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LenderMobile Launches BorrowerMobile iPad® App
As demand from lenders heats up for mobile technology to communicate with borrowers, the BorrowerMobile iPad® app provides borrowers loan status, rates and more
BURLINGAME, CA — October 22, 2012 — LenderMobile, a provider of mobile mortgage loan applications for iPad® computers, has launched BorrowerMobile – a borrower-facing app allowing borrowers to communicate directly from their iPad with their mortgage lender to check loan status and mortgage rates, among other information available. BorrowerMobile complements the company’s loan-officer facing LenderMobile+ iPad app that lets borrows fill in a 1003 mortgage application from their iPad and electronically sign the loan application directly on the iPad screen. The same features are available on BorrowerMobile.
The BorrowerMobile app includes customizable features requested by lenders to give borrowers more on-demand mortgage information right on their iPad screens. With BorrowerMobile, lenders can provide borrowers with the ability to check loan status via their iPad tablet and can feed daily loan rates directly into the app to inform borrowers. The app also includes a rate alert feature that lenders can set up for borrowers, letting them know on the iPad when rates hit their desired target.
Mortgage companies using LenderMobile’s technology give borrowers the ability to communicate more easily with them from their iPads. With integrations to major loan origination system providers, as well as credit report, loan rate, appraisal and other vendors, LenderMobile can easily augment both the point of sale and loan process functionalities into a highly integrated mobile app.
By using the BorrowerMobile app, borrowers can apply for a mortgage on their iPad using a prequalification form or the full 1003 application. Lenders also gain more exposure and branding at the online Apple Store where private-label BorrowMobile apps can be downloaded for no charge. A monthly subscription is required for lenders using BorrowMobile or LenderMobile+ to order services from third-party vendors and submit loan documents to their LOS. The subscription is available on www.LenderMobile.com.
“The latest trend has been to make the loan process more transparent while giving borrowers more power to check their loan status directly without having to go through a loan officer for an update,” said Lovina Worick, vice president of business development at LenderMobile. “The BorrowerMobile app enables a lender to provide loan status using any or all of their requirements on what to show and what not to show to the borrower.”
Worick said, “We see the value here. 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. The sky is the limit when it comes to designing an app for customer needs. The nature of mobile technology lends itself to customized solutions. We’ve gotten requests to provide rates, rate alerts, loan status, prequalification forms, mortgage calculators, disclosure forms—everything.”
BorrowerMobile and LenderMobile+ iPad apps use cloud computing technology to bring mortgage origination capabilities to the screen of any iPad user who has downloaded the mobile application. The mobile apps, besides being able to integrate with other systems, such as an LOS or vendors, can create custom forms that feed data to and from the 1003 application, including disclosures of any type.
About LenderMobile
LenderMobile is a provider of mobile mortgage loan applications for iPad computers. Its flagship iPad application, LenderMobile+, allows originators and end-users to complete, sign, prequalify and submit mortgage loan applications and other mortgage forms. The app securely transfers signed mortgage documents from an iPad to a lender’s LOS software and imaging system, and enables loan agents to place orders for third-party vendor services and receive results on their iPad. LenderMobile, based in Burlingame, California, is part of PGB Solutions, a technology consultant and developer of custom software and technology products and services for the mortgage industry. The company was founded in 2011 and can be found on the Internet at www.LenderMobile.com.