Quicken Loans today announced the launch of a mobile phone application that will allow users to apply for mortgages from their smartphones.
Through its “MyQL Mobile” app, Quicken clients will be able to apply for loans from their iPhone, iPad or iPod Touch. The app guides loan applicants from the application to the closing table and all steps in between.
“At a time when consumers expect to have instant access and visibility to all of their purchasing decisions, it only makes sense that we offer our clients a new window into one of the most important purchasing decisions they will make to reach their financial goals,” said Bill Emerson, Quicken Loans CEO.
Features of the application allow users to access real-time loan status updates, reach a home loan specialist and retrieve loan documents needed to begin the loan process. By taking a picture of their loan documents via iPhone, users can then submit the documents directly.
“MyQL Mobile is a milestone in our history,” continued Emerson. “We became the first mortgage provider to offer home loans in all 50 states from centralized online web centers, as well as the first to adopt e-signature technology. Now, with our new mortgage app, we become the first to offer the easiest and most efficient mortgage process ever available to consumers.”
In another recent effort to streamline the mortgage process through technology, the Mortgage Bankers Association urged the Federal Housing Administration to permit the use of e-signatures for all mortgage forms required by the agency.
When asked whether the app would encompass reverse mortgages, a Quicken spokesman said that while the option was considered, it will not be offered in the foreseeable future.
View a demonstration of the Quicken app.
Written by Elizabeth Ecker