Floify claims it’s the first first major mortgage point-of-sale software provider to offer Single Sign-On (SSO) capabilities.
In a shifting real estate market, the guidance and expertise that Inman imparts are never more valuable. Whether at our events, or with our daily news coverage and how-to journalism, we’re here to help you build your business, adopt the right tools — and make money. Join us in person in Las Vegas at Connect, and utilize your Select subscription for all the information you need to make the right decisions. When the waters get choppy, trust Inman to help you navigate.
Homebuyers can now use their Google or Facebook credentials to create an account or start their loan application when working with mortgage lenders using Floify’s point-of-sale software.
Floify claims it’s the first major mortgage point-of-sale software provider to offer Single Sign-On (SSO) capabilities. In addition to reducing friction in the early stages of the mortgage origination process, Floify claims SSO provides better security. That’s because without SSO, consumers tend to use the same password across multiple accounts, or choose simple, less secure pass-phrases.
The simplicity of SSO also “makes it more likely that a borrower who has paused their application will come back to complete it, thereby improving loan close rates,” said Floify’s new president and general manager, Sofia Rossato, in a statement.
Before joining Floify in May to oversee operations, growth and performance, Rossato was the CEO of omnichannel chat platform SnapEngage, and COO of Markit’s information 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)
- Home warranty provider American Home Protect ($46.3 million)
- Title and real estate software and data analytics company Rynoh ($35.8 million)
- Omnichannel marketing platform V12 Data ($21.8 million)
In addition to its point-of-sale software, which helps mortgage companies and loan officers engage with customers and shepherd them through the loan process, Floify is in the process of rolling out new services tailored for mortgage brokers and wholesale lenders.
Mortgage brokers can sign up for early access to Floify+, a digital 1003 loan application, secure document portal, automated borrower and agent notification platform.
Floify is also offering wholesale lenders early access to Floify TPO, which provides their partner brokers with a direct connection to the lender’s loan origination system (LOS) and 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 business include:
- SimpleNexus, which was acquired by cloud banking solutions developer nCino Inc. in a $1.2 billion deal that closed in January;
- Maxwell, which specializes in providing services to small to midsize lenders;
- Intercontinental Exchange Inc., which is seeking to create a “life of loan” mortgage platform by acquiring rival Black Knight for $13.1 billion.
Two of the nation’s biggest lenders, UWM and Rocket Mortgage, also make their in-house mortgage origination technology available to partners.
Get Inman’s Extra Credit Newsletter delivered right to your inbox. A weekly roundup of all the biggest news in the world of mortgages and closings delivered every Wednesday. Click here to subscribe.
Email Matt Carter