The mortgage process has advanced in sophistication through technology. Leveraging automation and advanced software allows mortgage brokers and lenders to streamline operations at every stage, increasing profitability and customer satisfaction.

Today's solutions make it possible to access data, submit applications, and close a loan faster than ever. For example, integrated LOS and POS systems eliminate manual, error-prone activities and reduce potential delays.

What are an LOS and a POS?

An LOS, or loan origination system, is software used to organize mortgages from origination through closing.

A mortgage POS (point-of-sale) system is customer-facing software that makes it easy for borrowers to apply for loans. With a POS system, borrowers can securely provide their personal and financial information and upload documents such as tax returns or pay stubs. Getting this information efficiently and accurately from the borrower is critical for lenders to consider their loan options.

The Benefits of Combining LOS and POS Platforms

Most lenders recognize the need for an LOS and a POS platform to remain competitive. Forgoing either system would lead to hours of additional manual labor.

Many loan professionals may not know how easy it is to merge the systems through software like Sonar. Lenders can process more loans and grow their businesses by combining LOS and POS platforms.

Here are a few of the benefits that come with integrated systems:

Improve Customer Experience

When your LOS and POS platforms work together, the customer experience improves. Submitting an application and corresponding documents becomes a seamless, intuitive process. If the customer does have questions, the connected LOS and POS systems enhance communication and make it easier for you to provide swift answers.

Reduce Errors

Automated data transfers between LOS and POS systems improve accuracy and eliminate the need for duplicate data entry. These improvements reduce the possibility of errors and hasten the process for borrowers and lenders. Lenders can focus on the customer experience rather than getting bogged down in manual tasks.

Close More Mortgages

Reducing errors paired with more efficient processes helps you move more loans through your pipeline, increasing closings. That way, you can handle larger volumes of applications while still maintaining a high level of customer satisfaction.

Save More

Besides the obvious savings you get from having one platform instead of two, integrated LOS and POS systems minimize the need for manual labor. When one system handles all of the data, you save time and costs associated with multiple platforms, allowing you to maximize profits.

The reduced labor also frees you up to focus on more lucrative tasks, such as lead generation and new marketing strategies.

Achieve a Competitive Advantage

Using an integrated solution gives lenders and brokers a leg up on their competitors. You’ll be able to offer more efficient services, faster closing times, and overall better customer satisfaction - all of which play a role in building your business and increasing market share.

Ready to revolutionize your mortgage business? Schedule a demo now to unlock the full potential of Sonar's all-in-one mortgage experience platform.

Choosing the Right All-in-One Platform

When shopping for a LOS POS platform, there are a few key factors to remember.

  • Ease of use: First and foremost, you want a user-friendly and easy-to-navigate system. The platform should make it simple for your team to manage tasks and track progress without hours of training.
  • Customization: Customization options are also important. Look for a system to tailor to your existing processes and procedures, so you don’t have to adjust how you do business entirely. Some more advanced platforms, like Sonar, even offer companies the ability to customize their account to their brand’s standards.
  • Reputation: Reputation is another crucial factor to consider. Read customer reviews or consult colleagues in the industry to get an idea of how reliable a particular platform is.
  • Costs and customer service: Costs and customer service should also get considered when making a decision. Choose a system that fits your budget while providing the support you need if any issues arise.

Sonar: Your Loan Experience Platform

When it comes to all-in-one loan experience platforms, Sonar is a clear choice. With its wide range of features and customizable options, you can easily manage your LOS mortgage needs and POS operations with one integrated origination platform. Don’t let the thought of a system overhaul deter you from a better long-term solution. With Sonar, our team will onboard you through the transition process, ensuring you and your team have a seamless experience. Let’s face it; the market is down right now, so there is no better time to make this switch that will make your team’s life easier when the market rebounds.

Our intuitive workflow offers streamlined collaboration within your team and provides customers with an easy way to submit their applications and documents. You can quickly access the data you need and update records in real-time.

With Sonar, you can handle higher volumes of applications while providing a better experience for your customers. If you ever need help, our platform has a full suite of customer support services to ensure your success.

Secure a brighter future for both your borrowers and your bottom line. Schedule a demo today to discover how Sonar is revolutionizing the origination process.