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Types of Tasks Supported for Borrowers in the POS
Types of Tasks Supported for Borrowers in the POS
Updated over 4 months ago

Introduction:

The Point of Sale (POS) system within Lender’s platform offers a variety of tasks that borrowers can complete to ensure their loan application process is smooth and efficient. This article discusses each type of task supported in the POS, providing borrowers with clear instructions and enhancing their overall experience.

1. Upload a Document:

Description:

  • Borrowers can securely upload required documents directly through the POS. This task ensures that all necessary documentation is collected promptly and accurately.

Examples:

  • W2 forms

  • Pay stubs

  • Bank statements

  • Tax returns

How It Works:

  • Borrowers receive a task request specifying the exact document needed.

  • They can upload the document in various formats (PDF, JPEG, etc.).

  • The POS confirms the upload and securely stores the document.

2. View a Document / Disclosure:

Description:

  • Borrowers can view important documents and disclosures that are essential to the loan process. This task ensures that borrowers are fully informed about their loan terms and conditions.

Examples:

  • Loan Estimates

  • Closing Disclosures

  • Terms and Conditions

How It Works:

  • Borrowers receive a task notification to view a specific document.

  • They can access the document through the POS interface.

  • After viewing, they can acknowledge receipt or provide any required feedback.

3. Sign a Document (Form / Form Bundle):


Description:

  • Borrowers can electronically sign documents or form bundles, streamlining the approval process and ensuring all necessary signatures are collected efficiently.

Examples:

  • Loan applications

  • Disclosure forms

  • Authorization forms

How It Works:

  • Borrowers receive a task to sign a document or a bundle of forms.

  • They review the document(s) and provide electronic signatures as required.

  • The POS records the signatures and updates the loan file accordingly.

4. Answer a Question:

Description:

  • Borrowers can answer specific questions related to their loan application, helping to clarify any details and provide additional information as needed.

Examples:

  • Verification of employment details

  • Confirmation of income sources

  • Clarification of credit history

How It Works:

  • Borrowers receive a task with a specific question.

  • They provide their answer directly through the POS interface.

  • The POS updates the loan application with the new information.

5. Provide Payment:

Description:

  • Borrowers can make payments for various fees associated with their loan application, such as appraisal fees, directly through the POS using secure payment methods.

Examples:

  • Appraisal fees

  • Credit report fees

  • Application fees

How It Works:

  • Borrowers receive a task to make a payment.

  • They enter their payment information (e.g., credit card details) through the secure POS interface.

  • The POS processes the payment and confirms the transaction.

Conclusion:

The variety of tasks supported in the POS ensures that borrowers can complete all necessary steps in the loan application process efficiently and securely. By providing clear instructions and an intuitive interface, the POS helps borrowers stay on track and reduces the likelihood of errors or delays.

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