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Floify New Features List

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Recent Feature Releases in Floify

Floify strives to provide cutting edge tools to streamline your business, making the loan process easy for lenders and borrowers alike. With the ebb and flow of the loan markets you work in, so changes your business. Floify is set to provide you with answers and solutions wherever you might need. Read below to see information about our newest and exciting features.

 

Fall 2024

Floify Verify

  • Access and verify income and employment information with Floify Verify, our new VOI/E tool. Floify Verify allows users to access borrowers' income and employment information. The tool will generate a verification report and automatically upload income and employment documents (W-2s, 1099s, and Paystubs) provided by borrower-connected employer payroll systems.

  • This tool helps you verify anyone's income and employment in minutes, improving the decision-making process. We've partnered with Argyle to provide a seamless and secure solution for accessing verified income and employment data. Borrowers can directly connect their employer or payroll accounts in their borrower portal, ensuring real-time access to up-to-date information. This real-time connection improves the accuracy of lending decisions, reduces the risk of buybacks, and saves time by instantly retrieving the necessary income documents.

  • Read more about this here: Floify Verify

 

Summer 2024

LendingPad Existing Loan Connection

Truv Verification of Income and Employment

  • Access and verify income and employment information with Floify's Truv integration of Verification of Income and Employment (VOI/E), which allows users to access all borrowers' employment and income information from authenticated accounts.
  • This integration helps you verify anyone's employment and income in seconds, improving the decision-making process.
  • The integration gathers data from a trusted source providing the employment and income history that allows our users to have the ability to give users an exceptional experience, allowing borrowers to instantly complete verification instead of waiting for a few days.
  • Read more about this here: Truv VOE and VOI

 

Spring 2024

Byte License Sync 

  • The Byte LOS integration added more automatic functionality to streamline the process for presenting license information on branded landing pages and in the application. Once set up, the licenses in the connected Byte accounts will automatically populate licenses configured in that platform into Floify
  • This feature does require an enterprise subscription and an existing Byte integration. Connect with your Success Manager to begin the process of setting this up
  • Read more about this here: Byte License Sync

General Profile License Improvements

  • Floify now has an expanded list of licenses to add to the user and team settings. We include all 50 states, as well as many US Territories.
  • To set this up, read about the process here: Update My Licenses

 

Winter 2023 - 2024

Manual Soft Credit Pulls

  • Users can now manually order soft credit pulls from inside of live loan flows (just as they could for hard credit credit pulls) using any of the credit integrations enabled by their company that offer soft credit pull capabilities. While doing so, we provide quality of life improvements to the Add New Docs screen and credit pull order forms that make the task of finding the correct request type and completing that order even easier, particularly for new users.

  • Users who run these soft pulls will:

    • Be able to stay in one system and reduce manual work for teams in ordering a soft credit pull, and get that report back into the loan flow

    • Have greater control over when credit is ordered for a borrower, which is particularly important with credit costs rising

  • Read more about this feature here: Running Soft and Hard Credit Reports Manually

 

Bulk Document Uploads

  • During the loan process, LO teams will likely receive documents related to the loan outside of Floify (via email, external website, etc.) from title agents, realtors, or even borrowers in the case that the borrower would rather not use their dedicated portal.

    • This feature allows for bulk upload of these documents with a drag & drop-capable modal that can be accessed from right inside the view of a loan’s documents.

  • Floify users who take advantage of this tool will:

    • Decrease time spent on administrative tasks of organizing and uploading completed documents gathered elsewhere to live loans

    • Reduced need to use multiple file collection & storage methods for loan documents

  • Read more about this feature: Bulk Document Uploads

 

GFE Disclosures

  • Good Faith Estimates (GFE) disclosures are a type of disclosure that allows borrowers to compare offers, understand the terms of the mortgage offer, and make an informed decision about choosing a loan. It provides transparency and prevents misunderstandings about monthly payments and hidden costs.

  • While GFE disclosures may not apply to all mortgages the GFE Disclosure remains relevant for some loan types. Some examples of loans that would use this disclosure method include:
    • Reverse mortgages
    • HELOC
    • Manufactured Housing Loans not secured by Real Estate
    • Certain types of homebuyer assistance programs
  • This feature:
    • Will enable the Encompass Disclosure Desk LOs to work with more types of non-standard loans in Floify, making them more flexible and efficient.
    • Allows borrowers to use Floify’s user-friendly app to complete disclosures, keeping their loan experience in one system
  • This feature requires an Encompass integration. Reach out to your Floify representative to discuss options for adding this integration!

