Smartphones transforming mortgage app process
At this point, any bank's mobile service line-up will seem incomplete if they do not offer a way for customers to deposit checks using the camera on their smartphones, and the concept has been extended to the retail mortgage realm.
Btn notes that the popularity of mobile deposit "is paving the way for the same principle and technology to infiltrate mortgage lending, where image capture of mortgage documents could facilitate information transfer and speed processing."
Kofax is out of the gate early with its Mobile Capture for Mortgage app, which "allows lenders, brokers and borrowers to use the cameras in smartphones and tablets to capture and extract information from supporting documents and deliver that information directly to the appropriate loan processes," according to Btn.
So are we close to the day when mobile-based mortgage processing will speed up the process?
At this point, the desire is there, but the biggest banks are still reeling from the mortgage meltdown and their processing chain still functions rather slowly. Mobile processes might make some incremental speed improvements, but the problems with back-up processing work are pretty immense right now and it would be shocking to think that shifting to mobile will fix all the procedural problems.
With that said, at some point, banks will hone their processes to the point where new technology will be able to significantly reduce the time it takes to process a mortgage app. Mobile technology will eventually play into that--hopefully soon.
- here's the article
CFPB simplifying mortgage app forms