complete that the system seems to bog down. Anything that automates clerical functions is a positive in my books. Cheers, -rm
Thanks for the update Rob, what is explore?
Hi Jessi, Explore is Merix’s web portal for monitoring deals, researching guidelines, rates, etc.
Melanie & Rob,
As a recruitment consultant exclusive to the mortgage industry mortgage trends has provided me with priceless information in understanding and awareness of changes taking place within the industry.
Thank you for providing a great service!
Kind regards,
Angela
Why thank you Angela!
Rob :)