The Best Digital Mortgage Application is Always Just Around the Corner
Tuning the 1003 is a never-ending pursuit
The next iteration of the Approved Home Loan App builds upon our award-winning mobile-first design and connects the 1003 to a fully compliant digital mortgage platform that integrates with major loan origination systems (LOS).
In a year where mortgage software seems to be everywhere, we thought it’d be prudent to share some of the foundational product principles that differentiate Approved from the most basic solutions on the market.
1. The best experiences on mobile don’t require a mobile app
Consumer products like Instagram, Facebook, and Twitter certainly belong on the app store. But is it the right place for a mortgage app? No way.
There’s a better chance that a borrower ends up watching Beverly Hills Chihuahua before they find, let alone download, your custom branded app.
It’s not that we don’t realize people are spending record-breaking amounts of time online using mobile devices. In fact, over 70% of borrowers on Approved use a mobile device to work on a loan application with their lender. Mobile use is no longer the exception; its the primary way people access the web.
The secret is that Approved is a ‘responsive’ web app, which is a fancy way of saying that our dynamic 1003, customer-facing milestones and automatic document collection adjust to any screen size on any device. Cool, right?
No more app store. No more downloads. No more hassle.
2. Simplifying the loan application is more than just bringing it online
Users get to work on their terms on Approved. We know that a flexible online solution provides the best experience for users. That’s why we follow the same design principles we learned at Redfin to create the best home search tools.
Borrowers using Approved complete loan applications in just under eight minutes on average. That’s shorter than what it takes to order avocado toast!
So while interview style, one-question-at-a-time home loan applications are cute, they’re not efficient on a form that has over 14,000 combinations.
Lots of new solutions are using this exact technique. Try one out. We’ll wait.
Approved uses a hybrid approach, prioritizing the most critical information first, and presents questions and options in an easy to digest view that shows users just how far along they’ve come or how much further they have to go.
Our home loan application only asks the questions that are relevant to the type of loan a user is applying for. Borrowers should never have to answer questions specific to refinancing if they’re trying to buy their very first home.
Approved just works out of the box. Here’s a look at some of our newest features:
- Credit authorization integration: built right into the loan application so when it’s time to pull credit from Approved, users can get going right away.
- Patriot Act and e-Consent: built right into the app and can be synced directly to a LOS of choice like LQB, Encompass, and others.
- Additional branding options: The Approved dynamic loan app was always white-labeled for lenders (users are doing business with you, not us) and we recently added a whole slew of new ways to personalize the application. Want to change the colors, or add a logo? We’ve got you covered.
- Flexible content: The Approved loan app is built on a flexible framework that allows it to adapt to whatever workflow you need. We’ve extended it to support 1009 questions for the reverse space, adapted it to support the Canadian market, and added and removed questions for specialty lenders. Got something special in mind? Drop us a line.
- HMDA support: We’ve been compliant with the latest HMDA demographic gathering requirements since day one.
Creating the best home loan app is an evolution, not a destination.
Not only do we have to keep up with regulatory changes and make sure our integrations are working correctly on a daily basis, but we also have to make sure we’re staying on top of the latest technology trends so that our app remains powerful on the back end while still delightful on the front end.
All of these features get built on top of the Approved Digital Mortgage Platform which lets any lender or broker, big or small, go online in minutes.