Apple unveiled its second-generation iPad tablet last week. As many expected, the iPad 2 includes both a rear and forward-facing camera, the later of which is intended for users to video chat. Other features include a new dual core processor that produces computing speeds up to two times faster and graphics processing up to nine times faster than its predecessor.
Apple says its new A5 chip is the first dual core processor for a tablet to ship in large volumes. In addition, the iPad 2 is 33% thinner than the original model, from 13.4 mm to 8.8 mm—that’s thinner than Apple’s iPhone 4. And despite the smaller profile, the iPad 2 still boasts a battery life comparable to its predecessor, up to 10 hours of usage. Apple sold 15 million iPads from the device’s initial launch in April through the end of 2010 and the device has spurred other developers to bring their own tablet devices to market.
The March edition of Mortgage Technology magazine will be hitting readers’ mailboxes in the next few days. The cover story is an in-depth look at the future of mobile mortgage technology, examining how different sectors of the industry are already using mobile technology and what possibilities exist for future adoption.
With the iPad 2 hitting retail stores on Friday, Mortgage Technology magazine asked industry players what they think about the new device, both from a professional and personal perspective.
Michael O'Connell, VP sales, Nationwide Title Clearing:
“If I can get someone to give me $300 for my old iPad, I’m going straight out to buy the new one. I love it! It’s great on a plane. For games or for e-mail, it can’t be beaten. It’s the best tool. It’s very easy and quite versatile. I’m very excited by the idea of front and rear facing cameras. I have family overseas and use Skype often, so that’s just great.”
Mark Linne, executive vice president, AppraisalWorld:
“The new iPad's faster speeds are only going to make it easier for mobile professionals, many of whom work our industry, to conduct business offsite, or from field locations. While the real estate industry has started embracing tablet computers like the iPad, the appraisal segment is still lagging behind a bit. As yet, there hasn't been much of a concrete impact on our industry because there aren't many industry-specific solutions available for tablet computers like the iPad.
“However, the level of convenience and efficiency that results from the iPad's portability has opened a huge gateway for our industry, in particular for the appraisal segment, which spends a significant portion of working hours away from a desk location. This access will enable greater efficiency and ability to provide higher service levels to lenders. Because of this, we can expect to see technologies and processes moving more toward hyper-portable solutions like the iPad in the coming years.”
Chris Fuelling, CEO, The Loan Post:
“iPads work well for doing mobile demonstrations of TheModPost product on the fly either at trade shows or during an onsite office visit. Secondly, the iPhone and iPad app world has been a great hit for one client of mine that released a do-it-yourself loan modification app. Now homeowners can download an app that will let them do their own HAMP compliant loan mod quick and easy.”
Haroon Khalid, chief developer, Coester Appraisal Group:
“The iPad gives professionals a lot of portable functionality, just as smartphones do, and that portability is a huge factor for industries like ours—in particular, for the appraisal segment. That said, there isn't a big difference in business functionality in the second generation iPad than there was in the first generation—at least not as far as the appraisal industry is concerned.
“There's no denying the ubiquitousness and increasing usage of portable devices. More people are accessing the Internet through mobile devices than they are from their home or office computers. Verizon just announced that it sold over one million iPhones during the weekend launch. The key for our industry isn't in the iPad's new whistles and bells. It's in the device's anywhere access.
“At Coester, we have a mobile application for ordering appraisals in development and I anticipate that a lot of companies in our industry are going to follow our lead. Whether or not the rest of the appraisal industry recognizes it, there is a very real demand for software that can run appraisal applications for these new hot-selling mobile devices.”
Derrick A. Logan, director of business development, REO Allegiance:
“I’m excited about this. I already have one iPad and I love it. It's a good tool. I'll certainly consider buying the new one."
Bruce Backer, president, LoanSifter:
“Technology-savvy originators have depended on smartphones to access their Web-based mortgage applications, AVMs, product and pricing engines, online 1003s, etc., due to the prohibitive size and weight of laptops. The iPad 2 delivers a lightning fast processor and large display in a lightweight package, allowing smartphone users to migrate to the iPad for their mortgage applications while retaining the convenience of a small device. I wouldn't be surprised if the attractiveness of this offering doesn't triple the number of mortgage professionals looking to purchase an iPad 2 to access their Web-based tools.”
Rene Rodriguez, CEO, MortgageDashboard:
“Is it better…yes. It’s thinner, faster, lighter and has two cameras…but so what? Does it help me work better, be more productive…I don’t think so. If I didn’t have one already I would buy it instantly but I have the old one and it still works great. So is it worth dumping the one I have for it…no. I need to see a significant value increase for me to dump the old, but I am very open to being proven wrong. In fact, I hope someone does so I have an excuse to go and get one.”
Ravi Ramanathan, CEO, DecisionReady:
“First we just purchased a number of additional tablets to fully explore their potential and use an iPad today for sales and marketing. We know, as with new technology that gains adoption—YouTube, Facebook, Twitter, smartphones with location based services, tablets—will have an impact. Tablets make the customer more reachable and can transform traditional customer outreach attempts by enriching the communications.
“Additionally the servicer has the unique opportunity to transform their interactions with ‘feet on the street’ entities such as property inspectors, face to face interviewers, real estate agents and valuation professionals. Just as digital cameras had a big impact, so will tablets with those that embrace them.”
Griff Straw, president, Solidifi U.S.:
"The iPad is already showing its potential as a powerful and highly portable device for appraisers in the field. We encourage our appraisers to use available technology and we expect to see even greater adoption with the improvements of iPad 2. These devices have become part of our business culture very rapidly, executives included.”
