Implement a Flexible Online Loan Application That Adapts to Your Process
Not all origination workflows are built the same and the practical data needs for a loan originator to successfully run their business may be different from what is gathered on a typical 1003 loan application.
Some loans and programs need additional information. Some LOs want more data about their prospects and borrowers in order to improve their sales and marketing efforts.
There are also RESPA triggers that some LOs prefer to wait to gather. Or perhaps an LO would prefer to use a short form application to increase submission rates and get more prospects into their pipeline.
However an LOs unique workflow is designed, Floify’s web-based 1003 provides originators with the flexibility they need to create the exact loan application that works best for their process and borrowers.
Tailor the Loan Application to Your Unique Process
Floify's loan application provides support for all of the fields on form 1003. But that doesn't mean that a loan originator necessarily has to present every single data input to the borrower at the time of their first application interaction.
Through a simple configuration, mortgage lenders and loan teams can easily customize how many, and which, fields will be shown to prospects as well as determine which fields will be required to be completed
This gives originators the flexibility to use Floify’s online digital 1003 as a short form loan application, or just to remove specific fields to avoid triggering RESPA disclosing requirements.
And by leveraging advanced functionality such as Floify’s 1003 Co-Pilot, LOs can easily work with the prospect to obtain any remaining information that was not initially collected through the web interface.
Add Custom Questions To Gather More Borrower Data
To help loan originators gather additional data that isn’t traditionally present on the standard 1003, Floify provides lenders with the power to design custom questions.
LOs use this unique data to enable their sales and marketing processes or to make applying for different products, like VA loans, smoother. Floify's custom questions can even support hyperlinked URLs so that LOs can point a borrower towards an external document for review – and then have them respond that they've reviewed the document.
Custom questions can be added to the end of any section on the Floify digital loan application and will also appear when the prospect completes their end-of-section accuracy review.
Build In Conditional Follow-Ups for Custom Questions
When adding a custom question that uses a Yes/No response format, lenders also have the option to create follow-up questions that will only trigger when the borrower gives a particular response.
By building their questionnaire in this way, lenders can reduce the friction prospects endure when they are forced to respond to questions that are irrelevant to their situation.
Floify’s 1003 was built to take advantage of the interview-style design format to deliver the most borrower-friendly mortgage experience possible.
Are you ready to build and deliver the exact loan application experience that works best for your business and borrowers? Learn more about Floify’s industry-leading 1003.