Floify claims it is the first major mortgage POS software provider to offer single sign-on (SSO) capabilities.
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Homebuyers can now use their Google or Facebook credentials to create an account or initiate their loan application when working with mortgage lenders using Floify’s point-of-sale software.
Floify claims to be the first major mortgage POS software provider to offer single sign-on (SSO) capabilities. In addition to reducing friction in the early stages of the mortgage origination process, Floify says SSO provides better security. Indeed, without SSO, consumers tend to use the same password across multiple accounts or choose simpler, less secure passphrases.
Sophie Rossato
The simplicity of SSO “also makes it more likely that a borrower who has put their application on hold will return to complete it, thereby improving loan closing rates,” Floify’s new president and CEO, Sofia Rossato, said in a statement. .
Before joining Floify in May to oversee operations, growth and performance, Rossato was CEO of omnichannel chat platform SnapEngage and COO of Markit’s news division.
Floify is a subsidiary of Porch Group Inc., which acquired the company in October for $95.4 million. According to its 2021 Annual Report to Investors, Porch spent $346.3 million on acquisitions last year, including:
- Property and casualty insurance agency Homeowners of America ($114.8 million)
- Residential warranty provider American Home Protect ($46.3 million)
- Rynoh, securities and real estate software and data analytics company ($35.8 million)
- V12 Data Omnichannel Marketing Platform ($21.8M)
In addition to its point-of-sale software, which helps mortgage companies and loan officers engage with customers and guide them through the loan process, Floify is rolling out new services tailored to mortgage brokers and wholesale lenders.
Mortgage brokers can register for early access to Floify+, 1003 digital loan application, secure document portal, automated borrower and agent notification platform.
Floify also offers wholesale lenders early access to Floify TPO, which provides their broker partners with a direct connection to the loan origination system (LOS) and the lender’s operations team. Mortgage brokers can instantly register loans and submit files for processing through Floify TPO.
Floify’s competitors in the mortgage point of sale space include:
- SimpleNexus, which was acquired by cloud-banking developer nCino Inc. in a $1.2 billion deal completed in January;
- Maxwell, which specializes in providing services to small and medium-sized lenders;
- Intercontinental Exchange Inc., which is seeking to create a “loan term” mortgage platform by acquiring rival Black Knight for $13.1 billion.
Two of the nation’s largest lenders, UWM and Rocket Mortgage, are also making their in-house mortgage origination technology available to their partners.
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