Floify, which offers a point-of-sale (POS) solution for the mortgage industry, recent introduced Dynamic Apps, a no-code feature that lets lenders tailor loan applications based on loan type.
By eliminating irrelevant questions, Dynamic Apps shapes the home financing journey to borrowers’ unique goals while helping lenders accelerate approvals, improve application completion rates and maintain regulatory compliance, the firm says in a release.
Traditional loan applications follow a one-size-fits-all structure, often requiring borrowers to answer unnecessary questions. Dynamic Apps personalizes the application process by prompting borrowers to specify their loan purpose — such as purchase or refinance — at the beginning of the application for appropriate routing to specific questions. Based on their selection, the application adjusts, only guiding borrowers through questions relevant to their loan type.
Notably, Dynamic Apps allows lenders to create custom questions for specialized mortgages, such as non-QM and HELOC loans. It also supports HELOC lending compliance by presenting HELOC-specific disclosures within the loan application and by triggering HELOC-specific, rule-based workflows once a HELOC application has been submitted.
The configuration of questions to ask, require, or disable is based entirely on what the borrower selects upfront as their loan purpose. Dynamic Apps lets lenders customize question flow rather than omitting questions or entire sections from their application for certain loans. This enables borrowers to complete applications faster while improving application completion rates and helping lenders remain in compliance with industry regulations, such as those that prohibit asking applicants to provide demographic information for certain loan types.
“We see allowing lenders to collect information specific to the type of loan they are originating as a game-changer, streamlining the approval process and providing a red carpet experience for loan applicants,” says Sofia Rossato, president and general manager of Floify, in the release. “In essence, Dynamic Apps supports easily configurable, no-code application types that reduce application fallout and ultimately help lenders do more business.”