Floify

Floify is a cloud-based mortgage automation and point-of-sale (POS) software designed to streamline the loan origination process for lenders, brokers, and borrowers. It offers a secure platform for managing loan documents, automating communications, and enhancing the overall mortgage experience. Floify’s competitive edge lies in its ability to significantly reduce verification costs and improve operational efficiency, making it a comprehensive solution for mortgage professionals.

Floify was founded in 2012 by Dave Sims and Michele Sims in Boulder, Colorado. The company has experienced significant growth since its inception, driven by its innovative approach to mortgage automation. Floify has expanded its user base to include over 1,500 companies, processing an average of 77,000 mortgage applications each month. The company’s annual recurring revenue (ARR) has grown by 72% CAGR since Q1 2017.

Floify has received funding from investors such as dotforge. The company was acquired by Porch Group, Inc. on October 27, 2021, for $86.5 million, which included $76.5 million in cash and $10 million in Porch common stock. This acquisition has positioned Floify to further expand its offerings and enhance its market presence.

Floify offers a range of products tailored to different segments of the mortgage industry:

• Broker Edition: Provides origination tools for mortgage brokers, including application and document management, and automated communications.
• Lender Edition: Customized for mortgage banks, this platform enhances the brand, maximizes margins, and optimizes processes for better operational efficiency.
• Credit Unions and Banks: Offers a customizable, secure, and scalable mortgage solution for credit unions and banks, enhancing member experience and ensuring compliance.
• Dual AUS Feature: Allows mortgage brokers to compare Automated Underwriting System results side-by-side, increasing workflow efficiency.
• eSign: A digital signature solution integrated within Floify to streamline the signing process for mortgage documents.

Floify was acquired by Porch Group, Inc. in 2021, which has allowed it to expand its offerings and integrate additional services such as insurance, home warranty, and moving services. This acquisition has enhanced Floify’s ability to provide a comprehensive home-buying experience for its customers.

Floify continuously updates its platform with new features to improve functionality and user experience. Recent updates include:

• LendingPad Existing Loan Connection: Supports connecting to existing loan files.
• Truv Verification of Income and Employment: Allows users to verify income and employment information quickly.
• Byte License Sync: Streamlines the process for presenting license information on branded landing pages.
• Manual Soft Credit Pulls: Enables users to manually order soft credit pulls from within live loan flows.
• Bulk Document Uploads: Allows for the bulk upload of documents related to the loan.

Floify prides itself on a culture that emphasizes personal and professional growth. The company has been recognized as one of the best small companies to work for in Colorado. Floify fosters an autonomous work environment where employees are encouraged to take ownership of their roles and contribute creatively to the company’s success.

Floify serves a diverse user base, including mortgage brokers, lenders, credit unions, and banks. The platform supports over 1,500 companies and processes tens of billions of dollars in mortgage loan volume annually. Floify’s community is built on collaboration and continuous improvement, with a strong focus on customer satisfaction and operational efficiency.