The mortgage lending market is updating the way it does business. Primarily a person-to-person industry, mortgage lenders typically meet with customers directly to offer a variety of packages suitable for their clients. With the influx of mobile users in the past decade, however, the big players in this business are readying to go mobile.
According to the Pew Research Center, about 90% of U.S. adults carry a cellphone. In addition, the report shows that 58% of Americans carry a smartphone, 42% own a tablet, and 32% have an e-reader. These numbers show that, in this nation alone, owning a mobile device has become a standard. Mortgage lending corporations have begun to roll out marketing campaigns based on these numbers, creating mobile apps and kiosks to change the way they have historically addressed their clientele.
In Wisconsin, a company called Waterstone Mortgage has been one of these pioneers. They have developed a digital platform entitled Mortgage Agility, which allows potential borrowers to apply for loans using their smartphones. The app features the ability to take pictures of the potential clients’ documents, thereby speeding up the approval process. Waterstone’s offices in Florida have started to employ Mortgage Agility, and they are already seeing great results: not only are customers’ information collected in an orderly fashion, but they are able to move into a closing position with greater speed and ease.
Another digital platform, called Apex, has been unveiled by FBC Mortgage LLC. This technology comes to customers as a kiosk located at FBC Mortgage storefronts. Apex allows potential borrowers to streamline the approval process, allowing clients to determine if they are eligible for a loan in less than ten minutes. The technology then sends a correspondence letter to the individual immediately after the pre-approval process.
It is true that the mortgage lending industry has a history of doing business the old-fashioned way. When it comes to loans, it is important that all of a customer’s information is protected and handled with care. But the face-to-face practice of lending requires a great deal of a given client’s time (as well as the lender’s time). Nowadays, Americans use mobile technologies for anything from online purchases and video games, to text messaging and information gathering – and the mortgage lending industry must not lose sight of this. By developing strategies for the lending market that incorporate a mobile user’s smartphone (or an appropriate digital platform), their customers will appreciate the ease-of-use and expediency of mobile technologies.