LoanScorecard, a provider of Fair Lending and CECL loan-loss reserve technology solutions, has released Zip, a mobile-friendly point-of-sale (POS) solution for residential mortgages.
Zip, a dynamic borrower interview, helps banks, credit unions, lenders and loan officers capture customers in real-time, the minute they make the decision to buy a home or refinance, LoanScorecard says in a release.
Zip gives mortgage lenders engaging in all-digital transactions the ability to translate borrower interview results seamlessly into the current URLA format, as well as the new 2019 URLA. The company claims Zip the first and only technology bringing the 2019 URLA to market.
This consumer-direct solution is designed to maximize the borrower completion rate and drive increased loan volume for mortgage lenders. It follows LoanScorecard’s introduction of what it says is the first QM engine, as well as the only non-agency automated underwriting system (AUS).
Zip serves on the front-end of the loan process and is a natural extension of the software company’s suite of loan analytics and pricing products. Since its soft launch in late February, Zip adoption has grown rapidly among financial institutions and loan officers, LoanScorecard says.
“In just the first two months, Zip has already seen adoption of 400-plus accounts across 45 states with completion rates of 76 percent for all loan interviews,” says Ben Wu, executive director of LoanScorecard. “One of the main goals when implementing a POS is to win more business. Zip does just that with a simple and easy online app that takes the average borrower 13 minutes to complete and speeds pre-qualification.”