Fairway Independent Mortgage Corp. plans to launch a new smartphone app designed to make the home loan process a lot faster (and easier).
The company will release its FairwayNOW mobile application in January, though some version of it already appears to be available for download in the App Store.
The to-be-released app will let Fairway customers do anything from search for homes to calculate different loan scenarios, and of course apply for a mortgage or pre-qualification.
There are built-in calculators for home purchases, refinances, and general affordability, all of which can be saved in the app for later use.
Apply for a Mortgage in Less Than 10 Minutes
If you’re interested in applying for a mortgage, you’ll be able to do so in under 10 minutes, per Fairway.
This isn’t groundbreaking stuff, seeing that many competitors (Quicken Rocket and others) already offer the same technology in a shorter amount of time.
But there are a few cool features of note. For one, once you apply for a mortgage using the app, you’ll be able to scan necessary documents using your smartphone’s camera and upload them securely to the company.
No need to break out the scanner or the fax machine, thankfully. This will save time and aggravation.
Additionally, Fairway will send customers push notifications as their loan progresses from approval to funding. That means you’ll be notified the second anything changes, which plays into that quick 10-day close.
Instead of wondering if anything has been signed off, or if loan docs are ready to sign, you’ll get a notice on your phone immediately to avoid any unnecessary delays.
Communication Is Key
There’s also a one-click call or text feature to get in touch with your assigned loan officer or real estate agent from within the app. So essentially all tasks can be completed via the app quickly, conveniently, and securely.
And that should save everyone a lot of time. Whether they’ll really be able to shrink the average 30-45 day close into 10 days remains to be seen, but the app should certainly help.
One of the biggest problems in the mortgage industry continues to be communication.
Often times borrowers are left in the dark, wondering where they’re at in the process, only to find out their documents were never received, or their loan was never locked.
It’s not unusual for days, and sometimes weeks, to go by unnecessarily because customers aren’t kept in the loop.
Ideally, apps like these will make for a more transparent process, and also a more efficient one.
Still, the mortgage industry is at the mercy of lengthy delays thanks to massive amounts of paperwork and disclosure requirements. And until that changes, it’ll be difficult to close loans quickly, let alone in 10 days.
Fairway Mortgage was recently ranked #7 in total retail purchase volume by Inside Mortgage Finance and has already produced more than $16 billion in loan volume this year.
Seeing that they’re focused on the purchase market, speed is definitely paramount.
Read more: Caliber Home Loans Ultimate Homebuying Experience
$30 Billion in Mobile Mortgage Volume Expected Next Year
Mitek, a mobile capture and identity verification software company, expects more than $30 billion worth of mortgage applications to be originated via the mobile channel in 2017.
And that’s just from Millennials, who represent 35% of all home buyers per research cited by the company.
This makes it clear that a mortgage app isn’t just a fancy add-on, but a necessity for mortgage lenders going forward.
If you inconvenience the end-user, they might just go somewhere else to get their mortgage, for that reason alone.
It’s not enough to just offer low rates and quality customer service anymore, technology is also a huge part of the winning formula from here on out.