Introduction:
The Point of Sale (POS) system within Lender’s platform allows for the addition of custom questions at the end of the application process. These custom questions can capture specific data types and provide lenders with the flexibility to gather additional information from borrowers as needed. This article explains the features and benefits of custom questions in the POS.
Features of Custom Questions:
Versatile Data Types:
Custom questions can capture various types of data, ensuring that lenders can collect the specific information they need.
Text: Allows borrowers to provide open-ended responses.
Date: Enables borrowers to input dates.
Number: Collects numerical data.
Yes/No: Provides a simple binary choice.
Conditional Display:
Using the Lender Expression Engine, custom questions can be configured to appear only when relevant. This ensures a streamlined and efficient application process.
Expressions can determine whether a custom question should be shown based on borrower responses or other loan data.
Enhanced Data Collection:
Custom questions provide a mechanism to capture additional data points that may not be covered by standard application fields. This ensures a more comprehensive application process.
Lenders can gather detailed explanations, specific dates, quantitative information, and straightforward binary answers.
Examples of Custom Questions:
Text Question:
Question: “Please provide any additional comments or information that you think might be relevant to your loan application.”
Data Type: Text
Date Question:
Question: “When do you plan to move into the new property?”
Data Type: Date
Number Question:
Question: “How many vehicles do you own?”
Data Type: Number
Yes/No Question:
Question: “Do you anticipate any changes to your employment status in the next six months?”
Data Type: Yes/No
Benefits of Using Custom Questions:
Flexibility:
Allows lenders to gather specific information pertinent to their unique loan processes and borrower requirements.
Improved Borrower Experience:
By using the Lender Expression Engine, custom questions are only displayed when relevant, reducing unnecessary complexity and enhancing the borrower’s experience.
Enhanced Decision-Making:
The additional data collected through custom questions can aid in more accurate loan underwriting and decision-making processes.
Conclusion:
Custom questions in the POS provide lenders with a powerful tool to gather additional, specific information from borrowers. By supporting various data types and enabling conditional display through the Lender Expression Engine, these questions enhance the flexibility, efficiency, and comprehensiveness of the loan application process.