Today’s loan origination landscape is forcing lenders and loan officers to rethink their workflow engines and systems they engage to adapt to the new environment. The mortgage lending process is considered to be one of the more complex credit processes offered to retail customers. Without a strategic approach to designing the mortgage workflow engine, lenders will find themselves battling rising costs and inefficiencies in an increasingly fragmented and competitive marketplace.
First Tier of Retail Ecosystem and Lead Sources
- Leads come into the retail point of sales system which can be a front end POS platform like Blend or Floify or a CRM like Salesforce or Velocify.
- The lead sources include Consumer Direct platforms where borrowers will go and fill in the applications. Similarly there can be custom designed landing pages which generate leads via Referrals or business partnerships.
- The referral lead sources include websites like Zillow or Lending Tree and as well as internal customer references.
- There is a bidirectional communication between POS platform and an LOS like Encompass or Empower.
- A unified back end office can act as a call center to perform the back end operations of loan processing.
Second Tier of Retail Ecosystem and Lead Sources
- Second tier of the retail lending ecosystem includes Velocify Mail Connect – which is our custom product to help lenders to collecting borrower information and save those data automatically into their CRM -Velocify.
- The objective of Velocify Mail Connect is to act as a website/landing page for the lenders which using Velocify API calls can take in applications from the prospective borrower to enter new information, present the existing information for the borrower to update/modify and update the corresponding information within Velocify Leads data base.
Third Tier of Retail Ecosystem and Lead Sources
- Second tier of the retail lending ecosystem includes Pricing Engine which help lenders to save time by automating the process, keep data accurate and in sync, quickly find a variety of offers, and get notified on pricing changes that affect the loan scenarios.
- Optimal Blue, EPPS and Mortech are some of the most popular pricing engines.
- PPEs can auto-generate elegant rate sheets, eliminating the need to create manual rate sheets.
- Lenders can Lower costs, close loans faster, ensure accuracy and transparency and stay compliant with the regulations.
Looking for more information on the ecosystems for retail lending or need help in implementing one, leave us a message.