POS Your Process

BY THE FLOIFY TEAM

31% of borrowers abandon their mortgage application, while 25% of these borrowers say they didn’t finish because the application process took too long, which significantly impacts pull-through rates.

– 2022 Borrower Insights Survey by ICE Mortgage Technology

So, what can be done about these challenged conversion metrics? Mortgage point-of-sale (POS) technology simplifies the loan origination process for brokers and borrowers. Here are eight advantages to using a mortgage POS to automate & streamline the process, improve conversion metrics & close more loans, faster.

1. Enhanced User Experience

Mortgage POS technology simplifies the application process for borrowers. Accessible from any device, borrowers can input information & track progress in real time, eliminating meetings & reducing paperwork. Saving time is key to customer satisfaction. The best POS only asks for what is needed, when it is needed.

2. Improved Efficiency & Productivity

Automating steps in the mortgage loan origination process also saves time for brokers. Mortgage POS technology automates document collection, data verification & simple communication, allowing brokers to focus on higher-value tasks such as relationship-building. As a result, mortgage professionals can handle a higher loan volume without sacrificing quality, leading to increased productivity & profitability.

3. Enhanced Security & Compliance

Mortgage POS technology offers robust security to protect sensitive borrower data from potential breaches. Advanced encryption & authentication protocols ensure only authorized users access the platform. The best POS tech proactively keeps up with changing regulations.

4. Improved Communication

Clear communication between borrowers, brokers, realtors & other parties is crucial to successful mortgage loan origination. Mortgage POS tech simplifies communication by offering a centralized platform where all parties can collaborate, share information & receive real-time updates, resulting in faster decision-making. Loans supported by a digital point-of-sale system like Floify reach clear-to-close status 7.5 days faster.

– John Norris, VP of Technology & Innovation, Benchmark Mortgage

5. Reduced Human Error

The origination process involves a complex, vast amount of information. Manual data entry & verification is prone to human error. Automation ensures accuracy & consistency, minimizing errors that could cause costly delays.

6. Data-Driven Decision-Making

Advanced analytics & reporting tools within mortgage POS technology provide valuable insights into borrower behavior, market trends & loan performance. Brokers can then make informed decisions while lenders can assess credit risk more accurately, leading to better loan approval rates & reducing default likelihood.

7. Scalability

Whether a business is in a growth phase or looking to do more with fewer resources, the capacity to scale operations is always important. Top-tier mortgage POS technology can easily adapt to changing loan volumes, evolving business requirements & changes in workforce. It’s important to choose a flexible system that won’t require costly system upgrades as the business evolves.

8. Post-Close Client Care

The best point-of-sale systems allow brokers to maintain & nurture relationships with their clients long after the loan has closed, providing LOs with an important retention tool, i.e., a free moving concierge or home management app.

The mortgage POS is a must-have component of the origination process. By adopting POS tech, mortgage professionals can streamline operations, improve communication, increase productivity & profitability, and stay ahead of the competition via continuous innovation.

To learn how Floify can improve your lending operations, book a demo: floify.com/demo