Integrating your loan origination system with your point-of-sale enhances operational efficiency
The fastest way from point A to point B is a straight line. This is the best way to envision the benefits of mortgage point-of-sale (POS) and loan origination system (LOS) integration. When these digital solutions interact seamlessly, they can significantly accelerate the lending cycle, which benefits both borrowers and lenders.
Point A: digital mortgage POS
A digital mortgage POS is a consumer-facing platform that guides a borrower through the mortgage application process. It allows them to upload necessary documents and information, and serves as a communication channel with their lender.
Point B: LOS
A loan origination system is a digital solution that helps lenders manage critical parts of the mortgage process, including origination, loan fulfillment, compliance, pricing and eligibility.
Why POS & LOS Integration is Necessary for Lenders
Here’s how an integrated solution benefits lenders:
1. Improved efficiency
An integrated POS and LOS eliminates the need for manual data entry. Borrower information is keyed into the POS and automatically transferred to the LOS. This saves time and reduces the chance of human error.
It also helps eliminate data silos by increasing the visibility of borrower information across your organization. So, key data can be easily accessed and used to complete various parts of the origination process. This significantly reduces the time between application and closing.
2. Reduced operational expenses
The mortgage market recently experienced unprecedented origination volumes during a period of historically low-interest rates. As a result, lenders had to hire more personnel. And because mortgage professionals were suddenly in high demand, their salary requirements were high too. Then, this year, interest rates skyrocketed and mass layoffs ensued.
Lenders could’ve avoided this misfortune with the right software solutions. An integrated POS and LOS enables smaller teams to handle more loans. This means you need to spend less on the manpower you would otherwise. And unlike people, software can easily scale up and down to accommodate market fluctuations.
3. Better borrower experiences
By not only providing a POS that enables borrowers to complete a mortgage application from the comfort and convenience of their home, an integrated LOS ensures their application is processed quickly, and their loan officer is able to find them the best possible options. This helps build long-lasting customer relationships.
4. Easier implementation
If you want your digital mortgage solution to work and not be a constant strain on IT resources, seamlessly integrated software is essential. Choosing a POS from one vendor and a segregated LOS from another can cause integration issues that slow down implementation. The result is a glitchy, error-prone system that causes downtime and adds to maintenance costs.
5. Increased revenue
By choosing strategically integrated solutions, lenders reduce operational expenses by enabling leaner teams to process more loans at faster speeds. They also appeal to consumer demands for a faster, easier and digital lending experience, thereby improving customer retention. All of this adds up to increased revenue for lenders.
Constellation Mortgage Solutions & BeSmartee
Constellation Mortgage Solutions and BeSmartee have a unique, close partnership that enables us to deliver a truly seamless, fully-integrated, end-to-end digital mortgage lending platform that performs at the highest standards.
Through BeSmartee’s mortgage POS, borrowers can key in all their information and upload documentation in an intuitive, guided interface. And lenders can run credit checks, import bank statements, run the product pricing engine (PPE), submit applications to the automated underwriting system (AUS), and request borrowers to review and sign disclosures.
These functionalities interact seamlessly with Mortgage Builder, Constellation’s LOS, which helps lenders manage origination and fulfillment, pricing, eligibility, underwriting and closing. It also enhances communication with third-party vendors for data and document exchange and communication with compliance vendors.
Because our data syncs seamlessly between the LOS and POS, your loan officers can communicate with and give their borrowers all of this information in real-time.
Enhance Your Digital Mortgage Process With a Fully Integrated POS & LOS
Automating your mortgage origination processes with the right digital solutions allows your organization to thrive, no matter which way the market goes. But, before lenders implement software solutions, they should carefully consider what these solutions are capable of.
Together, BeSmartee’s mortgage POS and Constellation Mortgage Solutions’ Mortgage Builder seamlessly integrate to simplify loan management by automating data collection, workflows and underwriting.