By Bonnie Sinnock
DocMagic has launched BorrowerMobile, an application that allows tablets or smartphones to be used for consumer-lender communication.
Lenders invite borrowers to download the application, allowing all parties to interact and share information securely, according to the company.
The mobile application gives borrowers constant access to their loan status, informing them about next steps; electronically satisfying loan conditions; and allowing for electronically signed documents and disclosures. It also provides a mortgage calculator and glossary of industry terms for the borrower.
As borrowers satisfy the list of conditions, the application updates the lender and closing agent as items are satisfied.
The company also designed the technology to be customizable in order to allow for promotion of the lender’s brand. It also designed the new app to integrate with all loan origination software systems.
As featured by National Mortgage News, April 2013