Wednesday, September 19, 2012

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.

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