Floify’s Latest Release Delivers Powerful New Credit Reporting Tools
Floify's recently released suite of new credit reporting and VOA functionality gives loan originators the advanced automation capabilities they need to create even more time-saving efficiencies (and less headaches) within their digital origination workflow.
Automatically Map Liabilities to Loan Application
LOs that utilize Floify to order credit via one of the system's integrated credit reporting agencies will now be able to automatically sync the liabilities data to the borrower's loan application, saving time and eliminating errors in the process.
Additionally, this new feature enables lenders and originators to reimagine their borrower's loan application experience. The mortgage application's liabilities section is often considered the most confusing area of the document for borrowers to complete with accuracy and without frustration. Now, LOs could choose to remove the section from their 1003 and map liabilities directly from the borrower's credit report that is pulled in Floify.
To ensure completion and accuracy, originators can then view and edit the liabilities data directly either on the credit report document or by accessing the platform's new 1003 full-view (see below).
This powerful functionality works for both manual and automatic credit reporting workflows in Floify. When ordering credit manually, the option to push the liabilities to the 1003 will be selectable on the order form. Visit the Floify Help Center to learn more about how to enable this feature when utilizing automatic credit reporting.
Floify's new 1003 full-view mode makes it incredibly easy for loan origination teams to review and edit a prospect's 1003 loan application. When in full-view mode, users will have visibility into every section and question on the loan application – including those that are hidden from borrowers.
This functionality was designed to further enhance a workflow where the LO is able to remove the liabilities section from their borrower loan application, pull credit within Floify and automatically map the liabilities to the loan app, and then simply review the data in full-view mode to make any modifications or additions.
This removes the most confusing and error-prone portion of the borrower's loan application experience and enables origination teams to confidently and expeditiously process applications.
Import a Previously Issued Credit Report
Loan origination teams now have the power to import a borrower credit report that was issued outside of Floify, via one of our integrated credit reporting agencies, and take advantage of the platform's new automatic liability mapping functionality.
Reissuing a credit report in Floify is as simple as adding a new document request to a loan flow. Within the loan flow's add new doc screen, there will be a "Reissue Credit Report" document type. Once selected, simply choose your credit provider from the dropdown and enter the credit reference number of the report to be reissued. Within moments Floify will retrieve your credit report, add it to the pending review area of the loan, and map the liabilities to your loan application or integrated LOS if desired.
Flexible VOA Report Ordering Options
Teams integrated with Plaid or AccountCheck now have the flexibility to increase the number of days of historic bank statements and transactions when ordering a Verification of Assets (VOA) report on their borrowers.
Whether ordering a report using an automated workflow, or manually requesting VOA, Floify users are now able to ensure that their reports cover enough of the borrower's historical data to meet the underwriting needs of the products or lenders that they're leveraging.