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.
Add, Remove, Require Fields
Through a simple setting, lenders can easily customize exactly which fields display on their loan application or can change whether or not a field on the application is actually required for submission.
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 sales process and helps them pull-through more applications.
And, with Floify’s built-in 1003 editor 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.
Design Your Own 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.
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.
Follow-Up for More Info
If adding a custom question that uses a Yes/No response format, originators can also create follow-up questions that 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.