Tech Trends: For five weeks in a row mortgage rate have declined. For those in the mortgage business, this is welcome news. But how do you take advantage of this trend to grow your business? Technology can help.
Research done by Forbes tells us that whether you’ve been in business for decades or a day, one of the most difficult things to predict about your operations is how to most effectively reach and engage with your target audience. The most pristine product development and highly efficient logistics in the world won’t matter if you cannot get your message across to the right people at the right time. Technology gives business owners endless opportunities to engage with their customers.
A good first step is getting your hands on great point-of-sale (POS) technology delivered by a company with an eye toward advancing both their solution and your business. For example, Floify (https://floify.com/), a POS provider, just launched Floify Broker Edition (https://floify.com/broker-edition), an easy-to-use, one-stop lending platform for mortgage brokers.
“Floify Broker Edition is born out of a deep understanding of the unique challenges faced by mortgage brokers, which include juggling a burdensome administrative workload, regulatory compliance and multiple technologies with minimal support,” said Floify President and General Manager Sofia Rossato. “The platform is designed to make mortgage lending easier and more cost-effective while enabling mortgage brokers to provide a sleek and intuitive loan management portal for borrowers.”
Built on the foundation of the classic Floify POS platform, Broker Edition has been thoughtfully configured to make managing loans simpler at an accessible price point for brokers. Floify’s borrower-friendly interface increases application pull-through, while rule-based automations promote operational efficiency by performing rote tasks and advancing loans behind the scenes.
Broker Edition comes equipped with four pillar features that enable brokers to use the platform in lieu of a traditional loan origination system (LOS) or as a complement to their existing LOS.
This new solution includes:
Mortgage Call Reports (MCR) functionality allows brokers to swiftly generate mandatory NMLS reporting documentation and export reports by quarter, year and state, streamlining a burdensome compliance requirement.
Dual Automated Underwriting System (AUS) functionality enables brokers to order AUS findings from Fannie Mae and Freddie Mac and view findings side-by-side to identify documentation requirements and counsel borrowers more effectively.
A Product Pricing Engine (PPE) integration with Lender Price’s PPE automatically syncs borrower 1003 data so brokers can provide accurate, real-time pricing quotes.
A United Wholesale Mortgage (UWM) integration enables brokers to electronically submit loan applications to UWM, substantially expediting the loan submission process.
“Brokers deserve access to the same quality tools as their enterprise lender colleagues and Floify Broker Edition was designed to provide exactly that,” said Rossato. “We are proud to offer a complete lending platform that makes financing homes easier for brokers and the borrowers they serve.”
In the end, technology that makes it easier for the borrower to engage and work with your business is going to be the key to succeeding in a very challenging market.
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