Customization, automation, and integration, oh my!

Floify wants to become the go-to platform for you—and your referral partners

Customization, automation, and integration, oh my!

Every originator wants to use intuitive, up-to-date platforms that can help them streamline their process, increasing efficiency and moving faster.

One of these platforms is Floify, a mortgage automation and POS solution. You’ve no doubt seen ads for their 1003 digital loan application that features a responsive, Turbo-Tax-type of interface. They’ve rolled out many more features of the application since its inception, and Robert Martin, director of marketing at Floify, calls the current 1003 version 2.0.

“We wanted to advance this piece of the mortgage process because we wanted to make it easier for borrowers to walk through the process, complete the process, make it more intuitive,” Martin said. “It’s got unconditional logic built in, and it’s very visually friendly. We consider it interview-style, that’s what we’ve been referring to it as. But it’s a much more pleasing experience.”

While consumer ease and convenience is a major factor behind the options available on Floify, the name of the game is automation, as well as getting a head start on document submission and preapproval.

“Without any human intervention, you could, in theory, have a borrower complete and submit the application, get their credit pulled, and they could start submitting supporting documentation without ever having talked to an LO and without anything else having been intervened on their behalf,” said Eric Dutil, marketing manager at Floify.

In the past couple of years, Floify has rolled out additional functionality, mostly geared toward branding options for originators. The application can be custom styled, including changing colors, fonts, custom questions, templates and other options to align the application with their specific company branding, including logos, email signatures so when all the notifications come out, they look like they’ve coming directly from the lender.

Floify is customer-funded and has never taken any outside investment. Dutil says that being owned by one person allows the company to be “incredibly nimble” when it comes to onboarding advice and suggestions from customers, and figuring out how to develop software to meet the needs of originators instead of meeting the needs of investors.

One thing that originators always want is being able to meet the needs of their referral partners, and being able to provide ways to remain relevant and valuable to them. The Milestone Updates feature allows LOs to tie in partners, and Floify also has a separate portal designed for referral partners, who can log in to get a top level look at status of all loans. This in addition to a preapproval letter generator, which allows a realtor partner to go in and essentially create as many preapproval letters as they want, customizing the numbers within the preapproved limits in order to make an offer more competitive.

“We’ve actually had LOs come to us and say, ‘I have a meeting with a realtor; they’re sending business to someone else because they use Floify, and they want me to get on board, too,’” Dutil said. “[Referral partners’] dinner relies on that loan closing, too. So they don’t get paid if the lender doesn’t do their job, and they have a vested interest in the transaction. They love the fact that they can go in, see where everything is, that they get the notifications . . . [and can] pump out a dozen preapproval letters without having to talk to the lender and bother them and get them to email it over. That’s been a huge thing that we get a lot of positive feedback where we’ve really separated ourselves.”

Originators use so many systems, and the challenge is to find platforms that combine everything they need and have as few platforms as possible while still getting everything done efficiently.

“Everybody wants the one system that’s end-to-end, does everything. The problem is, when people try to do that, you sacrifice efficiency and effectiveness in certain areas,” Dutil said. “Ellie Mae is a great example. They do well with their LOS, but they have a Consumer Connect ™ platform, it’s kind of like their point-of-sale platform, and it’s not good, and people don’t like to use it because it doesn’t function very well. That’s why they use systems like Floify and our competitors because what we do, we do well. It’s just so difficult for companies to build everything and the amount of development resources that have to go into that and we’re constantly communicating with our customers about what works for them, what they need.”

Rather than try to do everything, Martin said, they’re working on expanding their integrations, particularly with credit vendors. Their current list includes Equifax, Hippo, and Sharper Lending, among others. He says they’ve also been on a push to add more e-signature and document package creation platforms, such as their recent integrations with DocMagic and DocuSign.

Floify might not be a one-stop shop, but the Floify team wants it to be the one system where you, your customers, and your partners need to go to use other existing systems within the platform.

“It really brings it all together in one place, it makes it much more efficient,” Dutil said.


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