Streamline Your Mortgage Office

How Loan Officers Use Floify to Improve Referral Relationships

floify mortgage loan officer referral partner real estate agent relationship

As you very well know, success as a loan originator depends on your ability to acquire or generate high-quality mortgage leads. There are a number of ways to accomplish this goal, from turning your website into a lead-gen machine to leveraging advertising platforms like Zillow and Trulia.

But to truly push for the upper levels of business success in the mortgage industry, and drive consistently high annual loan volume, the current system demands that you receive a steady dose of quality referrals from business partners – namely real estate agents.

So you spend countless hours during your career pursuing and winning relationships with referring agents.

And so does your competition.

This is why it is so important to have a plan for how you will work with your referring partners, in order to combat attrition.

After all, when it comes down to it, they don’t get paid for their work until you’ve done yours.

We’ve researched feedback and forums across the internet, and spoken with numerous customers who all tell us that referring agents really just want three things in a partnership: great service for their client, transparency and communication around the process, and loans closing on time.

Here’s how loan originators are using Floify to provide for these partner needs, and differentiate themselves from their competition.

Great Service and Experience

Providing great service for the clients of your referring partners will undoubtedly fall upon the shoulders of yourself and/or your team.

However, using Floify to provide an easy-to-use point-of-sale portal for borrowers allows you to not only give them an unmatched secure digital borrowing experience, but also to reduce their anxiety with lots of automated touches – all requiring minimal intervention on your part.

Combining the POS experience with your expertise creates a much more pleasant journey for your homebuyers.

Transparency and Communication

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

Top-producing loan officers will tell you that while they push for loans to close on-time, occasionally problems arise that are unavoidable and 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 underpromise and then overdeliver in the end, than to assume you’ll be able to simply rescue the loan in time.

Loan officers are able to accomplish this heightened level of transparency and communication with little effort by using Floify. In fact, this is one of the system’s core values.

Loan status and milestone updates are configured through customizable templates within the platform. With a couple of clicks, milestone notifications are sent via email and/or SMS to both borrowers AND any partners. This approach answers questions before they form, and gives partners the confidence that a loan is getting the attention they want to see.

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

With one simple login, your partners can get a snapshot into 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

Speaking of closing loans on time, there are a myriad of ways that Floify is able to streamline the lending process to shave days off the end result. The biggest efficiency gain to be had comes from the powerful document management and collection workflow.

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

Less days gathering documentation means a quicker submission to underwriting so you get more breathing room to tackle any conditions that may be added.

If you want an even bigger productivity boost, Floify’s Day 1 Certainty-approved integrations with vendors like AccountChek, Equifax, and The Work Number, as well as integrations with several credit reporting agencies like CreditPlus, Sarma, and Alliance 2020 allow for quick direct-source documentation pulls.

Bonus: Competitive Differentiation

In addition to all of the benefits listed above, Floify’s Partner Portal also contains another feature that often differentiates our customers from their competition: a self-service pre-approval letter generator.

This generator is so easy for your agent partners to use that they’ll be thrilled to be able to quickly print off a few PA letters, tailored to any property they’re bringing your client to see.

All of this is done on your branded letterhead, and is governed by limits you’ve set within the borrower’s loan flow. Your agents will not be able to generate a letter that makes a borrower appear any more qualified than they are, but they CAN generate letters that don’t give sellers the impression that there’s more money to be had.

And you get to rest easy on your weekends, content to know that you won’t need to carry your laptop everywhere you go.