Mortgages for Financial Services Cloud is a Salesforce solution designed to streamline and enhance the mortgage application process. It is a comprehensive platform that covers all aspects of mortgage operations. It includes a Mortgage license and a Document Checklist license, providing users with the tools they need for efficient data capture, document management, and streamlined workflows. The platform ensures that mortgage users have the appropriate access to both mortgage and document checklist objects, allowing them to perform their specific tasks effectively. This article presents an overview of Salesforce Financial Services cloud.
Features of Salesforce financial Service cloud
Guided Residential Loan Application: It unifies the mortgage experience for borrowers, lenders, and partners. This includes guided loan applications to speed up the mortgage process. The Guided Residential Loan Application feature takes borrowers and loan officers through a seamless journey using a 1003-compliant residential loan application form. This feature provides prebuilt, step-by-step actions and recommendations to capture all relevant data efficiently. Traditionally, loan officers had to manually upload data and documentation throughout the loan process, which was error-prone and often resulted in critical documentation being overlooked, leading to longer approval times for Richard. With Mortgages for Financial Services Cloud, the application process is streamlined and loans close faster.
Streamlined Document Tracking and Approvals: It simplifies document tracking and approvals, reducing manual work for loan officers. Document Tracking and Approvals offers simplified document collection through templatized checklists and automated approval management. Loan officer and borrower can collaborate by following the checklist, ensuring that no document or task is overlooked. If a document like a W-2 is missing, borrower can easily upload it through a secure portal.
Mortgage Data Model: The Mortgage Data Model provides comprehensive prebuilt mortgage objects, making it easier to capture essential information such as borrower’s address, income, and employment. This enables loan officer to view these details in the context of a borrower’s household relationships, goals, and other financial accounts. Since borrowers need to provide more information during the mortgage process than at any other point, capturing this data creates opportunities for mortgage banks to generate needs-based referrals. Some of the objects in the mortgage data model of Salesforce financial service cloud are the following:
- Loan Applicant Addresses
- Loan Applicant Assets
- Loan Applicant Declarations
- Loan Applicant Employments
- Loan Applicant Incomes
- Loan Applicant Liabilities
- Loan Applicants
- Loan Application Assets
- Loan Application Financials
- Loan Application Liabilities
- Loan Application Properties
- Loan Application Title Holders
- Residential Loan Applications
In this article, we learned an overview of Salesforce financial services cloud. We will learn more about financial services cloud in upcoming articles.
To know more, click Financial Services Cloud: Best Financial Services CRM – Salesforce.com US
Take Five Consulting is a technology company, based in Virginia U.S., that specializes in the Mortgage Banking vertical especially LOS implementation and application development. Take Five Consulting creates and implement mortgage technology and software specifically for Mortgage Industry.
