Implement a Loan Application That Adapts to Your Process
Not all loans, or borrowers, are made the same and the practical data needs for a lender may be different from what is required to complete a 1003 – the industry-standard for web-based loan applications.
Some loans need additional information and some originators want additional data points to enable their sales and marketing efforts.
And that’s before considering that some lenders would prefer to use a short form application to increase the odds that a prospect will actually make it to submission and get them engaged with a loan originator faster.
Floify’s web-based 1003 provides lenders with the flexibility they need to create the loan application process that works best for their processes and their borrowers.
Short Form? Long Form? Make it YOUR Form
Floify's loan application provides support for all of the borrower-related fields on the form 1003. But that doesn't mean that a lender necessarily has to present all of those data fields to the borrower at once.
Through a simple setting, lenders can easily customize how many, and which, fields display on their loan application or can change whether or not a field on the application must be completed or not before a borrower may submit.
This gives lenders the option to use Floify’s 1003 as a short form application, or remove specific fields to avoid triggering RESPA disclosing requirements.
Whatever configuration makes the most sense for the lender’s process and helps them pull-through more applications, Floify can accommodate.
And, with Floify’s 1003 Co-Pilot at their disposal, an LO can easily work with the prospect to obtain any amount of information that is not initially collected through the web interface.
Need More Info? Add Your Own Custom Questions
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 lender's 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 loan application and will also appear when the prospect completes their end-of-section accuracy review.
Build In Conditional Follow-Up
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 this “interview-style” design format by default 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? Learn more about Floify’s industry-leading 1003.