Mortgage Daily Logo

Mortgage Apps Use AI, Crowd Sourcing Other Tech

Mortgage News

Mobile applications for banks and mortgage companies have ascended to new heights thanks to other technologies like crowd sourcing, digital concierge services and artificial intelligence. Lots of recent mobile research has been published.

Mobile Research
Earlier this year, the Federal Trade Commission issued a report recommending that phone manufacturers do more to provide security updates faster. They should also communicate how long they will provide support for the devices.

The FTC determined its findings from information provided by eight mobile device manufacturers including Apple Inc., Google Inc. and Samsung Electronics America.

A survey of 500 consumers and more than 350 sales people by Ellie Mae Inc. found that while texting to customers can be useful, sales efforts can also be hurt by the wrong texting. Among the wrong reasons to text clients are sales promotions or special programs, wishing them a happy birthday, or just texting to say ‘hello.’

Ellie also found that as text communication rises, email communication diminishes.

Ellie’s findings were revealed just a few days after it announced a redesigned SMS texting functionality for its Velocify LeadManager. That service promises to help ensure sent texts are highly relevant, reach the right person and arrive at the right time. The bulk message feature for promotional messages seems to contradict Ellie’s survey findings.

Mobile Mortgage Applications
Digital Mortgage Experience was launched in April by Bank of America Corp. to guide prospective borrowers through the origination process. According to the Charlotte, North Carolina-based firm, customers applying for a mortgage through the app will have many of the fields auto-populated.

A mobile operating system is being developed for loan originators by Movement Mortgage LLC through a crowd sourcing campaign, a June 14 statement said. Fort Mill, South Carolina-based Movement noted that 10 diverse technology firms were invited to participate in the eight-week project. The competitors presented prototypes at a event held last month. A spokesman said the judges’ decision will be announced next week.

Movement reported $13 billion in 2017 production and projects about the same level of originations for this year.

Also utilizing crowd sourcing is CMG Financial, which said its recently launched its HomeFundMe mobile application enables users to share updates and post pictures and videos from their phones, making down payment crowd funding more accessible and easier. CMG says that since it October 2017 launch, the program has generated more than $750,000 in down payment help.

A recent announcement from Mr. Cooper, the operating unit of Nationstar Mortgage Holdings Inc., unveiled its new mobile application, Home Intelligence. The app reportedly provides customers with insight into their  home’s value and the local market, promotes debt consolidation cashout loans and discusses how to payoff loans early.

“Mr. Cooper is excited to offer an industry-first digital solution that puts the home, rather than the loan, at the center and helps homeowners better understand how to use their home as an asset to strengthen their personal balance sheets,” Nationstar Chairman and Chief Executive Officer Jay Bray said in the statement. “The new Mr. Cooper with Home Intelligence app is more than just a new mobile experience; it is a game changer for homeowners looking to get out of high-cost debt.”

Nationstar’s mobile app reportedly saw thousands of positive reviews during its first month. But an article from Thinknum Media questioned whether the reviews were organically generated.

“It’s unclear whether the mortgage services provider paid for the recent flurry of positive app reviews — the company couldn’t be reached for comment for this story — but the upward trend seems to suggest so,” the story states.

A mobile platform launched earlier this year by Caliber Home Loans Inc. is targeted at three user groups: borrowers, Caliber sales people and business associates. Caliber said one of three apps will provide real estate agents and builder sales agents with real-time statuses.

Loan servicer BSI Financial Services recently released a new mortgage app for borrowers to manage their accounts.

A $2 million round of seed capital financing was secured earlier this year by Streamloan. The San Francisco-based firm noted that while in-house mobile platforms are too complicated, costly and time consuming for all but the largest lenders — it’s technology will provide a white-label solution that can be up and running within 30 days.

Mobile Banking Applications
A survey of 2,000 U.S. consumers by Citigroup Inc. found that mobile banking applications were the most-used app with a 31 percent share. Banking apps only lagged social media (55 percent) and weather (33 percent) applications. The survey looked at participants’ two top-ranked responses.

Citi, which says its own customers’ mobile usage in North America soared 25 percent over the past year, said industry-wide mobile usage increased over the past year among 46 percent of those surveyed.

Wells Fargo & Co. said earlier this year that its mobile banking deposit process has been improved by a predictive banking feature. The technology gives customers a heads up about potential upcoming actions to their accounts.

Canada’s TD Bank Group, which is the parent of U.S. subsidiary TD Bank, said last month that it has added a mortgage concierge service to its mobile application.

Related Posts

NewDay USA CEO Rob Posner Expects 10% Increase in 2019 Mortgage Loan Volume

There is No Such Thing as a Free House …

Over the past several years, those who service loans in the State of Washington(1) have seen a dramatic rise in the number of lawsuits in which delinquent borrowers seek to quiet title to their homes on the grounds that lenders are barred from foreclosing based on...

NewDay USA CEO Rob Posner Expects 10% Increase in 2019 Mortgage Loan Volume

Mortgage Servicer Portfolios

servicing news | mortgages outstanding statistics | foreclosure news   Servicing Portfolios as of 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 Residential Servicing Portfolios by Servicer Last Updated December 14, 2018...

NewDay USA CEO Rob Posner Expects 10% Increase in 2019 Mortgage Loan Volume

Fannie Mae Profile

Last Updated December 27, 2018 7:38 PM Central   full list | other directories | bank search | SEC filings | execs | m&a | production   Government Takes Over Fannie, Freddie Sept. 8, 2008 The government has seized control of Fannie Mae and Freddie Mac. The move --...

NewDay USA CEO Rob Posner Expects 10% Increase in 2019 Mortgage Loan Volume

Freddie Mac Profile

Government Takes Over Fannie, Freddie Sept. 8, 2008 The government has seized control of Fannie Mae and Freddie Mac. The move -- which is likely to push mortgage rates lower and provide a sense of stability for the more than 10,000 employees at both companies -- is a...

Popular posts

How Long Does It Take to Refinance a Mortgage
How Long Does It Take to Refinance a Mortgage

So, you’re interested in refinancing your mortgage. Maybe you want some extra capital to do that home project you’ve always dreamed of, interest rates are nearing record lows, or you want to start consolidating debt. Regardless of the motivation behind the refinance,...

How Does Refinancing a Mortgage Work
How Does Refinancing a Mortgage Work

A home purchase is considered an investment, and a robust one at that. Savvy owners are constantly looking for new ways to reduce debt, save money, pay less in interest, and ultimately build equity. Refinancing is one way to leverage your investment and do just that....

What Does It Mean to Refinance Your Home
What Does It Mean to Refinance Your Home

You can think of refinancing your mortgage as a debt redo. Essentially, you’ll swap out the existing loan for a new one - ideally with better terms and conditions. Only this time it could help you save money on high mortgage payments, rather than just borrow it....

Setting up the Utilities in My New House
Setting up the Utilities in My New House

All the tedious, time-consuming home closing documents have been signed, sealed, and delivered. Your belongings are packed into what seems like a million boxes and you have a solid plan to haul all your existing furniture to the new place. Just as your boxes and...

When Is My First Mortgage Payment Due?
When Is My First Mortgage Payment Due?

Navigating your way through a brand new mortgage loan can be a difficult task, especially for first time homeowners. After handing over a large sum of money for the down payment and closing costs, it’s important to pay attention to the timing of your first mortgage...

Newsletter

Don’t worry, we don’t spam