Check paying technology may increase mortgage applications

Mortgage Application Software

When mobile remote deposit capture was created a few years ago, many customers loved the ability to deposit checks from anywhere. But, with new software that can scan documents that may not have the same format and size, other banking services – such as mortgage and loan applications – may soon be able to be benefit from remote capture.

This idea came from Kofax, a mobile deposit software company, that introduced “Mobile Capture for Mortgage” at the Mortgage Bankers Association’s convention. The new software will be able to analyze and locate information from a document such as tax forms or pay stubs, when consumers are applying for mortgages.

As American Banker explained, using mobile capture has a number of advantages besides accessibility. Younger buyers – especially first-time buyers – are more comfortable with their mobile phone, and more likely to apply for mortgage with this software as an option. And for older applicants applying for reverse mortgages that don’t have as much mobility, this cuts back on the need to physically present when speaking to a loan officer.

There is, along with check capture, the question of security, since some applicants may not feel comfortable sending some information from a phone. However, since the software is already used by banks, it is likely the transition will be smooth.

It is likely this – combined with overall growth in the economy – will increase mortgage applications, especially from members of Generation Y. For banks looking to implement this capability, application processing software can help originate loans efficiently. Since many may be applying for the first time, credit management software also can help financial institutions lend to qualified borrowers.

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