How Loan Originators Reinforce Referral Relationships with Floify

Longtime loan originators know that there are two major profit centers for their mortgage business.

The first is the limitless potential of their client database, providing tons of opportunity for refinances as well as new purchase business.

The second comes from developing a network of partners that consistently refer you new business, month-after-month.

To build that network LOs spend countless hours during their career pursuing and winning relationships with real estate agents, financial planners, insurance agents, and other professionals that have inroads with potential clients.

But so does the competition. Constantly.

This is why it’s vital for an LO to also develop a plan for how to fight against partner attrition.

How do you serve the partner as well as the client? What value are you adding to the relationship? Why should they send business to you and not another LO?

For many branch managers and top producers, these are the questions that keep them up at night. It’s their team’s job to process the loans but it’s their job to keep the pipeline full, and partner management is a critical component of that process.

No matter who you talk to, they’ll tell you that referral partners have three basic needs from a partnership: great service for their mutual clients, transparency and communication throughout the process, and loans closing on time.

Here’s how loan originators are using Floify to provide for these basic partner needs while also differentiating from the competition with unique offerings.

Great Client Experience

Providing great service for your referral partner’s clients will undoubtedly fall on your shoulders and/or your team’s.

However, using Floify as your point-of-sale portal for borrowers allows you to create and deliver a modern, steamlined digital borrowing experience.

Origination often starts with the loan application, and Floify’s 1003 was designed to eliminate the feeling of being overwhelmed that borrowers often get when they first stare down the full loan application. Instead, the system guides them through the process by asking only the questions that are necessary, and using images and visual cues to simplify data gathering.

From there, the intuitive point-of-sale platform enables quick and easy document gathering and acts as a hub of information for borrowers.

Finally, Enterprise lenders are using Floify’s second generation Disclosure Desk solution to eliminate the pain-points that borrowers endure when trying to access multiple systems just to review and sign their documents.

Combining a complete, end-to-end digital experience with personalized guidance and expertise creates a much more pleasant and stress-free homebuying journey for mutual clients.

Transparency and Communication

sample milestone update email

Offering a transparent mortgage process and communicating to referral partners exactly what is going on with their client’s loan is fundamental to earning lasting trust.

Top-producing loan originators will tell you that while they push for loans to close on-time, occasionally problems arise that are unavoidable and can throw a wrench into the best-laid plans.

The secret, according to them, is to honestly communicate the issues so that they don’t turn into a last-minute surprise.

It’s better to shift the expecations and push to overdeliver than to assume you will rescue the loan in time.

Loan officers are able to increase their level of transparency and communication with little effort by using Floify.

Loan status and milestone updates are configured through customizable templates within the platform. With a couple of clicks, you can send milestone notifications via email and/or SMS to both borrowers and partners.

This approach answers questions before they’re even asked, giving partners the confidence that a loan is getting attention and is consistently moving forward.

In addition to automated communications, Floify’s Partner Portal provides another layer of transparency into each loan you’re handling for that partner.

With one simple login, your partners get a snapshot of what milestone a loan is at, and the status of the all-important document gathering process. They will have this transparency into any loans you’ve invited them to participate in.

Closing Loans on Time

floify point-of-sale portal

LOs who use Floify’s point-of-sale platform usually report that the biggest efficiency gain they experience comes from the powerful document collection and management workflow.

In fact, most LOs are able to cut considerable time off their loan cycle just by streamlining this particular portion of the process.

Using a series of automated notifications and reminders combined with visual cues within Floify’s borrower portal, your clients will have a better understanding of what is required of them. More importantly, they will also be held accountable for what they owe.

Fewer days gathering documentation means a quicker submission to an underwriter. You get more breathing room to tackle any conditions that might come up.

Competitive Differentiation

Floify offers several unique features that LOs leverage as part of their overall offering to referral partners.

The system’s co-branded landing pages combine your branding with that of your partner to add a digital presence to any joint marketing campaign and accelerates the referral process.

Removing friction for your referral partners should be a top priority in your business relationship. One such area ripe for change is the pre-approval letter process.

Instead of an agent having to call or email the LO to get a pre-approval letter, they can simply log in to their Floify Partner Portal and generate their own custom PA letter on your branded template.

It’s that kind of advanced service that lets loan originators stand out from the crowd and offer unique capabilities to their partners.

With Floify, you can rest easy on weekends knowing that your referring partners are busy showing homes and prepping new clients to enter your pipeline and not fretting about the loans that you’re managing.