BeSmartee, award-winning fintech firm and developer of leading digital mortgage platforms, has announced a 90% increase in refinance applications since the Federal Housing Finance Agency (FHFA) ended the Adverse Market Refinance Fee, imposed by Fannie Mae and Freddie Mac in December 2020.
Aimed at lowering costs and providing pandemic-related mortgage relief protections for borrowers, the Adverse Market Refinance Fee, or 50-basis point refinancing fee, increased borrower rates. Now, rates are at a five-month low, and lenders are seeing a boom in refinance applications.
To address these dynamics, BeSmartee has built an industry leading digital Mortgage POS platform that goes deeper and faster into the origination process.
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Lenders who have partnered with BeSmartee — and integrated the firm’s Mortgage POS into their systems — have taken advantage of the 50-basis-point drop, and experienced:
- High-speed lending cycles (application to appraisal in 15 minutes)
- Greater cost savings (close 10 days faster than the industry average)
- Refined user experience for originators and borrowers (91% conversion rate)
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“The 90% increase in refinance applications through the BeSmartee Mortgage POS is proof that our platform goes deeper and faster into the origination process, helping lenders process applications in 14-20 minutes from signed up 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 that are taking advantage of the technological innovation in the mortgage industry today.
