Sending the Home Loan App Back to School
The 1003 gets a lesson in user experience
We’re pleased to introduce you to the Approved Home Loan App. It’s simply the most beautiful and easy-to-complete loan application you can get, and it’s available now as part of the Approved Digital Mortgage Platform.
Aren’t there already a thousand loan apps out there?
The humble 1003.
The Universal Residential Loan Application (URLA).
…An overwhelming PITA.
Call it what you will, it was developed over 20 years ago by Fannie Mae and Freddie Mac — and it hasn’t changed much since.
The 1003 has all the charm of a used car salesman and despite its relatively simple appearance — has over 14,000 different ways of filling it out. That’s because this is the “universal” loan application after all; supporting every loan program, purpose, and borrower combination that exists.
Filling out this loan application is unnecessarily time-consuming for borrowers and lenders, often resulting in catastrophic errors…which just happens to be one of the single biggest sources of buyback risk for lenders.
It’s time we made the home loan application process a little more collegiate.
The Approved Home Loan App
We crafted the Approved Home Loan App to guide the user through the process like a seasoned vet…but kept it friendly enough to help a borrower complete it with an iPad at 2am in the morning from their couch.
Beautiful on Mobile and Desktop: Our app is mobile friendly and doesn’t require a download for your borrowers. As a mortgage pro, you can also access and manage borrower applications from your mobile-enabled dashboard. This is important, because if you don’t have a mobile app experience, you’re missing out on over half of the borrowers applying for mortgages.
Real-time: We designed the Approved Home Loan App to be as frictionless as possible for borrowers. But if your clients want a little help — you can collaborate with them in real-time from your own dashboard and they’ll see your changes as you type. Want to take an application with the borrower over the phone? No problem. Want to fill it out with them in your office? We’ve got you covered.
Fully Customizable: We start you off with either a full or short-form/prequal app that you can use out of the box or fully customize. From the wording to the display logic, you can build an application around your specific needs. If you’re technical (or have an IT team), it’s built on industry-standard JSON to control logic, wording, and MISMO data mapping.
White labeled: Are your company colors hot pink and green? No problem. We’ll pick up your look, logo, and language and tailor the experience to your unique brand. After all, a client is working with you, not us.
Mother Tongue: We save our loan app as a Fannie Mae 3.2 (FNM) file —giving you maximum flexibility in integrating into existing workflows and loan origination tools.
Of course, the Approved Home Loan App comes standard with our award-winning automatic document collection, camera scanning, and loan dashboard that lenders and brokers are using everyday to cut as much as 50% off the time it takes to pull a loan package together.
If you’re ready to take your originations to the next level, request a demo today and we can have you up and running in as little as 15 minutes. Or, if you’re going to be at the Digital Mortgage Conference this September in San Francisco, please find us. We’d love to meet you and get some raw and honest feedback.