 

 

Fall 2023

Lender Price Product & Pricing Engine

  • Floify's integration with Lender Price will allow for you to quickly search for up-to-date product and pricing to present your borrowers with accurate and timely loan information.
    • Real-time access to a comprehensive range of mortgage products and their pricing option, increased day-to-day efficiency, speed, and costs. 
    • Brokers can take a loan app and it seamlessly integrates 1003 data into their pricing engine. No exporting files, logging in to a new system, re-entering data, and then emailing results. It’s all in one platform.
  • Read more about this feature here: Lender Price

 

Mortgage Call Reports (MCR)

  • Floify's Mortgage Call Reports (MCR) will help you kick start your NMLS reporting each quarter. Floify can produce the MCR spreadsheet populated with the pipeline data as well as will supply a RAW DATA pipeline report for your reference. Designed to simplify and accelerate the NMLS reporting process, Floify's MCR empowers users to quickly and easily generate the required mortgage call report spreadsheet, pre-populated with the quarter's essential loan data.  With this feature, you are able to export separate reports for any year and quarter as well as each state the broker holds licensure.

  • Read more about this feature here: Mortgage Call Reports

 

 

Summer 2023

Revamped Pre-Approval Functionality

  • One of Floify's cornerstone features, our Pre-Approval Letter tool, was expanded to allow you and your partners to send out letters to people who need them when they need them. This functionality greatly improves the workflow for lenders, realtors/partners, and borrowers
  • Read more about this feature here: Generate a Pre-Approval Letter (New Version)

 

Spring 2023

Multi-Factor Authentication (MFA) Requirments

  • Floify is excited to provide this security enhancement to keep your data as safe as possible. Multi-factor authentication is required for all Floify users due to recent regulatory changes. This will prompt a user when logging in via a new device or browser to provide either a code either sent via email or text message depending on the settings enabled for that particular team. Company Admins have the ability to reset this for their users.
  • Read more about this feature here: Multi-Factor Authentication

 

Import URLA data from an LOS file to create a new prospect

  • This gives LO teams the ability to get 1003 data into a new Floify loan application by pulling from an existing LOS file when creating a new prospect. When the borrower opens the application generated, all they need to do is review the information, make any changes necessary, and submit. This will be available for Encompass, MeridianLink, LendingQB, & Byte LOS integrations only.
  • Read more about this feature here: Create a Prospect from the LOS 1003

 

Copy documents to another loan

  • When enabled, LO Teams will be able to select and copy loan docs from a specified loan into another existing loan flow.
  • Read more about this feature here: Copy documents to another loan

 

Dual AUS with Desktop Originator (DO)

  • Floify's Dual Automatic Underwriting System (AUS) includes both Freddie Mac's Loan Product Advisor (LPA) and Fannie Mae's Desktop Originator (DO). These systems seek to answer whether or not the loan is saleable on the secondary market and will answer approved or not approved. With Dual AUS, our customers can complete all tasks in Floify’s application needed to close a loan. 
  • Read more about this feature here: Dual AUS with Desktop Originator and Loan Product Advisor Integration.

 

Fall 2022

Dual AUS

  • Floify's Dual Automatic Underwriting System (AUS) includes both Freddie Mac's Loan Product Advisor (LPA) and Fannie Mae's Desktop Underwriter (DU). These systems seek to answer whether or not the loan is saleable on the secondary market and will answer approved or not approved. With Dual AUS, our customers can complete all tasks in Floify’s application needed to close a loan. 
  • Read more about this feature here: Dual AUS with DU and LPA
  • Floify Blog Post: AUS Blog Post

 

Pre-Approval Letter API

  • This feature will give realtors and lenders the ability to run Floify’s pre-approval letter functionality from any system while still complying with the Floify parameters and permissions set by the LO.
  • To read about and create custom API in Floify, read more here: Floify Developer Portal

 

Task Management: Auto Loan Flow Assignment

  • Every loan has a number of roles, like Processors, Loan Officer Assistants, Closers, etc.
    that are responsible for completing certain tasks at different points in a loan flow. Today,
    lending teams use spreadsheets, diagramming tools, software like Monday.com, CRMs,
    and more just to keep track of these assignments and tasks. Providing a way to assign
    loans manually or based on automation rules within Floify (milestone checkoffs, custom field business rules, disclosure progress, and template doc location) will remove the
    need for external and tedious tracking methods. 
  • Get set up with Task Management by reading more here: Task Management Overview
  • Floify Blog Post: Task Management Blog Post
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