Market Analysis: Combining Mobile Technology And Social Media

*Combining Social Media And Mobile Technology*
**By Tony Garritano**

***We talk a lot about mobile technology. PROGRESS in Lending Association has a fre iPad app that you can download right now. We believe in this technology. We also support the use of social media. Our company is active on Twitter and I’m on both LinkedIn and Facebook. But how do these technologies play in the mortgage space for lenders? Technology providers like LenderMobile, a provider of mobile mortgage loan applications for iPad computers, has made advances in this area and recently launched several new features for its LenderMobile+ flagship application in response to user feedback, including a new Social Invite feature enabling loan agents to invite Realtors or borrowers who also are using the iPad app to start a loan transaction in real-time. This new feature creates a powerful lead generation tool for loan originators. Here’s the story:

****Other new features just introduced include new loan prequalification tools, such as payment information, front- and back-end ratios and loan-to-value ratios (LTV) for the Form 1003, Uniform Residential Loan Application–information a loan originator needs to make a prequalification decision. The LenderMobile+ app now provides pipeline reporting from the loan agent’s loan origination system (LOS), a good faith estimate and mortgage calculators.

****Loan originators now can invite a Realtor partner or a borrower to connect directly with them via their iPads to start a new loan transaction. On their iPads, Realtors and borrowers can request loan prequalification forms and submit them to originators to start the process.

****The LenderMobile+ app also has the ability to generate prequalification data based on information entered on the 1003 application, such as the loan amount, target rate, income and expenses. From this data, the app will show critical prequalification information, including the monthly mortgage payment (principle and interest) and front-end and back-end ratios. The iPad app’s new mortgage calculators allow originators to easily enter different borrower scenarios to generate new mortgage amortization or payment information.

****With the iPad app, loan agent users can also retrieve pipeline information for loans from their LOS, including loan status, conditions and notes from the loan file.

****“Based on our users’ feedback, we realized the need to expand our LenderMobile+ app to borrowers, who will ultimately decide how they wish to transact the loan process online,“ said Lovina Worick, vice president of business development at LenderMobile. “Our new iPad app features provide loan officers all the tools for on-the-fly prequalification calculations. Before our iPad app upgrade, they had to use a separate device to run different loan scenarios for the borrower. Now all this can be done from their iPads. This is especially helpful for loan officers who do business face to face. While in front of the borrower, they can take the application, get signed disclosures and run prequalification scenarios without needing a laptop, scanner, printer or fax machine.”

****The LenderMobile+ iPad app uses cloud computing technology to bring mortgage origination capabilities to the screen of any iPad user who has downloaded the mobile application. Borrowers can electronically sign the loan application directly on the iPad. Loan agents also can order vendor services from their iPads, such as credit reports and review them in real-time with borrowers.

****The LenderMobile+ application can be downloaded at no charge from the online Apple App store. A monthly subscription is required for loan originators using the LenderMobile+ app to order services from third-party vendors and submit mortgage loan documents to their LOS. The subscription is available on www.LenderMobile.com.

Tony Garritano
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.