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According to the company, Nexus Pay gives mortgage loan applicants the ability to pay for any mortgage-related charges. Payments such as appraisal fees, credit checks, first month's payment, and more can be fulfilled in the same mobile hub borrowers use to receive loan status updates, eSign documents, collaborate with loan officers and Realtors, and complete other loan-related tasks.
Loan applicants can submit payments via credit card or ACH within the SimpleNexus app without human assistance. The company states that this will accelerate the delivery of payments and creating process efficiencies for mortgage lenders.
In-app push notifications alert applicants when they need to complete a payment task, and lenders can use the SimpleNexus admin portal to track payment history; view payment status on the borrower's loan details page; and edit, void, or refund payments if necessary.
“With Nexus Pay, we've removed the friction that often occurs when payments are required in the mortgage workflow, making it easier and quicker for borrowers to pay — and lenders to receive — those payments,” said SimpleNexus chief product officer Shane Westra.