LoanScorecard, a leading partner for financial institutions and investors seeking Fair Lending and current expected credit loss (CECL) loan-loss reserve technology solutions, recently released Zip, a mobile-friendly point-of-sale (POS) for residential mortgages.
Zip 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, according to a company press release.
The most talked about feature of Zip is the ability to translate interview results seamlessly into not only the current Uniform Residential Loan Application (URLA) format, but also the new 2019 URLA, making Zip the first and only technology bringing the 2019 URLA to the 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 Qualified Mortgage (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 as an 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, the release states.
“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,” LoanScorecard Executive Director Ben Wu said in the release. “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.”