That time has come for every mortgage lender and loan officer have an effective and efficient digital point of sale solution. It will be a top differentiator between the leaders and the rest from here on out.
Every prospective borrower now expects a digital mortgage experience. It is quickly being discovered that it really doesn’t matter how great LOs and lenders are at online marketing and driving in traffic. If they aren’t landing on a site which is highly capable of converting leads and making the loan application and exploration process easy, marketing budgets are just being thrown away. With a strong mortgage point of sale solution, professionals and businesses can crush it in this critical area, while delivering on a whole loan experience that wows borrowers and third party vendors, and results in raving reviews. This can quickly snowball in the direction of picking up more market share, referrals, and loan volume, or the opposite.
So, which mortgage POS is right for you? Check out these current offerings in the market and the features they advertise…
Roostify managed to raise a $25M Series B round of funding to keep going and try to expand in early 2018 according to Venturebeat. Unfortunately, past employee reviews of the company have not been kind. Including ex-employees complaining of a culture of bullying, and lack of resources to complete the work and deliver on promises to clients. 65% of the staff approve of the CEO according to Glassdoor.
- Digital loan application
- Process automation
- Branded app landing page
BNTouch is the highly reviewed company responsible for shaking up the industry with a new dedicated mortgage CRM solution. Since then, BNTouch has been adding a whole menu of digital mortgage and point of sale (POS) tools for loan officers and home loan companies looking to launch themselves into the future of lending and customer service. It’s the power of POS and CRM software combined.
- Digital 1003s
- Automated pre-qualification
- Live chat
- Custom eSignature tool
- Mobile app
- Integrated with full mortgage CRM solution
Loanzify offers a clean looking mobile mortgage POS, with good reviews on iTunes and Google Play. The app integrates with both Calyx Point and Encompass third party LOS systems. Designers have clearly put thought and effort into a visually appealing website.
- Mobile 1003 application
- Borrower loan approval timeline
- Communication tracker
Irvine, California based Cloudvirga offers a mobile mortgage POS with various customization options. In addition to the below features Cloudvirga also boasts providing access to loan status to Realtors and builders, as well as the ability to conduct soft or hard credit pulls.
- Ability to upload docs via mobile phone photos
- Online appraisal ordering
- Rate and closing cost calculators
Maxwell appears to be one of the higher priced subscriptions for mortgage POS software. Like BNTouch, Maxwell has integration with the LendingQB LOS. Maxwell was founded in 2015 by 3 friends who were tired of how hard the process of getting a mortgage was.
- Custom 1003 app
- Borrower task reminders
- Chat and messaging
Lender Price is a software company for financial services in general. Which happens to include mortgage loans in addition to personal loans, auto loans and credit cards. Also offers a develop portal for those looking to engineer their own custom solutions. External data on the company shows it is currently generating less than $1M per year in revenue.
- Digital asset and income verification
- Document uploading capability
- Collaborative back end portal
While Blend certainly has a tech savvy startup team of engineers, and is a new company to watch, Forbes points out that this platform is more like a marketplace for loan technology. It allows others to sell their digital loan inventions through its website, and has passed some of those on to big banks wanting to improve their traction in digital.
- High loan application completion rate
- Integrations with other software
- Creation of borrower financial profiles
Overall Floify appears to be a workable mortgage POS system. Past employees have even ranked it well on Glassdoor. The most notable glitches customers seem to complain about online appear to be issues with docs and sending notifications to borrowers. The mobile version only has a 1.8 out of 5 star review on iTunes.
- Loan document management
- Customization ability
There seems little to be found in terms of reviews of Webmaxco so far. It’s ‘Start’ mortgage POS has inserted itself into the Scotsman Guide and includes real-time data validation. Reportedly has a $45 per file fee, compared to lower monthly subscription fees offered by other software companies.
- Mobile app
- Form field autocomplete
- Integrates with website builder
Digital mortgages are the new minimum expected experience by borrowers, and often their Realtors and sellers as well. It is exciting to see how many companies and smart engineers are stepping up to try and innovate in this space to make lending and borrowing less arduous and costly. Which mortgage POS will you choose this year?