Today’s lenders have tools that make the mortgage process more accessible, from sophisticated underwriting software to digital document managers.

The most critical tools, however, are point-of-sale software (POS) and a loan origination system (LOS).

Learn why LOS and POS are so essential below.

What is a mortgage LOS?

A mortgage loan origination system (LOS) is a software that allows originators to automate and streamline the various stages of processing a mortgage application. It creates a seamless process of working through and tracking each mortgage's progress. The system manages all documents, facilitates compliance, and creates a detailed activity log.

A mortgage LOS allows for increased efficiency and accuracy. All the data you need is in one spot, saving you from browsing disparate email threads and spreadsheets to find information. A LOS streamlines your work and gives you more hours back in a day to focus on more important tasks and responsibilities.

Explore what the Sonar's LOS software can do for your business.

What is a mortgage POS?

A mortgage point-of-sale system (POS) is customer-facing software that improves the loan application process for borrowers. It digitizes the form completion and document-gathering processes, making it much easier to submit a completed application and understand pricing options.

Borrowers can keep track of every stage of the process. If they’re unsure what’s going on or have questions about their loan option, a POS system simplifies communication so they can quickly obtain the information required.

A POS also offers automated pre-qualification, which can be a great sales tool for lenders. By providing borrowers with automated pre-qualification, you can save time and snag immediate interest by quickly providing a real-time assessment of their loan needs.

Explore the benefits of a mortgage point-of-sale system

How a POS integrates with a LOS

Traditionally, mortgage originators will operate with independent LOS and POS systems. The borrower will apply for a mortgage using the POS. The information collected during that process will be manually entered into the LOS where the originator will manage the loan process all the way to closing. Having an integrated mortgage POS and LOS creates a seamless system that saves lenders significant time and hassle.

The LOS provides robust back-end support through every stage of the loan process, while the POS system entices and encourages borrowers with an attractive, easy-to-use interface and sends the collected information to the LOS.

You can search for a LOS with integration capabilities if you already have a mortgage POS customized to your needs. However, there can be difficulties in incorporating the two softwares together. For example, your current POS might not collect all the same fields of information as your LOS is trying to collect. This can cause inefficiencies in your process and cause borrowers to get frustrated with your timing. Using these softwares in a single platform will help you control every step of the loan process.

Integrated LOS and POS systems provide additional benefits compared to using individual systems. You’ll save more money and spend less time training your team if you only use one system. You’ll also be able to approach optimal efficiency, automate mundane tasks, and observe your data organized in a way that’s easy to understand. All of this will lead to a better overall customer experience and cause you to close more loans sooner.

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Integrating a LOS with a POS

Sonar is an industry-leading integrated mortgage origination system. It organizes and manages the entire mortgage process, from lead generation to closing.

Sonar makes it easy for lenders and brokers to customize their systems to have a tailored and seamless experience when dealing with customers. Our platform combines LOS, POS, and customer relationship management (CRM) capabilities into one, helping brokers and lenders better manage their customer relations.

Brokers and lenders can easily access the information they need in real-time, allowing them to make decisions quickly without having to navigate between two separate systems. As a result, they can get loans approved faster and better serve their customers.

Sonar also helps lenders comply with regulatory standards while providing valuable insights into the performance of their loans. The benefits of Sonar are clear: improved customer relations, better data quality, and precise pipeline management.

If you’re ready to seamlessly transition customers from inquiry to application to closing, reach out to Sonar to see our all-in-one mortgage platform for yourself.