App opens a pivotal avenue for lenders to capture more market share
With every passing year, consumers rely even more on portable mobile devices for their personal and business activities — this includes obtaining a mortgage. Millennials in particular expect to handle every step of the process on a phone or tablet, from starting the origination process to checking status, eSigning documents and completing the closing process. DocMagic’s BorrowerMobile app satisfies every aspect of this expectation.
Because BorrowerMobile integrates with DocMagic’s single-source, comprehensive Total eClose solution, it revolutionizes the lender’s eClosing process into a seamless, sophisticated and easy digital mortgage experience for not only the borrower, but also the lender and closing agents. Lenders who use BorrowerMobile gain efficiences, exceed borrower expectations for collaboration and communication and ultimately open a pivotal avenue for capturing more market share.
“At DocMagic, we identified a critical mass of issues and challenges that occur around lender-borrower communication and extend into virtually every aspect of the mortgage process,” said Dominic Iannitti, president and CEO. “BorrowerMobile provides lenders with a way to avoid potentially costly challenges and delays while delighting the borrower at the same time.”
BorrowerMobile provides the missing link that not only connects lenders and closing agents with borrowers for real-time secure communication and updates, but also enables borrowers to use their mobile devices to fulfill their part of an end-to-end, 100% paperless, fully electronic mortgage.
It also answers the consistently growing consumer demand for a mortgage process that can be completed entirely on a portable mobile device. BorrowerMobile gives lenders a competitive advantage by aligning the entire mortgage process with borrowers’ typical app-centric buying experiences; creating a more secure, efficient process; and providing much needed transparency for all parties — the borrower, lender and closing agents.
BorrowerMobile’s seamless connectivity allows lenders and closing agents to communicate loan conditions immediately through a secure central location, giving borrowers a real-time “to do” list with complete visibility. As borrowers satisfy conditions through BorrowerMobile, the application instantly updates the lender and closing agent.
Borrowers get the efficiency and convenience of tracking the real-time status of their mortgages, getting estimated target dates and accessing expanded milestone descriptions and specific loan information at any time, without ever having to initiate a phone call, text message or email.
In addition to enhancing efficiency, BorrowerMobile makes compliance easier by providing a completely secure environment for transmitting documents and data, thus protecting data integrity and reducing errors and oversights.
“BorrowerMobile helps lenders reach a larger market by fulfilling the demands of the growing number of consumers — many of them Millennials — who expect to use mobile devices to transact personal and business activities,” Iannitti said.