Point of Sale (POS) tools are technical solutions that make the whole loan origination process much swifter. Companies designing and developing software solutions for mortgage firms regularly come up with POS solutions that serve as integrated and comprehensive enterprise sales platforms and can perform a wide range of activities such as mortgage origination, management of leads, process, and pricing. The enhanced flexibility as well as ease of use offered by these POS tools can greatly improve the loan origination process for all parties involved.
There are certain salient features that mark every good quality Point of Sale application. Here are some of the activities that can be handled by an efficient POS product:
- Enables uploading of multiple leads
- Pipeline reports, email alerts and loan statuses
- High availability along with reliable performance
- Trigger alerts, follow-ups, reports and campaigns
- Easy to deploy tools that perform customer leads and referral management
- Saves all loan product scenarios so that they can be used for future references
- Valuation models along with real-time access to big data analytics and credit reports
- Easy enrollment procedure for the borrowers and the realtors along with alerts and various periodic updates
- Checks and balances for all points associated with the loan process as well as on-screen validations
Advantages of using retail POS solutions
Implementing POS applications with the mortgage technology of a firm certainly brings a lot of key advantages. While they help to improve the quality of services offered to end-users, they also make it a lot easier for the mortgage management team to handle the various client records in an efficient way. It is due to factors such as these that many mortgage firms are now switching to better handling of their projects.
Some of the distinct benefits offered by the leading POS applications available in the market:
- Total transparency maintained at all levels through visible workflows that indicate different stages of the whole loan process as well as requirements of each and every separate phase
- These applications offer seamless integration with loan prospector/desktop underwriter, pricing engines, credit bureaus, and various alternate loan origination solutions such as TMO, UniFi, and Empower
- Better quality loans that come without the need to sacrifice the flexibility and speed of the loan origination process
- Offers a rich quality user experience along with quite easy-to-use workflows as well as quick access to relevant information improves loan origination process
- Seamless extension and integration with Loan Office Portals and Consumer Direct Self-Service Portals developed by leading firms
- Quicker return on investment since the lenders can easily opt for the complete replacement of an existing POS system; alternately they can also augment an existing system for better services
- Offers cost effective solutions along with better turnaround times and also comes with enhanced onsite-offshore mode
With regulations having fettered banks in the United States since the end of the last decade, technology is playing a major role in improving revenues and decreasing costs. Banks are recovering in the staggering economy in spite of stringent federal laws, although some might argue that the recovery is because of them. Technologyhas proved to be a saviorfor mortgage this decade, because it helps connect to non-delinquent borrowers and automates the operations that contributed to high manpower costs earlier.