This week, the iPad app store will welcome the first tablet application for loan originators — MobileLO from On The Go Technology.
The app is designed to allow loan officers and brokers “to enter the data fields of a Uniform Residential Loan Application (Form 1003), generate a Good Faith Estimate and other federal and state-specific disclosure documents, pull the applicant’s credit report and collect electronic signatures.”
When the app hits the store, it will be free, although there is a premium membership available for about $30/month, which will included disclosures, e-signatures and integration with multiple credit reporting vendors.
Andrew WeissMalik, the owner of On The Go, dreamed up the app last year when he realized that the mortgage application process still entailed a clipboard and carbon copies. As he put it, “The fact that in 2011 that’s still going on is just insane to me. That entire model gets replaced with an iPad.”
WeissMalik says that with the app, “You are actually taking an application on the device, you’re pulling credit right then and there and then you can thumb through it with your finger. It’s the neatest feeling to be doing mortgage on a tablet.”