floify recent innovation that accelerate application-to-closing mortgage

Recent Innovations That Accelerate Application-to-Close Time

Recent Innovations That Accelerate Application-to-Close Time

floify recent innovation that accelerate application-to-closing mortgage

When it comes to mortgage origination, timing is everything. Mortgage loans can take anywhere from roughly 30 days to several months to complete.

In the last few years, digital mortgage tools have helped shorten the time from loan application to close, while also delivering a modern borrower experience. But not all digital mortgage solutions are created equal.

The Floify platform is widely regarded as the most customizable digital mortgage automation platform on the market. Individual origination teams are able to fully brand their portal, customize every detail of their notifications and status updates, and build the short or long form 1003 of their dreams. Behind the curtain, though, is a powerful and configurable automation engine that enables Floify to reduce the application-to-closing cycle by an average of 7.5 days.

Recently, Floify released several new features that were designed to remove roadblocks and speed up additional aspects of the origination process. Here are three examples of enhancements that are helping more borrowers get to the closing table even faster:

floify borrower sso log in

Single Sign On (SSO) removes friction in the application process

How many loan applications have been abandoned because borrowers do not want to spend the time to set up yet another new online account? Or maybe it was just easier to move on to something else rather than go through another password reset process. This kind of decision fatigue can negatively impact an originator’s ability to activate prospects, and do so expeditiously.

Floify’s Borrower Single Sign-On (SSO) release addresses the core of the issue and helps to remove friction from the loan process, especially in the early stages of the application. And while the data vary wildly on how much conversion rates improve with SSO, the numbers generally show an improvement in conversion, and in some cases, very significant increases. On average, companies experienced a 40-60% increase in conversion rates with some reaching upwards of 130%, which for LOs, equates to more applications and loans in their pipelines.

Borrower SSO is now available for Facebook and Google. These options can be enabled at the company level.

In addition, mortgage lenders can even use their own company SSO for borrower login. Connecting Floify with the company’s own user authentication system via the OpenID protocol keeps the borrower in one digital ecosystem at all times, yours.

The SSO release unifies the homeownership experience under a single set of credentials. The ease of access to all of their data is a compelling reason to return to a lender when it’s time for their next real estate transaction.

embedded homeowners insurance

Smart Homeowners Insurance accelerates file completion

Floify is incorporating integrations that help optimize application-to-close, beginning with homeowners insurance options for the borrower. We anticipate adding other integrations of required items (such as home inspection scheduling, or perhaps appraisal scheduling) over time.  These integrations will help mortgage lenders and originators get a complete loan file in less time while also avoiding any late surprises that delay a closing.

With Floify’s automated Smart Homeowners Insurance document request, borrowers are asked if they already have an existing insurance policy or if they would like to see options for insurance quotes.

Floify’s insurance partnerships provide quotes for up to 20 different national carriers. The feature gives borrowers access to a wide range of coverage options and price points so that they can choose a policy that meets their needs. After the borrower has opted in, if existing homeowners insurance hasn’t been confirmed they may receive follow-up communications to ensure completion given it is a required item to close the loan.

reissue credit report

Credit automation reduces approval time

A new suite of credit reporting tools are making it easier than ever for LO’s to get instant and accurate borrower credit liabilities data. Now, when origination teams order credit from one of Floify’s 50+ integrated credit reporting agencies they are granted the option to map the liabilities information directly to the consumer’s 1003 loan application.

With this functionality at their disposal, LOs are empowered to reduce the size of their digital loan application by removing the often frustrating Liabilities section from the borrower’s view. Using another of these credit tools, 1003 full-view, teams are able to quickly complete a quality check on the mapped information, editing when necessary, before submitting to underwriting.

Forgot to order credit from within Floify? Users can still take advantage of automatic liability mapping by utilizing a new credit reissue feature to add a previously ordered report to a Floify loan flow via the report’s credit reference number.

This powerful set of functionality saves valuable time, removes a source of frustration, and eliminates costly human errors for both the originator and borrower.

The Question We Always Ask

With every new feature or enhancement, our product team asks the question, “does this help accelerate the loan origination process?”. It is the question that drives our roadmap and pushes us to continually innovate on behalf of the lenders, brokers, banks, and credit unions that rely on Floify to help them provide an exceptional mortgage lending service to their customers.  

We will continue to innovate for you.  If there are other feature ideas that can help your business stand out and close your loans faster and with higher satisfaction, please send them along.