Digital mortgage automation solution provider Floify launched a lending platform for mortgage brokers built on the foundation of the Floify point-of-sale (POS) platform.
Florfy Broker Edition is designed to provide an intuitive loan management portal for borrowers and make managing loans simpler at an accessible price point while boosting operational efficiency, the company said.
The lending platform for mortgage brokers has three main features that enable brokers to use the platform in lieu of a traditional loan origination system (LOS) or a complement to their existing LOS.
- Mortgage Call Reports (MCR) function allows brokers to swiftly generate mandatory national mortgage licensing system (NMLS) reporting documentation and export reports by quarter, year and state — streamlining a burdensome compliance requirement.
- Dual Automated Underwriting System (AUS) function enables brokers to order AUS findings from Fannie Mae and Freddie Mac and view findings side-by-side to identify documentation requirements and counsel borrowers more effectively.
- A Product Pricing Engine (PPE) integration with software firm Lender Price’s PPE automatically syncs borrower 1003 (uniform residential loan application) data enabling brokers to provide accurate and real-time pricing quotes.
The platform is integrated with the country’s largest wholesale lender United Wholesale Mortgage (UWM), which enables brokers to electronically submit loan applications to UWM, substantially expediting the loan submission process.
“Floify Broker Edition is born out of a deep understanding of the unique challenges faced by mortgage brokers, which include juggling a burdensome administrative workload, regulatory compliance and multiple technologies with minimal support,” said Floify president and general manager Sofia Rossato.
Founded in 2013, Floify — a subsidiary of Porch Group Inc. — is a software development company that offers a digital loan origination and POS system for the mortgage industry.
The Colorado-headquartered firm was acquired by publicly traded proptech company Porch Group, Inc. in an $87 million deal in 2021.
Floify’s platform features a secure communications and document management portal and an e-signature option between lenders, borrowers, real estate agents and referral partners, according to the firm’s website.
