Originating a loan is an intricate process that requires cooperation between borrowers and originators.
A mortgage point-of-sale system (POS) is an automated solution designed to streamline these steps and drastically improve the borrower experience. With POS software, information gets submitted electronically, allowing loan professionals to review and approve applications much faster.
What is a mortgage POS?
A mortgage POS is software that allows borrowers to seamlessly manage many aspects of the mortgage process including filling out an application, uploading documents, and seeing their progress.
After the necessary documents are uploaded, and their application is submitted, they can track its progress with the POS interface.
Point-of-sale lenders now dominate the market. Many homebuyers expect to complete the mortgage process remotely with minimal back-and-forth. A POS system provides a web-based application as well as communication tools. Fannie Mae says that 66% of consumers are interested in a fully digital mortgage process and it's fully expected by today’s savvy and tech-first customers.
A POS can save originators endless hours of time and manual labor by allowing customers to more of the process on their own, at their convenience. The win-win in this scenario is obvious, borrowers are finalizing information in a way they are growing in comfortability in, and lenders are saving valuable time in the process.
Truth be told, foregoing a mortgage POS could cause you to lose clients.
Ready to revolutionize your mortgage businesses with an integrated point-of-sale system? Request a demo to step into the future of lending success.
Why lenders need a mortgage POS
The mortgage process can be long and complex, especially for borrowers. A POS system lets you offer a smoother experience.
A POS that integrates with an LOS on a digital level possesses the following advantages and benefits:
A fully digital experience
No more paperwork. No more disparate records spread out. A fully digital experience offers an organized, intuitive approach to a POS.
Efficient operations
When a lender can experience an integrated POS and LOS, the information provided from the prospective borrower is easier to access, assess, and act upon — making the whole operation more efficient.
An improved customer experience
At the end of the day, as a lender, you’re running a business. Any time you can create a positive customer experience the better your reputation, client retention, and sales pitches can be.
Brand customization
Your mortgage POS system should be able to customize with your brand. Everything from the color scheme to its integrations should be under your control. You want your customers to feel they haven’t left your company while operating within the digital experience.
Automated Preapproval
Through a digital POS, lenders can review applications with up-to-date information and receive automated decisions quickly—reducing risk while improving the customer experience.
Compliance
A digital POS system simplifies compliance tasks by ensuring complete accuracy in data collection and reporting.It allows lenders to adhere to regulations more easily and remain compliant with changing guidelines.
Rate Lock
Finally, a digital POS enhances rate lock capabilities for both lenders and borrowers. By utilizing an efficient platform for processing loan applications, lenders can quickly lock in rates for customers before their application expires or market conditions change.
Selecting a POS for your lenders to increase efficiency
A POS system plays an essential role in today's lending process. When deciding which POS to use in your business, there are many different angles to consider. Take your time; you don't want to be swayed into a rushed decision that doesn’t ultimately benefit your business.
Simply put, the primary considerations are the following:
- Ensure that the POS you’re considering is a digital-first experience.
- Ensure that the POS integrates with the LOS.
- Ensure that features such as price lock, customization, and automated pre-approval are available.
Sonar takes it even a step further by integrating a product pricing engine (PPE) to the LOS and POS, making our product a digital one-stop-shop for originators.
While our product may be more expensive than some of our competitors out on the market, be wary of picking the cheapest option. The value our product provides in creating a more efficient, streamlined workflow can help you save in the short-term, and scale up in the long-term as the market improves.
Create a better lending experience with the right mortgage POS
A mortgage POS keeps your business competitive in a crowded industry. Adopting this software is no longer a choice — it’s a requirement to be successful.
From application to funding Sonar helps you build a stronger relationship with your borrowers.
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.
