*What’s Next For Mobile?*
**Trends To Watch**
***We at PROGRESS in Lending launched a free iPad app over a year ago. You can download the free app in the iTunes store today. We believe in this technology. But does it have mortgage applications? Here’s the scoop on mobile trends in the mortgage space today:
****When ordering services like an appraisal for example, mobile is already big. Brian Coester, Chief Executive Officer at appraisal company CoesterVMS believes that “there will be a big push to integrate services on the vendor side and service providers will offer mobile versions of their application to their customers. They will have their app where people can order services from it, check status of files and request updates etc. At the same time, I don’t think mobile integration will be as revolutionary as the mobile devices were for consumers. Mobile devices essentially replaced the need for a desktop computer in most cases. People no longer go to their desktop, they just have an iPad, and they function off of that because they can access their email, think of the gaming industry which the $.99 game has almost replaced the $69.99 game that used to go in your XBOX.
****“The integration with vendor services into a mobile is not going to replace full version and it is definitely not going to replace the full system. Everything is still going to be online and desktop. The add-on value of a mobile application would be just a “Lite” version of the full application. You do get some basic functionality from it, for instance, checking reports, collecting basic data, signing forms, and ordering basis services. However, there will not be anything more than that, and I don’t think that there ever will be. There are too many fields and elements.”
****Speaking of fields and elements, the keepers of those fields and elements is the loan origination system (LOS). And in 2012 we saw a lot of LOS systems incorporate mobile features. Kelli Himebaugh, Corporate Vice President, Mortgage Builder Software, says, “Mobile devices have already become an integral part of our personal lives and will continue to gain acceptance and popularity in the business world as technology companies recognize the need for mobility. In lending we have seen mobile devices start to come into their own for origination purposes and in field services. Loan officer and appraiser use will skyrocket in 2013, so mobile services will be as necessary as oxygen for the mortgage industry. The hardware arena is heating up with the addition of several new devices to compete with the iPad, and this will make things interesting.
****“As a technology provider, we see mobile devices as standard equipment right now, no longer a luxury option. We are making our software fully accessible to all kinds of mobile devices and see others following suit in 2013.”
****The bottom line according to Ankush Dham, director of technology products and services at ISGN, is that “consumers are increasingly using their mobile device to manage their lives on a daily basis, and mortgage lending and servicing is no exception. We anticipate this to be essential for mortgage lenders and servicers.”