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Mobile Origination Apps for LOs

Mobile technology isn’t only for bill-paying consumers. It’s also becoming more common among mortgage lenders, with vendors providing systems that use iPad applications to take mortgage loan applications and import loan data. Financial institutions have continued to aggressively expand into mobile banking with a stream of new applications.

Burlingame, California-based PGB Solutions Inc. has released an iPad version of its LenderMobile that allows borrowers to fill in, sign and submit loan applications and other mortgage forms directly from their iPads to lenders and brokers who utilize the LenderMobile solution. Mortgage bankers and brokers can reportedly originate from anywhere and no longer have to rely on websites.

The multi-tier LenderMobile solution consists of a web-based loan and document management platform and two free iPad apps for use by individual borrowers and loan agents. BorrowerMobile provides borrowers with a custom-branded iPad App.

LenderMobile+ provides mortgage agents with the luxury of collecting all borrowers’ information and signatures “on the go” using only their iPads.

All standard mortgage forms and custom company disclosures are available via the iPad App. The collected data and signatures can be transferred securely to and from their loan origination systems with a single click of a button from the App.

A “My User Profile” section allows users to provide company specific information to be used within form templates, according to PGB — a Mortgage Daily advertiser. These include broker and loan origination agreements, servicing and custom disclosure and privacy policy statements. And it includes the ability to download new forms as they become available.

Lending Solutions Inc. has introduced an enhancement to its online loan application system with the rollout of a new mobile-friendly application that contains all the functionality of LSI’s standard internet application while being optimized for smart phones including iPhones and all Android phones. The application features automatic recognition of browser types (mobile versus standard) and seamlessly opens the appropriate application.

The new enhanced mobile application is part of Elgin, Illinois-based LSI’s internet lending service which includes a dynamic online application with automated decision technology, as well as 24/7 human underwriters.

Mobile applications have been introduced by LendingQB as companions to its cloud-based, end-to-end LOS. The Costa Mesa, California-based company’s mobile apps are designed to enhance the loan closing process by keeping loan officers in constant contact with their loan origination system, according to Binh Dang, LendingQB’s managing partner, who said the apps “provide useful functionality that helps loan officers stay on top of their loans and foster better communication with their customers.”

Available for free on both Android-based smartphones and Apple’s iPhone, the mobile app from the provider of web browser-based mortgage loan origination technology and services 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. A video demonstration of the LendingQB mobile app can be found online at www.youtube.com.

Mobile computing, according to Linn Cook, marketing director at LendingQB, is no longer an experiment but has become a virtual necessity in the business world.

“We believe that mobile loan origination,” he says, “is going to transform the way that mortgage lenders do business.”

The growing use of mobile payments by consumers is shown by the results of a Federal Reserve Board survey that found that one-fifth of American consumers used their mobile phones to access their bank accounts, credit cards or other financial accounts in the 12 months ending last January. Persons between 18 and 29 years of age accounted for approximately 44 percent of mobile banking users. The survey was conducted on behalf of the Board by online consumer research firm Knowledge Networks.

This trend is reflected at banks.

For example, at Bank of America, according to its fourth quarter 2011 financial results, mobile banking customers increased 45 percent to 9 million in 2011.

U.S. Bank said its new iPhone application, Find US+, makes it easier to find branches and locations. When consumers point their device in a specific direction, the phone displays a computer-generated graphic for each location as well as the address and distance based on GPS location. When a branch or ATM is within sight, images captured through the camera like the U.S. Bank logo trigger other digital animation. A demonstration of the application is online at www.youtube.com.

Wells Fargo & Co., in January, made available for download from the Amazon Appstore for Android its new Wells Fargo Mobile banking app for Android. It enables Wells Fargo customers who use Android-powered smartphone and tablet devices to keep track of their finances while on the go. Wells has more than 7 million active consumer and small business customers that use Wells Fargo Mobile, according to the company.

Birmingham, Alabama-based ServisFirst Bank has launched a free mobile banking app for customers using iPhone and Android. The free mobile banking app allows current online banking clients to access any account information and perform all banking tasks straight from their mobile phones wherever they are and with the same elevated security provided by ServisFirst’s newly enhanced website.

And the Alexandria, Virginia-based National Credit Union Administration is making available to credit union members a free mobile application — CU Locator — that puts finding the nearest credit union location at consumers’ fingertips. It’s available for the iPhone, the iTouch and Android devices. The free app, which is available for download from iTunes or the Android Market, also allows users to connect with NCUA’s website, social media sites and subscribe to NCUA’s email alerts issued via NCUA Express.

The use of mobile payments and their impact on consumers will be the topic of a free, open-to-the-public Federal Trade Commission workshop on Thursday, April 26 at the FTC’s Satellite Building Conference Center, 601 New Jersey Ave., NW, Washington, D.C.

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