Automating Document Needs List Creation in Floify

Automating Document Needs List Creation in Floify

There are a number of great reasons loan originators augment their workflow with automation. It drives higher efficiency, reduces or eliminates errors and omissions, and can allow borrowers to enjoy a loan process that moves as fast as they do.

One area of the origination process that Floify's mortgage automation engine can help LOs access these benefits is when it comes time to analyze a loan application and create a document needs list.

Utilizing the platform's auto doc requests feature, LOs are able to design custom business rules to automatically analyze the data provided by the borrower on the loan application. Through the use of simple conditional logic, the system will determine exactly what documentation each unique borrower will be required to submit.

Why LOs Should Automate Needs List Creation

Save time by automating a repetitive process

Manually processing a loan application and determining what documentation will be required of a borrower is a time-consuming activity for any mortgage originator or their team. And, as a mortgage operation scales, and begins taking in more and more loan apps, this becomes an even larger burden on loan processing staff.

Speed of response is a key to winning business before the competition.

Getting a prospect engaged in your origination process as soon as possible is one key element to winning business before your competition has the opportunity. By automating the portion of the process that lives between the loan application and the beginning of conditions collection, an LO can keep the prospect engaged and moving forward. Documentation needs are determined instantly, prompting the prospects to continue into the next phase of their application.

Reduce or eliminate errors and omissions.

Well thought out business logic has the potential to eliminate human errors that occur often in paperwork and regulatory heavy industries. Instead of having to go back to a client and ask for yet another document that was overlooked, with Floify's auto doc requests, every piece of information on the loan application is evaluated and the documentation needs are determined programatically.

As long as the information submitted on the loan application is accurate and the business rules are complete, the conditional logic will work to build the exact list of documentation needs that underwriters will be looking for.

Building Automatic Doc Requests

Floify automatic mortgage doc requests

Planning and developing the business rules to power your automatic doc requests is surprisingly simple.

LOs and support staff already know the conditions under which they would require specific documents. They do it every day!

If a Floify account has been configured for the LOs workflow, any document that could be requested will likely already exist as a template document in the system.

Simply go down the list of your template docs, and create a business rule for each one by mapping out under what conditions you would request that particular document.

floify business rule creation

Once enabled, automatic doc request business rules will be evaluated when a loan application is converted to a live loan flow and will take the place of the default quick pack.

For more detailed setup instructions, please see the Floify Help Center.