floify closing accelerator and embedded homeowners HOI insurance

Introducing Floify Closing Accelerator and Floify Customer Capture

Introducing Floify Closing Accelerator and Floify Customer Capture

introducing floify closing accelerator and embedded homeowners HOI insurance

Increasingly, today's mortgage origination professional faces two key challenges: changing borrower expectations and customer retention.

Changing Borrower Expectations

The mortgage industry has lagged behind traditional banking and other financial services in its transition to digitally-enabled experiences. Meanwhile, consumers, particularly younger first-time homebuyers, have already adjusted their expectations. 67% of Millennials and GenZ expect a digital borrower portal.

Why is a digital experience important to borrowers? Time. Borrowers expect digital-first experiences that respect their time. 73% of consumers say that valuing their time is the most important thing companies can do to provide them with good customer service.

This means accelerating application-to-close time is not only important for business optimization, it is crucial for driving customer satisfaction.

The tech stack the LO chooses is a key component in driving exceptional borrower experiences.

Customer Retention and Recapture

Loan originators also face a difficult time reactivating former clients, even though they represent a highly-profitable source of pipeline. The average borrower holds a mortgage for 8-10 years before refinancing or selling the home, which makes recapture challenging. Historically, LOs have not had the tools or time to truly engage borrowers throughout their homeownership journey post-close. After all, the LO's job is getting and closing the loan, right?

Nonetheless, consumer expectations for speed, transparency, and follow-up still fall on the LO. To help mortgage lenders, brokers, and origination teams meet and exceed these shifting expectations, Floify is launching two programs: Closing Accelerator and Customer Capture.

floify task management user roles

31% of borrowers abandon their applications. 25% of those didn’t finish because the process took too long.

—”2021 U.S. Primary Mortgage Origination Satisfaction Survey.” J.D. Power. November 11, 2021.

Every mortgage pro knows that loan origination is a minefield of potential roadblocks and delays, even with the most qualified borrower. From document gathering, LOEs, and disclosures to appraisal, insurance, and inspection there are many tasks that mortgage borrowers need to complete quickly in order to keep their closing on track. That's where the Floify Closing Accelerator comes in.

Floify offers an enhanced Point of Sale (POS) platform with smart communication modules, proactive checklists, embedded offers to reduce delays, and advanced document collection prompts that help LOs close more loans, faster.

Automated Loan Processes

The Floify Closing Accelerator package includes some of the platform's most valued functionality, such as:

and other productivity enhancements to help complete requirements promptly.

Keep Borrowers in the Loan Application With Embedded Insurance Options

Now, Floify has released its latest Closing Accelerator feature to help LOs process loan files even faster while improving the experience for borrowers.

Floify has partners with Porch sister company Elite Insurance Group (EIG), to offer Smart Homeowner's Insurance (Smart HOI).

Borrowers now have a single simplified path, directly integrated within their portal, to shop up to 19 national carriers for home insurance. Or, they can simply upload their existing policy.

The Smart HOI form is integrated directly into the loan flow and takes advantage of Floify's automated prompts to ensure borrowers complete their file – avoiding any delays related to obtaining homeowners insurance. Insurance quotes are returned in 30 seconds or less, without linking the borrower away from the loan application.

floify embedded homeowners insurance hoi

Accelerating the application-to-close time by simplifying the borrower's tasks is a significant factor in driving growth, exceeding customer expectations, and scaling a mortgage business sustainably. With this technology at their disposal, LOs can take another step toward providing the one-stop home buying service desired by their borrowers.

floify task management user roles

Only 18% of borrowers return to their lender when it’s time to refinance, access home equity, or purchase a new property. (US National Average)

Top lenders and loan originators understand the value of long-term customer recapture and retention. The average person in the US will own as many as three different homes during their life (and move 11 times).

Given the low borrower retention rate (18%), this means that most LOs currently miss out on many low acquisition cost loans (since these loans come from returning customers). To get those loans, LOs need to invest in tools or programs that continue their relationships post-close. This is where Floify Customer Capture comes into play.

Pre-Move Home Concierge Services for Borrowers

Floify's Customer Capture package is free and available to all borrowers. The service includes a white-glove concierge service, powered by our parent company Porch, that removes stress from the moving process. Moving is one of the most stressful times in a person's life, third only to death and divorce. Offering free moving concierge services to borrowers — positioning the LO as the hero in this journey.

After engaging with Floify's embedded homeowners insurance module, borrowers will be contacted by their personal home concierge.  Does the borrower need help getting utilities set up? Or making sure their internet is ready to go on day one? Do they need professional movers to help get their things from point A to point B? Or getting their address and voter registration updated? Think of this concierge service as corporate relocation for the rest of us.

These are just some of the ways that borrowers can offload their task list to their home concierge, at no cost, so they can focus solely on making sure their loan closes on time and their life never misses a beat.

The LO's borrowers will have access to the following services, for free:

  • A dedicated Porch Home Concierge agent for high-touch support throughout the move:
    • Close loans faster with insurance
    • Find movers
    • Set up utilities
    • Set up TV & Internet
    • Install home security
    • Book a handyman or cleaning service
  • Web dashboard to manage key move-related tasks, including changing Address & Voter Registration

Post-Move Home Concierge Services

Once the borrower moves into their new home, LOs can empower their borrowers to manage their entire home journey. The post-move home concierge services include a digital experience (website and app) where borrowers can:

  • Upload their home inspection report
  • Interact and manage information from their home inspection report in one place
  • Create To-Do Lists from automatically extracted Inspection Findings
  • Access repair estimates
  • Get a Free RecallChek report for appliances on inspection upload
  • Save home pictures
  • Get automatic reminders based on inspection findings
  • Set custom reminders
  • Access over $500 in home gifts and offers from national and local vendors

And that's just the beginning. In the future, the Floify Customer Capture service will automatically add the LO contact information directly into the borrower's Home Concierge App, so that LOs stay in front of their borrower even post close.

We are excited about the future of Customer Capture and delivering a true differentiator for our LO community. For the first time, LOs will have a powerful offering that enables them to stay in front of borrowers for years to come as a trusted partner in their continued homeownership journey.