As mobile adoption grows at a robust pace, a wholesale mortgage lender and a mortgage insurance company have positioned themselves to capitalize on the trend.
After reading a Mortgage Daily article about a competing wholesaler, Bill Packer, chief information officer for American Financial Resources Inc., wrote to us about his own company.
Parsippany, New Jersey-based AFR says it offers the latest technology platforms for its mortgage broker clients. Its broker portal was home-built.
“American Financial Resources has had a fully responsive fully featured web presence as well as apps for both iOS and Android for two years (as well as an apple watch complication for over a year),” Packer said. “We see the space evolving fast.”
The Radian Rates mobile application is now available on both Google Play and Apple App stores, Radian Guaranty Inc. announced Tuesday. It includes saved custom quotes, mortgage calculators and product comparison.
Brien McMahon, who is chief franchise officer for the Philadelphia-based mortgage insurer, called the new applications “a game changer.”
A partnership announced last week by FormFree uses mobile technology from SimpleNexus
to begin asset verification earlier in the application process. With the integration, FormFree’s AccountChek automated verification service for asset, employment and income becomes part of the borrower’s loan application experience.
A survey of U.S. mobile banking users
found that 87 percent consider their bank’s mobile application “good,” “very good” or “excellent,” as survey reported by the American Bankers Association said.
More than 70 percent access their bank account at least once each month by mobile device, ABA reported. A mobile device was used to deposit a check during the past year by 45 percent.
Mobile banking is growing at 20 percent a year, according to Malauzai. At the same time, Internet banking growth is far weaker at just 3 percent. Leading to higher mobile adoption is intuitive ease of usage.
“Mobile engagement is the key to digital banking success,” Malauzai stated. “With function/feature parity, mobile users engage with their financial institutions five times more often than Internet banking.”
SunTrust Banks Inc. said last month that it will pay data usage charges for AT&T Wireless customers using its mobile banking application. SunTrust’s Omni Channel Executive Ameesh Vakharia noted in the statement that mobile banking is used more than any other channel and growing 20 percent a year.
On Oct. 17, Black Knight Inc. announced a collaboration with Homebot that promises to facilitate a mobile-centric, interactive solution helping real estate agents continuously engage their client base and maintain long-term relationships.
