Floify is a digital mortgage point-of-sale solution that streamlines the loan process by providing a secure application, communication, and document portal between lenders, borrowers, referral partners and other mortgage stakeholders. The company’s CEO Dave Sims stat down with our editor to discuss his vision for the future of mortgage lending.
Q: Describe how you first got into mortgage lending?
DAVE SIMS: In late 2012 my wife and I moved to Colorado. We needed some short-term financing to get into a home and after that we wanted to refinance to get into a more permanent loan. As I was going through the refinance process I realized that there had to be a better way. That was the impetus for getting into Floify and mortgage lending.
Q: How has the mortgage industry changed since you first entered the space?
DAVE SIMS: The one consistent thing is that loan officers want to provide a great experience. It used to be about FaceTime, but now it is much more efficient. I talked to a top producer and told him about a mobile way to get the 1003 and he told me that he just sends the borrower to the Floify portal.
Q: As you see it, what does having a fully-automated mortgage business really mean and why should lenders embrace this process?
DAVE SIMS: At the heart of it everything is about staying competitive. By being more automated, mortgage professionals can stay focused on the more meaningful tasks. It means allowing top producers like the one I met yesterday that is pushing up to 500 deals a year be who they are. You never put away the human touch, but you have to automate to deal with that volume.
Q: Floify believes that “good communication is fundamental to a positive borrowing experience.” How does Floify’s technology help lenders accomplish this goal?
DAVE SIMS: Communication is a fundamental piece of the mortgage process. We have really focused on customized automation. The customer should focus on a high level of production and we track things like loan status and keep everyone informed about those more mundane tasks.
Q: Specifically, you say that you offer a “Best-in-Class Digital 1003.” What does that mean for lenders using your technology?
DAVE SIMS: There are many different 1003 options. We have 2 key differentiators. First we have an elegant interface so the borrower competes the whole 1003. The second differentiator is helping the borrower complete the application after the 1003. For example, they can upload docs on the weekend, which keeps them more invested in the process and the loan officer.
Q: Also, how can lenders increase operational efficiency and maintain loan file integrity using Floify?
DAVE SIMS: Floify has a lot of functions that automate tasks that slow the process. For example we chase missing documents from borrowers. We also update everyone about the status of the loan. We also automate communication so everyone is informed. We also convert jpgs to pdfs because loan officers have to work in pdfs.
Q: Borrowers and agents are increasingly preferring mobile methods of communication and engagement. How is Floify making this possible?
DAVE SIMS: Everybody is on their phone these days. With us we are always sending out text messages with updates. Borrowers can also interact with the loan file on their phone. If you need to generate a preapproval letter for example, you can do that with your phone using our technology. Everything we do can be accessed on your mobile device.
Q: What’s next for Floify as a company?
DAVE SIMS: We want to bring back structured text and tasks to help lenders attract top producers. I want to make a more efficient work environment so a top producer doesn’t need an army of helpers that stops him or her from producing. We will continue to talk with top producers to help tem evolve and stay top producers.
Q: Speaking about broader industry trends, there’s a lot of talk about the digital mortgage. What’s your take on what constitutes a digital mortgage and what it will take to get broader adoption?
DAVE SIMS: Fundamentally the digital mortgage means continuous evolution. If you get off paper you can argue that’s a digital mortgage, but we want to continue to identify the problems that our top producers face and solve those issues even if they are off paper. We want our top producers to stay top producers in a very competitive market.
Dave Sims thinks:
1.) The disclosure desk experience for borrowers will be fully embedded in the point-of-sale.
2.) Hybrid Electronic Closing is coming.
3.) Our industry will embrace the Latino Community more comprehensively.