Introduction:
The Lender Point of Sale (POS) system is designed to guide borrowers through the loan application process seamlessly. This article outlines the general flow a borrower experiences in the POS, from initial pre-qualification to completing the application and signing initial disclosures.
Pre-Qualification Flow
1. Initial Information Gathering:
Questions Asked: Borrowers are prompted to answer basic questions such as whether they are looking for a purchase or refinance loan, the loan amount, down payment, property address, and their name, email, and phone number.
Goal: The objective of this step is to gather enough information to provide preliminary pricing for the borrower’s scenario.
2. No Account Registration:
Borrowers do not need to register an account. Instead, they can log in using an email link or phone SMS code. There are no customer passwords involved, ensuring a simple and secure login process.
Displaying Pricing and Program Options
3. Pricing and Program Options:
Utilizing PPE Engine: After completing the pre-qualification flow, if a PPE (Product Pricing Engine) is utilized, the system will display available pricing and program options along with all associated fees.
Program Selection: Borrowers can review these options and select the program that best fits their needs.
Completing the Full Application
4. Full 1003 Application:
After selecting a program, borrowers proceed to complete a full 1003 loan application. This comprehensive form captures detailed information about the borrower’s financial situation and the property.
5. Credit Consent and Social Security Number:
At the final steps of the application, borrowers provide credit consent and their social security number. This step is crucial for verifying their creditworthiness.
Credit Pull and Rate Confirmation
6. Automatic Credit Pull:
Depending on the configuration of the POS, the system may automatically pull the borrower’s credit report after receiving consent.
Updated Pricing: Based on the credit report, the system may present an updated rate, program, and pricing selection to the borrower.
7. Final Rate/Program Selection:
Borrowers review the updated information and select their final rate, program, and pricing.
Initial Disclosures and Final Steps
8. Initial Disclosures:
Form Bundle: Depending on the POS configuration, borrowers will be shown a set of initial disclosures to sign. These disclosures are presented as a form bundle that must be completed as part of the application process.
9. Task Generation:
Account Dashboard: After completing the application steps, borrowers land on their account dashboard within the POS.
Task List: The dashboard displays tasks that are generated based on the borrower’s specific scenario and the company’s setup. These tasks ensure that all necessary steps are completed for the loan process to move forward.
Conclusion
The Lender POS system is designed to make the loan application process straightforward and efficient for borrowers. By guiding them through pre-qualification, application, credit verification, and initial disclosures, the POS ensures that borrowers have a clear understanding of their loan options and requirements. The system's user-friendly interface and automated processes help streamline the journey, providing a smooth and transparent experience.