Point-of-sale (POS) systems have been a boon to mortgage lenders, giving them the ability to scoop up online business, speed the mortgage application process, and deliver a greatly improved borrower experience.
The problem, however, is that certain POS solutions don’t play well with certain loan origination systems (LOS). This sometimes results in lenders having to manually load the POS data into the LOS.
To solve for this, MetaSource has launched a new software solution that bridges POSs with LOSs.
The new Symmetri integration solution streamlines the flow of information that is collected from POSs, the company says in a release.
As a result, it eliminates the time-consuming and clunky manual process of getting borrower information into the LOS.
“Today’s borrowers demand ease-of-use, accuracy, transparency and quick response,” says Dennis Barrett, senior vice president of digital transformation services for MetaSource, in a release. “The loan origination process is full of error-prone manual processes behind the scenes that are not scalable. For most, higher loan volume presents serious constraints with the only option being more resources.”
Symmetri automatically captures, classifies and extracts borrower data from POS documents, validating the data against a lender’s LOS using defined business rules. It employs robotic process automation to streamline a variety of loan set-up and processing tasks, like USPS searches, the firm says.