Recent advancements in mobile technology improve the application process, synchronize supporting documents and educate prospective borrowers.
MortgagebotMobile is the first
completely mobile loan application solution for regulated home lenders, DH Corp. said in a Sept. 27 news release.
The online platform reportedly gives borrowers the flexibility to complete an application through one channel or move seamlessly between channels.
“The new D+H solution is highly configurable, allowing lenders to customize and implement MortgagebotMobile to their unique specifications,” the statement said. “Customers can modify applicant questions, showcase their own brand through an intuitive and responsive user interface and choose whether to implement the platform on tablet, smartphone or both. ”
A new digital mortgage platform from Movement Mortgage LLC helps users submit a mortgage application from their phone, tablet or computer.
The Movement Easy App securely synchronizes bank statements, tax returns, payroll data and other common mortgage-related documentation.
Movement Mortgage says the application, which was developed in partnership with Silicon Valley-based Blend Inc.,
“promises to simplify the mortgage application process, improve accessibility and transparency, and boost the overall experience for homebuyers.”
A pilot of the application has reportedly generated more than 2,000 loan application submissions, with around 46 percent of users choosing to sync their bank statements. The average time to submit an application is 31 minutes.
Bank of America Corp. disclosed last month that it launched
its mobile-optimized Real Estate Center. The service provides real-time neighborhood information, pricing trends and recent sales.
BofA noted that the center additionally features
a calculator to determine potential monthly payment scenarios, predict closing costs and complete an affordability snapshot. It also includes financial education tools.
A survey of 1,000 adults conducted in August by the American Bankers Association determined that 35 percent of U.S. consumers have deposited a check during the past year using a mobile device.
Of that group, 62 percent deposit by phone at least once per month.
ABA’s survey additionally indicated that 58 percent of consumers use a mobile
device at least once monthly to manage their bank accounts.
