6 Reasons to Switch to the Latest Version of Floify’s 1003 Loan Application
Last December, we launched the highly anticipated third version of our web-based 1003 loan application.
Version 3 offers Floify customers even more features and functionality within a modern, borrower-friendly design that is highly customizable and embeddable within a lender’s website.
What’s even sweeter? There’s no hidden costs or hoops to jump through to take advantage of this platform upgrade. It’s built into every Floify account and can be activated with a quick setting change.
If your company has yet to upgrade to version 3 of our loan application, here are some big reasons why you should consider making the switch today.
Version 3 of the Floify loan application helps mortgage originators deliver a more inclusive lending process by integrating multilingual subtitles that will aid non-English speakers in completing their application, allowing them to navigate the form with greater understanding and improving submission accuracy.
And by using pre-configured links, LOs can send their prospects straight to a loan application with subtitles already activated.
Version 3 starts with a Spanish translation package but will expand into additional language options in the future.
More Flexible Prospect Workflows
Whether taking a loan application over the phone, in person, or online, LOs need a flexible system for inputting and collecting data.
Version 3 of our loan application takes advantage of a new and improved 1003 editor (see below) and the delay borrower access functionality to enable a smoother process throughout several alternative application scenarios:
- LOs can start a new prospect in Floify and complete the entire application themselves before converting the prospect to a live loan flow to begin document collection.
- LOs can start a new prospect in Floify and partially complete the application themselves. They can then invite the borrower to finish the application online.
- A borrower can start an application but leave it incomplete. The LO then completes the application in Floify and converts the prospect to a live loan flow for document collection.
- LOs can simply send the borrower a personal invitation to start the application online
Support for the Redesigned URLA
Required use of the redesigned URLA will be mandated for the mortgage industry starting on March 1, 2021.
Version 3 of Floify’s 1003 application already offers support for the redesigned URLA format and its associated dataset. We have also simplified the process of switching to the new format via a single configuration setting.
Updated (and Upgraded) 1003 Editor
The 1003 editor built for version 3 of our loan application not only uses a new and easier to navigate design but is also now accessible during the prospect stage of a borrower’s Floify loan file.
This enables the flexible prospect workflows mentioned above, making it much easier and faster for LOs to respond to various scenarios and add more complete applications to their pipeline.
Download a 1003 in PDF File Format
One distinct advantage of version 3 is that it was designed to accommodate more variation in the typical loan origination workflow.
Another big update on this front is the ability to download the full 1003 in PDF file format.
The PDF download feature supports both current and redesigned formats of the URLA.
Upcoming Feature Releases
The last reason to make the switch to version 3 of Floify’s loan application is to be able to immediately take advantage of new features to come.
Our product team has planned exciting new functionality that is being built on the version 3 foundation. Loan originators who hesitate to update from version 2 won’t be able to benefit from the new features until they do.
How to Make the Switch
If you’re ready to step up to version 3, there are detailed instructions available in the Floify Help Center that will guide you through making the change, setting up your new loan application, and using it to the full potential.