Sleepless Nights; Mobile Apps

There’s plenty of evidence to suggest that power naps can help busy information workers be more creative at work. I don’t know if that’s true, but I can tell you that the mobile apps are helping some lenders sleep better at night by helping ease their compliance burdens.

Mobile technology is white hot right now for every industry from global travel to ordering pizza. It’s becoming that way in the mortgage space as well, and just in time. Being better, faster and cheaper for the lender used to be the way the industry guaged a successful product. But these considerations already mean far less to federal regulators than meeting consumer expectations.

I quote Consumer Financial Protection Bureau director Richard Cordray in an article I recently penned for Mortgage Technology magazine and he says the same thing.

We believe that this is actually an opportunity for lenders, especially if they can take Director Cordray’s statements at face value. If the lion’s share of what it take to please the industry’s new regulator can be delivered by pleasing the home loan borrower, those lenders that put the borrower first will reap huge rewards.

We think a big step in that direction is providing good information earlier in the loan origination process, in the manner in which consumers want to receive it. Increasingly, that means mobile.

Find out more about what we’re doing with mobile on our website. And let me know what you’re doing in the mobile space in the comments below.

Keeping Up with the Mobile Jones

I sometimes think of competition like the radar gun game. As soon as a new radar detector comes out, lawmen get a new type of radar gun. The circle goes around and it never ends. That’s pretty much how competition goes in an industry with almost no customer loyalty; in mortgage lending, the circle revolves around falling interest rates. Now that rates have fallen below the 4% line, that’s probably going to change.

I recently penned an article for Mortgage Technology magazine. in which I talk about the way competition is heating up in our industry and about how some lenders are turning to mobile technology to keep up.

That’s a smart move because mobile apps increase customer satisfaction and they can even build brand loyalty. Find out more by checking out my article.

If you don’t already have a mobile app for providing closing costs at the POS, you’re in danger of being left behind. Don’t let the competition pass you now or you may not get a chance to catch up.

Find out more about what we’re doing with mobile on our website. And let me know what you’re doing in the mobile space in the comments below.