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Dec 20, 2023Networking events are an important way to begin and enhance working relationships with both potential clients and referral partners.
In the digital age, every potential borrower expects that their home buying experience will be virtual. Top-performing LOs and lenders use the digital experience provided by POS and CRM integrations to drive revenue by incorporating ease of use to the application process.
Where other mortgage software works to optimize internal procedures and systems for mortgage professionals, a point of sale (POS) system involves borrowers in the loan process through an external platform.
The right POS provides clarity to borrowers and improves the mortgage application process’s efficiency while providing borrowers with the seamless digital experience they expect.
Digital applications are a large part of most POS platforms, providing lenders with a portal for new borrowers to inquire about different programs available with a quick click of the mouse or tap on a phone screen.
An additional function of a POS that lenders should consider is the ability to create follow up sequences. This includes generating an instantaneous credit pull post completion of the loan application.
While POS systems are invaluable to lenders, this software needs to work with your Loan Origination Software (LOS), pricing engine and mortgage CRM to optimize the loan process from application to fulfillment.
A distinguished mortgage CRM system like Surefire works with POS software to create an efficient solution for keeping potential borrowers on track through different communication channels.
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When considering the POS you’ll use to optimize your borrower interactions, it is important to consider the value that they bring to your current systems. Below is a list of the top mortgage POS providers.
Designed for loan originators and mortgage professionals, Floify is the industry’s leading point of sale solution that streamlines the loan process. The platform provides a secure communication channel and document portal for the lender and borrower.
Floify is used to collect and verify borrower documentation and track loan progress communicating with borrowers and their real estate agents to close loans faster.
Key Features:
Custom workflows, document management; loan tracking; online application processing; internal audit features; electronic signature; compliance management
SimpleNexus provides best-in-class app connections for loan officers to communicate with their borrowers and real estate agents. Through their channels SimpleNexus users are able to communicate and exchange data throughout the entire loan lifecycle.
SimpleNexus connects loan originators with their borrowers and real estate partners to deliver a measurable return on investment by reducing turn times, increase loan application submission and delivering referral business.
Key Features:
Custom workflows; mobile platform; loan tracking; online application processing; internal audit features; electronic signature; compliance management.
Blend partners with retail banks, credit unions, and mortgage banks of various sizes to offer digital lending solutions for mortgage and home equity products.
With their digital lending platform, Blend helps lending institutions increase productivity. The company strives to make the process of getting a loan simpler, faster, and safer
Key Features:
Custom workflows, document management; loan tracking; online application processing; internal audit features; electronic signature.
Cloudvirga works with different lenders to provide a lower cost of origination through a world-class borrower experience.
Through their automated lender workflows, Cloudvirga cuts overall loan costs, increases transparency and reduces the time to close a loan.
Key Features:
Custom workflows; document management; loan tracking; online application processing; internal audit features; electronic signature.
BeSmartee delivers a complete digital mortgage experience that goes deeper into the origination process to help lenders close more loans, faster. With BeSmartee, the once-cumbersome mortgage process is now easy, fast and transparent for both lenders and consumers
Key Features:
Custom workflows; document management; loan tracking; online application processing; internal audit features; electronic signature.
Whether you are a smaller broker or large bank, a POS system is a significant investment in a lender’s tech-stack. The steps for finding the right software should include a review of the processes and procedures that make up your lending operation. Knowing exactly what your team needs must play a critical role in choosing and implementing the best POS software solution for you.
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