Fannie Mae's Director of Business Strategy and Economic Strategic Research Steve Deggendorf recently shared research findings on how mortgage lenders view the role that mobile technology should play in the industry, versus consumers’ expectations for the same. In a post on Fannie Mae’s site, Deggendorf observed:
"The lower priority that lenders are placing on mobile channels, and the differences in lender and consumer views on mobile tool functionality, could place lenders at risk of not meeting consumer demand or encouraging new entrants to address this growing demand at the expense of existing firms. Getting the right mix of traditional (person-to-person),online, and mobile channels and tools may be a key to future success."
The MReport, a publication that delivers news and strategies for the evolving mortgage market, dug into Deggendorf’s commentary and turned to mortgage technology leaders like Snapdocs CEO Aaron King for additional perspective. In The MReport’s story, “Mobile Mortgage Lending: The Next Big Thing,” King agrees with Deggendorf and expands on his observations. From the article:
Snapdocs is another company that offers mobile options to consumers through secure document transfer on an encrypted technology platform that connects and updates all involved in a real estate transaction via email or text message throughout the mortgage closing process.
"Many industries are already capitalizing on the fact that consumers are ever-connected via their smartphones and tablets, but mobile is a mostly untapped opportunity for the mortgage industry. Today's consumers expect ease and accessibility in every facet of their daily lives, so meeting consumer demands for mobile interactions is critical, as Fannie May emphasizes, said Aaron King, founder and CEO of Snapdocs in an MReport interview. "The thirst for face-to-face contact revealed by the research, however, should also be duly noted. Referrals are the lifeblood of the mortgage industry, and a positive experience at the closing table is critical for leaving a good impression. Mobile closings–or out-of-office closings by a notary–are multiplying, and they have many moving parts.
He added, "Mortgage companies that embrace modern technology will have a significant advantage over those who take a 'wait and see' approach. In nearly every industry, the company who leads in consumer experience has the lead over competitors."
Technology can help lenders and title companies gain control of the mobile closing process to shape consumer experience. Snapdocs’ real-time marketplace of over 60,000 notary vendors ranks notaries based on nearly a dozen factors, including qualifications and user reviews, so lenders can ensure that the face that consumers meet at the out-of-office closing table represents them well.
Smartly-designed technology can also minimize concerns about implementing mobile offerings cited by lenders in Fannie Mae’s research – “high cost of IT investment,” “information security risks” and “compliance issues.” Snapdocs, for example, offers secure document transfer through an encrypted technology platform that connects and updates all involved in a real estate transaction via email or text message throughout the mortgage closing process. There’s no upfront investment, as user pricing is pay-as-you-go, and Snapdocs’ white-label branding option allows users to utilize the platform under the umbrella of their own company brand. According to Fannie Mae's Mortgage Lender Sentiment Survey, 40 percent of lenders plan to offer a mobile application in the next year; Snapdocs’ pay model and white-label branding option makes it easy for any lender or title company to step into the Mobile Century.
Snapdocs is transforming the businesses of mortgage lenders and title insurance companies through technology. Learn more at www.snapdocs.com.