Apple laptop sitting on table in living room for borrower to fill out digital point-of-sale application

Shaping the Ideal Digital Point-of-Sale Application

Shaping the Ideal Digital Point-of-Sale Application

May 16th, 2019

It’s no secret that the world is becoming heavily digitized in almost all aspects.  Between shopping, banking, and buying a house, there is little that can’t be done in the comfort of your home.  By one simple click, a once tedious task is now complete. Future homebuyers are looking for a quick, efficient homebuying process that suits their very busy lives. With that being said, it’s important for any successful mortgage lenders to implement a user-friendly digital point-of-sale application.

Ideal Target Audience

Since millennials are taking over the homebuying market, it only makes sense that they are targeted when it comes to marketing efforts. There is going to come a time where Millennials and Generation Z members, whose lives have revolved around electronics, engulf the entire mortgage industry. These individuals do not want to go to an office to spend hours filling out paperwork, walking through details, and providing documentation.  After a long day, they want to sit down, fill out what they know, and revisit their application later. Now is the time for mortgage lenders to advance their digital mortgage solutions, and accommodate today’s homebuyer. Lenders are going to have to strive to stay up to date in order to remain relevant in today’s digital era.

Shaping the Borrowing Experience

When choosing a digital point-of-sale application, it’s crucial to ensure that it is convenient not only for the borrower, but the lender as well. There are a few key factors to consider when it comes to choosing an ideal digital 1003.  For one, there are a select few that avoid many unnecessary questions that don’t apply to every homebuyer. If a borrower selects that they don’t have children, there will not be questions such as “How many”. On a paper 1003 application, the same questions are asked to every borrower, even if they do not apply.  In addition, it would be ideal for the borrower to have the ability to jump around the application.  They can fill out whatever information they have on hand. In some cases that do not allow the applicant to do so, there is more chance of abandonment. You don’t want them to stop after five minutes because they are missing information and can’t proceed. Other important pieces to consider when choosing an application would be the automation of assets and employment, as well as the ability to upload documents and track their loan progress.  This avoids the back and forth process between the borrower and lender, and overall makes the process much more efficient.

Perfecting Your POS

In terms of the lender, they will save in operating and closing costs by utilizing a fully automated mortgage application. Many applications even include full customization with real-time data validation, ensuring that the lender is receiving quality data. Needless to say, borrowers and lenders alike prefer the newly enhanced, digital 1003 application, and it’s imperative to find the perfect one. In short, WebMax’s START application fits all of this criteria.  Our team has worked tirelessly to bring a simple, productive digital point-of-sale application into the mortgage industry.  After listening to our clients to determine what they need, we have successfully created an experience that seems to sit well with both the lender and the borrower.  Contact me for a private demo.

Chief Product Officer & EVP
Kelcey Brown is responsible for developing, communicating, executing, and sustaining strategic initiatives. He acts as a key advisor to president on critical changes in the competitive landscape, internal employee development and the external business environment while also ensuring that appropriate metrics are in place to measure performance and progress towards strategic goals. Brown is also accountable for spearheading the success of our clients by developing and managing product training and growth initiatives.

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