Friday, January 27, 2012
New LOS Goes Mobile
We've been watching closely to see what tools will emerge and, more importantly, how quickly they will be adopted by people working here.
REO Allegiance is one company that has moved forward on a number of mobile apps. It makes sense for them as they run property preservation crews across the country and it's more convenient for some of them to file reports and send in pictures from their smart phones or tablets. This spring a prominent trade journalist will work in the field with some of the company's contractors to see how the apps work.
Another company that recently ventured into the mobile space is LendingQB, formerly known in our industry as the PPE provider PriceMyLoan. Earlier this month, the company release a number of apps the company says are designed to enhance the loan closing process by keeping loan officers in constant contact with their loan origination system.
“Mobile applications need to be more than a gimmick,” said Binh Dang, LendingQB’s managing partner. “The LendingQB mobile apps provide useful functionality that helps loan officers stay on top of their loans and foster better communication with their customers.”
A spokesperson for the company says at least one mortgage lender is already using the apps in a production environment.
The apps are available for free on both Android-based smartphones and Apple’s iPhone, the LendingQB mobile app is linked directly to the full LendingQB mortgage loan origination system and provides mortgage professionals with the ability to view real-time status updates of loans in their pipeline, as well as track when loan milestones have been achieved.
The LendingQB mobile app also includes a loan pre-qualification and pricing tool that is linked to LendingQB’s built-in automated underwriting engine, PriceMyLoan. Users can enter in loan scenarios and instantly view eligibility and real-time pricing results. Loan scenarios can be saved for quick access at a later time.
“Our mobile apps are designed to leverage the best features of our full loan origination system, but in a way that makes sense,” said Linn Cook, marketing director at LendingQB. “Providing loan officers a snap shot of their loan pipeline not only keeps them informed, but it cuts down on the amount of calls that loan processors and underwriters have to field. Additionally, using a smartphone to get instant quotes on loan eligibility and pricing lets loan officers make a powerful impression on prospects and generate more leads.”
Getting workers here to adopt new technology has never been easy, just ask any lender trying to get eMortgage adoption. But mobile technology isn't about putting a new green screen monitor on a worker's desk, it's about adding functionality to a tool they've already adopted. If we've learned anything from Angry Birds, it's that if you make even the most mundane functionality easy enough, millions will adopt.