BofI Federal Bank and Caliber Home Loans announced early this week the launch of mobile apps to keep all parties updated during the home buying process.
On Tuesday, BofI announced the launch of a new mobile app that provides Realtors a dashboard to oversee clients’ BofI loans.
BOFI Realtor, which is free and available to download on both Google’s Play store and Apple’s App Store, gives Realtors a snapshot of their clients’ BofI loans in the pipeline, status updates, requests for documentation, and a proprietary “loan health” feature that provides anticipated days-to-close for each loan, the company explained in a press release.
“We have developed a proprietary technology platform that will accelerate our growth in home purchase mortgage originations,” said John Dustman, senior vice president of consumer direct lending for BofI. “BOFI Realtor redefines communication standards and is focused on personalization, streamlining processes and creating efficiencies between BOFI and Realtors. Instant loan status updates, tracking of key milestones in relation to the close of escrow, access to loan conditions, real-time mortgage rates and payment calculators create distinct value for Realtors and provide a high standard of accountability during the origination process. We are proud to be a leader in this space and we expect BOFI Realtor to be a very important product for us in the years ahead.”
On Monday, Caliber Home Loans announced the launch of its new mobile platform, which features three mobile phone apps customized for its three user groups – borrowers, Caliber’s sales force and business associates.
The apps enable its user groups to receive real-time information. Caliber processes data from all three apps on the back end, which enables efficient and effective communication across the loan process, the company explained in a press release.
"We customized each of these new mobile apps to provide user-friendly access to all touch points in the mortgage system,” said Caliber CEO Sanjiv Das. “This greatly increases the efficiency of the process and will help us close loans even faster. And we're well-aware that today's consumers prefer to manage their finances via cell phone whenever possible."
The free apps are available on Google’s Play Store and Apple’s App Store.
"Caliber's investment in technology extends beyond our customers to our own loan professionals and business partners. Now each group has their own apps that plugs them into an interconnected digital platform that includes secure sharing of data with customers,” said Das.
Caliber Home Loans is an app for borrowers helps customers connect during originations and manage their loans following closing. The app also allows users to upload loan documents, check application status, view escrow account and payment history and request the removal of private mortgage insurance, the company said.
CaliberH2O is an app for sales staff and brokers. Caliber's loan consultants, wholesale account executives, approved brokers and non-delegated clients can search for appropriate loan products, find, price and lock loans and access off-sheet pricing. After a loan application enters the pipeline they can view the loan's contacts, key dates, loan conditions, status and disclosure history, Caliber explained.
Caliber MyPipeline is an app for real estate agents and builders, and enables them to track their shared Caliber loan pipeline while out of the office. Agents and builders can view each loan's status, key dates, contacts and comments and even view all loan notifications for their entire pipeline in a single screen, the company said.