Mortgage POS Product Must-Haves

BeSmartee examines Mortgage POS software requirements for lenders.

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When it comes to shopping for a Mortgage Point-of-Sale (POS) product, you want to make sure that you will be able to scale your business to the next level. But, what should be included in your chosen Mortgage POS? Where should you start?

In this article, we will focus on four key areas that are extremely important for mortgage lenders. With these features and functions, they will be able to deliver an optimal experience across the loan origination process.

If you want to scale in today’s mortgage lending economy, you will have to consider the following.

1. Best in Breed Integrations

We are not just talking about a Loan Origination System (LOS) integration. This is something you should already have as part of your mortgage technology stack. We are talking about integrations that go above and beyond a 1003 application capture tool.

At the very minimum, the Mortgage POS product needs to have the following integrations:

Product and Pricing Engine (PPE)

You want your loan officers to be able to price products in real-time and be able to present findings to your borrowers immediately. Doing so will ensure that they don’t go shopping somewhere else!

Customer Relationship Management (CRM) Platform

CRM and POS systems need to work together so that you are consistently capturing leads and always ready for the next step. The engagement and follow-up are central here.

Automated Underwriting System (AUS)

Your Mortgage POS needs to be sophisticated enough to do preliminary underwriting instantly to avoid delays and human error.


You want to be able to get your borrower to sign all important documents all in one system, without going through hurdles of logging in somewhere else or getting lost in the pile of paperwork.

The integrations should work seamlessly within your workflows.

2. Management Capabilities

In order to be successful, you need to be able to manage your pipeline inside your Mortgage POS, so that you can see where you are with your loan volume at all times. This is where you can make predictions for your future business and learn where you can to improve.

Items to consider:

  • Pipeline visibility: You want your team to be able to track every step of the loan from application to close.
  • Drop rate: Being able to track abandonment rate is important so that you can immediately give the attention needed to bring those customers back into your pipeline.
  • Conversion rate: This is important because you want to know how many of your campaigns are working or need improvement.
  • Close rate: This allows you to measure your loan officer performance or your entire company’s success rate.

3. Loan Officer Tools

Loan officers need to focus on helping their customers, rather than being stuck in administrative work. A Mortgage POS should give the loan officers the freedom to close more loans and build relationships with borrowers.

Tools for loan officers should include:

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Real-time Pricing

Having a Mortgage POS, where you can price loans for your customer is a no brainer. Who would not want that? This adds tremendous value to your customer so you can guide them into what product is best for them.

Communication Capabilities

With millennials being so used to technology, they expect different types of communication methods, such text messaging and chat. With this tool, your borrowers can communicate with loan officers any way they want.

Loan Tracking Visibility

Loan offers should be able to see how well they are doing in their pipeline but they should also be able to dive deeper into any file and track milestones of the loan.

4. Borrower Tools

Customer experience has been a key topic in the evolution of digital lending and it will continue to be a big topic as lenders become more comfortable with online lending platforms.

Here are some must-have tools for borrowers:

Document Uploading

Borrowers need a Mortgage POS that is easy to navigate, especially when uploading many documents. You want borrowers to have one system that can capture those documents so that they don’t get lost in the piles of paper.

Communications Capabilities

As mentioned above, borrowers want to be able to communicate differently with their loan officer. Some may only want to chat, while others may want to text and/or talk over the phone.

Loan Status

Your Mortgage POS system should be able to give the borrower visibility into when their loan is going to close. When borrowers are able to see this, it gives them confidence that they have selected the right mortgage company to work with.

A digital mortgage platform needs to be able to deliver easy-to-use technology so that lenders can see their return on investment (ROI). This will help lenders scale their businesses to the next level. They will also be able to handle more in the good times and stay nimble in the more challenging times.


The mortgage industry is quickly moving into a digital world. Having a Mortgage POS that is not robust will not get you through the changing market.

Some lenders may not see the difference in today’s low interest environment, but I guarantee you that we will all see the difference when the market changes.

Are you ready?

To learn more about BeSmartee’s Mortgage POS platform and how it can help you grow your lending business, contact us at (888) 276-1579 or email our mortgage technology experts at