What’s the Difference? Mortgage Application Versus Mortgage POS
BeSmartee examines the difference between a mortgage application and a mortgage point-of-sale (POS) platform, and uncovers how a POS platform is a lender’s all-in-one solution.
The modern mortgage experience is so much more than a mortgage application.
As millennials continue to dominate the housing market, it’s evident that today’s borrowers want to get a home mortgage just about as easily as you can order a pizza from your smartphone. Having a digital lending platform is no longer a choice, it’s a must-have for lenders to stay relevant, especially in the COVID-19 era.
How does a mortgage application compare to a mortgage POS?
Let’s talk about what a mortgage POS can do for your lending business and how a mortgage application can’t compete.
What is a Mortgage Application?
A mortgage application is a document filled out and submitted by one or multiple individuals applying for a mortgage loan to purchase real estate.
Most lenders use the Uniform Residential Loan Application, or Form 1003, to determine if potential borrowers qualify. The application is lengthy and provides lenders with the necessary information to determine whether or not the potential borrower is financially stable enough to pay back the loan.