The best LOs know that having a customizable, cutting-edge loan application is a critical differentiator for their mortgage business.
It allows them to offer borrowers a smooth, friction-free experience when applying for a loan and reduces the amount of time and effort required by back-office staff to complete and verify the accuracy of the form.
For those reasons and more, we are incredibly excited to announce the release of the third version of our dynamic 1003 loan application.
With this latest update, Floify customers will be able to take their mortgage application workflow to the next level. New features, rolling out today and in the months to come, will grant LOs advanced capabilities designed to eliminate pain points as well as making manual components of the process more pleasant and efficient for lenders and borrowers alike.
Help Bridge the Language Barrier with Multi-language Subtitles
The new 1003 helps make the loan application process more inclusive by integrating multi-language subtitles that will aid non-English speakers in completing their application, allowing them to navigate the form with greater understanding and improving submission accuracy.
To start, the new version of the loan application includes Spanish subtitle translations that lenders can leverage to help them better serve the fast-growing segment of Spanish-speaking, mortgage-ready borrowers who would benefit greatly from having access to materials that display their native language.
LOs can also provide their prospects and borrowers with preconfigured hyperlinks that will initiate the loan application with a specified subtitle language already enabled.
More translation packages will be added in the future, making it easier for LOs to offer the same level of service to any borrower.
Futureproof your Operation with Support for the Updated URLA
The GSEs, Fannie Mae and Freddie Mac, recently unveiled the implementation timeline for the revised uniform residential loan application (URLA).
Lenders must use the redesigned URLA and updated dataset for all new loan submissions on or after November 1, 2020.
The new version of Floify’s loan application supports both the current and updated formats of the URLA, and associated datasets, and empowers LOs to quickly and easily switch between formats in a single setting.
With this functionality, lenders can ensure that they are prepared far in advance of the November 1, 2020 mandate for a stress-free transition.
Download the 1003 as a PDF
The first planned update to the new loan application has already rolled out and provides loan originators with a capability that is sure to further smooth and accelerate the application processing portion of their lending workflow.
The power to download a 1003 in PDF format.
The feature supports both the current and revised formats of the URLA so that no matter which version a loan originator is using they can access this functionality.
Making the Switch to the New Version
LOs and Enterprise lenders will want to switch over to the new version of Floify’s 1003 as soon as they can get their settings and customizations ported over.
And to help make the transition as seamless as possible, the new 1003 contains an Edit-and-Preview mode where administrators can completely configure the application in advance, and then preview what it will look like for borrowers – without actually taking it live.
Because in addition to the functionality that is already in place, there are loads of enhancements and awesome features on the roadmap that LOs, their teams, and their borrowers are going to love.