Mortgage Firms Keep Up With Mobile Adoption

A survey conducted on behalf of the American Bankers Association indicated that more than a quarter of consumers
use their mobile devices most often to conduct their banking business.

For users between 18 and 29 years old, 46 percent
use mobile banking the most. The higher usage reflects millennials who have largely grown up constantly using a smartphone.

“Since the first smartphone changed the world 10 years ago, banks have leveraged mobile technology to take customer account access and convenience to the next level,” Nessa Feddis, ABA’s senior vice president and deputy chief counsel for consumer protection and payments, said in the report.

Another survey, from TokBox, indicated that the adoption of live video has dovetailed with the proliferation of mobile devices. The survey found that
37 percent of consumers have used, or are likely to utilize, live video to speak with a banking or sales advisor about purchasing a financial product such as a loan or mortgage.

Stearns Lending LLC unveiled on Sept. 18 Stearns Digital, a digital platform empowering customers in the home loan application process. The platform enables application submission through a mobile device.

Santa Ana, California-based Stearns
noted that customers and loan originators receive pop up notifications on their phone as the loan process progresses.

Also on Sept. 18, Mortgage Guaranty Insurance Corp. announced enhancements to its rate quote tools, including the iOS and Android mobile apps.

MGIC’s iOS mobile application is called “MGIC MI.” It reportedly
displays a clean layout with intuitive features. It also houses M.I.-related tools and easy access to frequently-used resources.

In Costa Mesa, California, LendingQB said last week that its
loan origination system has been integrated with StreamLoan. The integration with the point-of-sale technology is reportedly the first-of-its-kind between an LOS and a POS.