Loan officers now have flexible options for working with mortgage borrowers who are on the go
The upward trend in consumer’s mobile usage is not subsiding anytime soon. As of a 2015 Pew Research Center study, 68% of adults in the US owned a smartphone (up from just 35% in 2011). Furthermore, the usage of mobile to conduct business transactions is steadily increasing. Of those adult smartphone users, 53% of those with bank accounts utilized mobile banking. These trends are carrying over to the mortgage industry and it’s consumers as well.
When we break down the most common steps a borrower goes through when purchasing a home, it’s clear that more and more of those pieces are moving online, and some are already taking shape as mobile apps. So, which pieces of the mortgage puzzle are borrowers already leveraging digital services for that are either already on mobile or destined to become mobile?
- Property Search: More and more borrowers are beginning their buying journey with an online or mobile app property search. Zillow, Trulia, and others have dedicated mobile apps.
- Online Loan Application: The full 1003 loan application can be quite daunting, particularly in paper form. On-the-go borrowers want the convenience of a digital loan app, and loan officers are also using them for lead generation.
- Secure Document Upload Portal: For busy borrowers, it can be a trial to acquire and submit paper documentation, and emailing personal information is not secure. A secure document portal provides an easy to access method for document submission, as well as giving easy to follow prompts.
- Notifications: Borrowers want to know what’s happening with their loan, and digitally inclined consumers are now choosing to use text-based communications by preference. SMS, push, and email notifications are all mobile optimized and fast.
- eSignature: Ease and convenience to sign loan docs and disclosures from anywhere a borrower has a computer or smart device.
Introducing the Floify mobile mortgage app
As shown above, it’s become apparent in the mortgage industry that borrowers are shifting their expectations to now expect the services they interact with to have an online – or better yet, mobile – presence.
With the release of Floify’s mobile mortgage app, the focus has been placed squarely on giving lenders the tools they need to work with an on-the-go borrower. This mobile mortgage app combines with Floify’s web-based experience to allow borrowers the convenience of choosing how to interact with the mortgage process.
Whether your borrower uploads their bank statements via the web-based document portal, or via their smartphone camera through the Floify mobile mortgage app, all documents and milestones remain centralized and accessible from either platform, in real-time.
Want to learn more? Check out our mobile mortgage app solution, or request a demo from one of our experts.