Why it’s important to have a dynamic 1003 loan application

Why it’s important to have a dynamic 1003 loan application

Today, it is almost virtually impossible to find a loan officer’s website that does not have a digital 1003 loan application that future prospects can fill online.  While every loan office needs a strong software, the fact of the matter is that not all online loan applications are made equal, and there are certainly some formats that do more harm than good.

The importance of having a flexible solution

One of the extensive reasons to have an online 1003 is that can be fully customized. This in fact allows for experimentation in the amount of information being requested upfront. By producing lead generations, this tell us that we should make it as quick and easy as possible for a prospect to give you their information.

WebMax’s digital 1003 loan application was built with flexibility and automation in mind. It is fully customizable in the fields that you choose to display in your application, giving you the option to avoid the Loan Estimate disclosure. As a WebMax customer, you can setup the account to have a loan flow with basic doc requests automatically created by the submission of the loan application.

Does your existing digital 1003 loan application work for or against you?

For many loan officers, it’s important to have a loan application that is optimized for submission. The key is to find a balance of required information in your digital 1003 loan application that can give you the information you need to qualify, if a prospect is a good fit for your business.

Today, an increasing number of borrower to lenders relationships are being started through digital lead generation tools and websites, like Zillow or being submitted through a form on their website. If your digital 1003 loan application is too long, you will miss out on these opportunities.

By having the full 1003 available on your website, you will have to deliver a Loan Estimate to anyone that submits the application, even if they’re not a good fit. When evaluating new or current software options for your website’s digital 1003 loan application, make sure to have a purpose for the software. This is a guide for selection a flexible solution to implement your vision.

WebMax, is helping mortgage companies and real estate professionals leverage the Internet to boost individual productivity and corporate growth. Our technology is proven to maximize lead generation and conversion, expedite the loan origination process, enhance referral partner relationships, and seamlessly integrate with mission-critical third-party applications.