Point-of-sale online app achieves 76 percent completion rate, first to showcase 2019 URLA
IRVINE, April 17, 2018 – LoanScorecardTM, a leading partner for financial institutions and investors seeking Fair Lending and CECL loan-loss reserve technology solutions, today announced the release of ZipTM, a mobile-friendly point-of-sale (POS) 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.
The most talked about feature of Zip is the ability to translate interview results seamlessly into not only the current URLA format, but also the new 2019 URLA. This makes Zip the first and only technology bringing the 2019 URLA to market.
LoanScorecard, known for its forward-looking innovation, provides this consumer-direct solution designed to maximize borrower completion rate and drive increased loan volume. The technology provider previously disrupted the industry by bringing the first QM engine as well as the only non-agency automated underwriting system (AUS) to market.
Zip serves on the front-end of the loan process, 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.
"In just the first two months Zip has already seen adoption of 400+ accounts across 45 states with completion rates of 76 percent for all loan interviews," said 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."
LoanScorecard is a leading provider of non-agency AUS, loan pricing solutions and borrower point-of-sale designed to meet today's regulatory challenges and capitalize on current market opportunities. LoanScorecard helps institutions address CFPB regulations through its QM Findings, the industry's first qualified mortgage (QM) engine, which has rendered more than 5 million QM findings reports to-date and supports banks and credit unions preparing for the upcoming impacts of CECL.
For more information, visit loanscorecard.com or call 800-617-0892.
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