Since the introduction of the first iPad in 2010 — and the tablet craze that's ensued ever since — the idea that loan officers and brokers could one day have the ability to take mortgage applications with mobile technology has been a concept that's held much promise. But it's also mired in a belief that widespread use of tablets is a distant evolution for an industry that's notoriously slow at adopting new innovations.
Now, on the heels of the much-anticipated release of Apple's third-generated iPad, an Austin, Texas-based mortgage technology upstart believes the impending launch of its iPad application will be the catalyst for tablet adoption by loan originators.
The MobileLO iPad app is a point of sale application that allows loan officers and brokers to enter the data fields of a Uniform Residential Loan Application (Form 1003), generate a Good Faith Estimate and other federal and state-specific disclosure documents, pull the applicant's credit report and collect electronic signatures.
The app's developer, On The Go Technology, submitted the app for approval and expects it to hit the Apple App Store next week, according to the company's owner, Andrew WeissMalik. With the free app download and registration, users can generate the Form 1003 and export the information in a Fannie Mae 3.2 data file.
"We want market share. It's not about squeezing every dime we can out of every originator out there," WeissMalik said. "We want the app of the future and right now, we're giving it away."
