Mortgage document collection software: what to evaluate

In the redacted file on our results page, the borrower uploaded pay stubs for the wrong pay period at 6:52 PM. The activity log shows Loandock rejecting them and requesting the correction at 6:53 PM. The correct pay stubs arrived at 9:01 PM and were checked and filed against the condition at 9:01 PM.

Read the activity log from that file. It records the response, the correction request and the filing step. Borrower names, loan numbers and document contents are redacted.

Ask whether the software works out who owes each item, then follows up with that party. A mortgage file can depend on the borrower, co-borrower, title company, insurer, employer, HOA or payoff department. A tool that only reminds the borrower leaves the rest of that work with your processor.

In the demonstration, use conditions owed by different parties. Check whether each request names the document and period, and whether the open item stays with the right party after each response.

An upload should not count as completion. Ask the vendor to show a wrong year, missing page or unreadable response. The software should check it against the request, tell the sender what needs to change and keep the condition open.

Then watch the corrected response. The useful question is whether your processor has to reopen the file, find the mismatch and write the second request by hand.

Receiving and checking a document still leaves filing work. Ask the vendor to show the accepted document filed against the condition it answers and the activity recorded in your LOS.

Clara files accepted documents against the condition and marks it fulfilled. Your underwriter clears it. Read the control and write-back details on the LOS integration page.

Give the software an item that needs a person to decide what to do next. Ask where it appears, what evidence travels with it and whether the processor can act without rebuilding the history.

With Loandock, anything needing judgment goes to your processor. Clara fulfills conditions, and your underwriter clears them. The product starts at preapproval and continues through clear-to-close. Document collection is one part of that processing scope.

Read the first request and the correction request as if they reached your borrower. Each should say what is needed and what was wrong in plain language. Check that a response changes the open request so the borrower is not chased again for an accepted document.

Loandock sends document requests by text and email and follows up with borrowers and third parties. Borrower messages respect quiet hours and opt-outs. Review how borrower documents, messages and access are handled on the security page.

Use the AI processor evaluation checklist during a demo, or download the CSV if you want to compare vendors.