Federal Housing Finance Agency (FHFA) removes unfavorable market refinancing commission. Lenders are currently gearing up for a spike in refinancing applications using the BeSmartee Mortgage Point-of-Sale (POS) platform.
HUNTINGTON BEACH, California., Jul 29, 2021 / PRNewswire-PRWeb / – BeSmarteeThe award-winning fintech company and developer of leading digital mortgage platforms announced a 90% increase in refinancing applications after the Federal Housing Finance Agency (FHFA) canceled the unfavorable market refinancing commission imposed by Fannie Mae and Freddie Mac in December 2020…
Aimed at reducing costs and protecting borrowers from mortgage payments due to the pandemic, refinancing fees in unfavorable markets, or Refinancing fee of 50 basis points, increased borrower rates. Right now, rates are at their lowest in five monthsand lenders are seeing a boom in refinancing applications.
To cope with this dynamic, BeSmartee has built an industry-leading digital Mortgage POS platform that is penetrating deeper and faster into the creation process.
Lenders who partnered with BeSmartee and integrated the company’s POS terminals into their systems took advantage of the 50 basis point drop and experienced:
Fast lending cycles (appraisal in 15 minutes)
Big cost savings (closing 10 days faster than the industry average)
Improved user experience for senders and borrowers (91% conversion rate)
“The 90% increase in refinancing applications through BeSmartee Mortgage POS is proof that our platform is entering the creation process deeper and faster, helping lenders process applications in 14-20 minutes from registration to closed loan,” said Veronica Nguyen, Executive Vice President and Co-Founder of BeSmartee.
BeSmartee continues to expand its team to support its lender partners as they take advantage of technological innovation in the mortgage industry today.
To learn more about how lenders can prepare for a spike in refinancing applications using the BeSmartee mortgage POS platform, contact our mortgage technology experts at (888) 276-1579 or firstname.lastname@example.org…
Leading fintech company BeSmartee® is revolutionizing the financial services industry with award-winning digital mortgage web platforms for banks, credit unions and non-bank lending institutions.
BeSmartee provides a full range of digital mortgage services that go deeper into the creation process to help lenders close deals faster, making the once cumbersome process easy, fast and transparent for everyone.
Sabrina Park, BeSmartee, (888) 519-8881 x729, email@example.com