A new application for the iPad promises to help mortgage-issuing credit unions further speed up and streamline the origination process.
The new features are an upgrade to LenderMobile+, the existing application offered by LenderMobile, a lending technology company headquartered in Burlingame, Calif.
A new imaging feature lets loan originators and borrowers take photos of documents with the iPad camera and add the images to loan files through cloud computing technology, the company said. Another feature lets users add notes to a loan file directly from their iPad.
The new feature will allow loan originators to take photos of key documents such as W-2 forms, tax returns, pay stubs and drivers licenses from anywhere and then add the image to the borrower's loan application on the CU's loan origination system. The new feature also allows loan originators to cancel an image and re-take it if they don't like the first one.
Once added to a loan file on an iPad, the document photos in the LenderMobile+ app are then validated and processed in the LenderMobile computing cloud and can be sent to a lender’s LOS. With the app’s photo feature there is no need to scan, email or fax documents, the company noted.
“We're making our iPad app more useful to users when originating mortgages,” said Iavor Boyanov, chief technology officer and co-founder of LenderMobile. “The new document photo feature is great for loan agents on the go who need copies of borrower loan information quickly to avoid any processing delays. And more and more loan agents requested the ability to write and add notes for particular loan files from their iPads, and we delivered."