With the growing popularity of smartphones and the various apps and technologies that these devices make available, many organizations are finding new ways to conduct business. Banks, for example, now allow consumers to take a photo of a check and deposit it into their accounts via their phones.
According to technology and finance news source American Banker, industry experts are saying that this image-capture technology may eventually be used by mortgage lenders. Bruce Orcutt, a senior director at Kofax, an image-capture software company, told the source that using smartphones in this way can help facilitate the mortgage-lending process in a number of ways. For example, if a lender needs a document like a W2 tax form or a pay stub, the borrower would have the option to snap a photograph of the information and send it over via text or email. Since similar mobile software technologies have already gained traction in the banking industry, the same security measures – which have proven to be successful – could be applied to the mortgage apps.
Although this technology could make the process of taking out a loan more efficient for both lenders and consumers, it won't be applicable for all necessary mortgage papers. For example, even if the technology can support a 20-page document, lenders may not want to receive it via text message.
"We have to understand, based on user needs, the best way to use this technology," Orcutt told the source.
Whether or not mobile image-capture apps catch on in the mortgage industry, there are existing products that lenders can invest in to drive efficiency between themselves and their clients. For example, loan management software can help ensure that borrowers maintain all of their monthly payments.