Floify has recently rolled-out new features designed to automate the eConsent and Authorization to Pull Credit process for our customers. These product updates were built in response to the surge in lenders and borrowers who are now conducting business electronically and needed a better and faster way to collect these authorizations.
Consent to conduct business electronically
Before a loan officer or lender can embark on originating a loan utilizing eDisclosures or eSignature, they must first have the borrower(s) consent to do business electronically.
Floify has always had a built-in eConsent agreement that borrowers MUST check before they are able to login to the system for the first time. In order to further improve this process, we’ve added a new layer for our lender customers in which after the borrower consents, a time-stamped PDF of the eConsent agreement will be generated and placed into the yellow-bucket of the loan flow.
For our enterprise level customers, we’ve also added in the ability to change the verbiage of the eConsent agreement to be something specific to your company. This setting is available at the Enterprise setting level to company admins and would be a change that applies to the entire company.
Authorization to Pull Credit Report
All lenders know about the Authorization to Pull Credit History. What we’ve done is attached this authorization to the fully customizable 1003 loan application so that now when new prospects submit an online app, it comes complete with the authorization to run the credit check.
Similarly to the eConsent feature, the Authorization to Pull Credit History will also auto-generate a time-stamped PDF document that will be delivered to the yellow bucket of the loan flow. Also, like the eConsent feature, enterprise-level customers have the ability to alter the verbiage of the authorization and have it be applied to their entire company.
As the mortgage industry continues to embrace technologies that allow for smoother and faster transactions with borrowers, we are committed to continually improving the compliance-oriented features of Floify to keep our customers ahead of the curve, and originating loans.