With smartphones and tablets taking consumers by storm, the mortgage industry is taking notice. Five vendors launched new mobile applications designed to aid lenders in everything from server-specific tasks to document imaging solutions for their on-the-go needs. Additionally, several lenders and banks launched new mobile technology to better serve their client bases while two banking associations released telling reports in response to the boom of mortgage and other financial mobile software.
On Oct. 22, Burlingame, Calif.-based LenderMobile unveiled the iPad app BorrowerMobile, a customizable features program that allows lenders to give borrowers on-demand mortgage information. With BorrowerMobile, lenders and borrowers can use their iPad to communicate on items such as checking loan status, receiving mortgage rate updates and filling out and signing a 1003 mortgage application.
Available to borrowers at no cost, lenders using BorrowMobile are required to pay a monthly subscription fee to order services from vendors and to have borrower loan documents uploaded to their loan origination system.
“We see the value here,” said LenderMobile’s vice president of business development, Lovina Worick. “If you reduce the time a loan officer is spending giving borrowers their loan status, you increase the time he or she can look for new business opportunities.”
LenderMobile also announced several new features to its flagship iPad app LenderMobile+. In May, document imaging and uploading and loan notes features were introduced, and in June, a lead generating social feature, new loan prequalification tools and pipeline reporting were added.
Elsewhere, Chicago-based Capsilon uncovered its Katalyst mobile application for iPhone, iPod, iTouch and iPad. The October announcement said this cloud-based imaging solutions allows mortgage professionals to access their electronic loan folders from their handheld Apple device. Katalyst works with Katalyst 8, Capsilon’s newest version of its document imaging and collaboration platform created to ensure accuracy of loan information.
Also in October, Capture Enabled BPM provider Kofax released its Kofax Mobile Capture for Apple and Android mobile devices at the Mortgage Bankers Association’s 99th Annual Convention and Expo. This app allows lenders, brokers and borrowers to use their smartphone and tablet cameras to capture, edit and extract information from documents and deliver them into the appropriate loan processes.
Western Union announced in June its enhancement to its Speedpay service, which allows consumer to receive and pay bills through their smartphones and tablets.
“Western Union is dedicated to providing billers with robust bill pay solutions, while giving consumers a variety of user-friendly options to receive and pay their bills,” said Western Union’s senior vice president of payments and bill pay solutions David Shapiro.
To address real estate professionals’ needs, default servicing technology company Equator launched EQagent Mobile. Equator’s Oct. 24 media statement said this new mobile technology gives those in the real estate industry access to EQ Platform through their Apple or Android devices. Available at no charge to users with free registered accounts, this solution allows agents to view and manage servicer-specific tasks, receive and respond to property assignment messages, upload photos to EQ Platform and view details on short sale and REO property listings.
As mobile phone technology abounds for the mortgage industry, mortgage companies also concern themselves with releasing apps for their clients to keep up with increasing consumer smartphone software reliance and demand.
Chase launched the free mobile app Chase My New Home to help home buyers through the entire home purchasing process. The Nov. 13 media statement revealed the app, available for Apple and Android devices, allows clients capabilities such as searching through and rating housing options based on personal preference; recording notes, photos and videos on houses selected; calculating payments and finding the nearest local Chase mortgage banker.
Earlier this year, credit union-owned service organization CU Companies unveiled its free iPhone app for its owner and partner credit unions. In Sept., CU Companies released the Android version. Mortgage rate delivery, educational information and an ATM finder are among the features this app allows partner credit unions to provide for their borrowers.
Now renters also have a mobile app dedicated to their specific needs. Real estate information marketplace company Zillow released Zillow Rentals for the Android community in April and for Apple users in Sept. Zillow vice president of consumer marketing and mobile Jeremy Wacksman said Zillow Rentals addresses the way renters shop by including features such as side-by-side list comparison, neighborhood boundary selection, and on-screen notifications when new criteria-matching rental homes become available.
While some banks are improving the mobile applications for mortgage clients, others are enhancing the mobile experience for the depositors.
The International Community Bankers of America’s 2012 Community Bank Technology Survey revealed the number of community banks offering mobile banking to their customers has nearly doubled. Though these banks are concerned with regulatory compliance, the Nov. 1 ICBA report showed 37 percent of community banks currently offered the technology, 44 percent plan to offer service in 24 months and 57 percent of banks currently offering mobile banking also offer mobile applications. The same survey showed customer adoption of mobile technology is just in its infancy, however, with approximately 8 percent of consumers and 5 percents of businesses using mobile offerings.
Nonetheless, a 2012 American Bankers Association survey offered a different perspective on the popularity of mobile banking with consumers. The Oct. 9 ABA statement said its survey revealed a sharp increase in mobile banking popularity, mainly in the 18- to 34-year-old age bracket. Overall, the ABA said 6 percent of its survey sample preferred internet banking, but that number is a 100 percent increase from 2010.
As mobile banking technology adoption grows, the ICBA wants consumers to be make informed and safe decisions across these technological channels. According to the October media statement, the ICBA offered seven tips for safe consumer mobile banking that include investing in an antivirus application, not storing password and account information anywhere on a mobile device and contacting the mobile provider and bank immediately if the phone is lost.
In June, CertusBank, N.A., introduced its mobile banking capability for its customers. Online bill pay, statements, money transfer and balance checks are among the full range of services available for virtual users.
