Mortgage Automation and Point-of-Sale Solution

New Web-Based 1003 Loan Application Coming to Floify

1003 interview style loan application floify

Earlier this year, after months of collaboration with lenders and originators of all shapes and sizes, Floify began working on a complete, from-the-ground-up, rebuild of our 1003 loan application.

The goal was to work with our customers and partners to build the best web-based loan application in the business.

It needed to be modern, and flexible, with all of the streamlining and branding opportunities that originators want.

But it also needed to be powerful, and integrated, with a robust set of automations that will allow a prospect to get prequalified and begin submitting their situational needs list without requiring intervention from the lending team.

We believe that we’ve accomplished those goals, and in the coming weeks will launch the most powerful web-based 1003 in the mortgage industry.

Here’s a taste of what’s to come!

Modern, Responsive, Interview-Style Loan Application

Previous generations of online loan applications presented prospects and borrowers with a daunting list of questions, making it far less likely that a person would follow through and complete all of the fields.

To better serve your prospects and borrowers, Floify will walk them through their loan application, step-by-step, leveraging visual cues and graphics designed specifically to be easily identifiable, remove stress, and keep the application moving forward.

As borrowers progress through their application, each section will finish with a summary screen for them to review the data they submitted – a feature commonly seen in modern tax preparation software.

This gives the borrower opportunities to proof their application in bite size pieces to ensure data quality.

To make things even more borrower friendly, Floify’s new 1003 will not only look great on traditional desktop internet browsers, but has also been designed from day one to be mobile responsive and format beautifully on tablets and smartphones.

1003 digital web based loan application floify
1003 digital web based loan application floify

Flexible and Customizable

Floify’s new 1003 will have all of the customization options LOs love in our current loan application, and then some.

Not only will LOs still have the flexibility to configure which 1003 fields appear on their loan application, and which are required to be completed, but will also now have the option to craft their own custom questions and gather the specific data that they want from prospects.

Adding to your customization kit are the options to change color of button elements, and add your own copy to the application’s welcome screen.

Not to be outdone, we’ve added another tremendously valuable feature that is going to help LOs develop their unique differentiation in the competition for referring agents: co-branded landing pages.

Show off your partnership, and seamlessly tie the borrower’s agent in to the Floify loan flow so that they can follow along or generate custom pre-approval letters.

New Automations

Of course, this wouldn’t be a feature of Floify unless it packed some serious mortgage automation.

We’ve paid attention to the small details, such as geolocation/autocomplete of property address, but where this new 1003 really shines is in the big brushstrokes.

Floify Enterprise customers will discover a new integration with Fannie Mae’s Desktop Underwriter AUS system that will work with their pricing engine to generate pre-qualifications in minutes.

Leveraging Floify’s Business Rules automations, the new 1003 will dynamically generate documentation needs lists based upon the answers the prospect or borrower provides during the application.

This means that Floify will understand what would trigger packages for a VA loan, or a self-employed borrower, etc, and automatically create their loan flow so that they can start submitting those docs.

You’ll still be able to automate the eConsent and an automatic pull of your borrower’s credit history upon app submission through one of the credit provider integrations in Floify’s App Store.

All of these automations will work together to streamline the initial portion of the application process without requiring human intervention, making for a delightful process for your borrowers, and enhanced processing efficiency for your lending operation.