Point Of Sale is taking the mortgage industry by storm, and it’s time you get on board.
A Mortgage Point of Sale, or POS, is the mortgage process under one roof. It’s an intuitive loan application, a secure web-based portal for your borrowers to verify their assets, upload their documents and track their loan progress. It’s an application for you, the busy mortgage professional, to not only take better care of your borrowers, but cut the hours in your work day.
Using the term POS can be a little confusing. When we think of a POS today, it’s typically in a retail situation where we have our product, we walk the product to the cashier, cashier scans the product, we pay for the product and then walk out the door with the product. Even in an online shopping experience, we put the product into our cart, go to the cart, pay for the product in checkout and then a few days later the product appears at our door.A Mortgage POS is very similar. The product here is a mortgage loan. Think of it like your borrower is walking around in a store gathering their documents, obtaining their appraisal, making sure that their title is clear and you are the cashier. The transaction is the loan funding. Some industry professionals think that the process begins when the borrower is searching for their home loan or window shopping what store to enter. Others think that it’s when the borrower first completes and submits the online loan application to start the loan process, in other words take out their wallet to pay. Just because you quoted the borrower and they said yes, the real magic does not begin until they agree to the disclaimers on the loan application and start uploading their documents. Our POS is truly intuitive and personalized. The borrower can even upload their picture! It can be of their face or of their dog. (I always choose my dog.)
The main benefit of a POS is to increase efficiency for the loan process. In October 2017, Ellie Mae stated that on average, it takes 44 days to close a home purchase. On average, it costs $8,475 to originate a loan. We want to shorten the turn time and reduce expenses to increase profitability. If we can close loans faster and reduce expenses, there is more room for you to do what you do best – help more borrowers.
Another benefit is that there is no more paper nor files to chase. The average office worker uses 10,000 pieces of paper per year. There is no more trying to figure out the borrowers file naming system as they email over their docs. All of the information goes to your secure cloud based itemized portal where both you and your borrower can see what has been completed as well as what needs to be done.
Here at LenderHomePage, we are so obsessed and passionate about the mortgage industry and we’re here to make your business more profitable. Call us.