Address Mortgage is pleased to announce the release of Mortgage Tracker, a new app designed to speed up the lengthy process of loan approval and purchase transactions.
The current loan approval process is dependent on the availability of many involved parties. For instance, a buyer contacts a loan officer to get an approval letter or offer letter to send to seller. If this process occurs on a weekend -- a time when most buyers are available -- the transaction shuts down as the loan officer is unreachable. But with the Mortgage Tracker app, if a buyer wishes to place an offer on the property, the buyer simply enters the property address and the property value or ratio and the Mortgage Tracker app will generate the offer letter. The buyer’s information is already in the system so as long as they are qualified, the offer is legitimate. The Mortgage Tracker app stands to cut down considerable time—from hours and days, to 30 minutes.
With the Mortgage Tracker app the entire process is now quick and autonomous. The buyer is now ready for the real estate agent to take the next steps, rather than halting the process and waiting for approval. Also, the buyer can allow the real estate agent access to the Mortgage Tracker app, so everyone has the same information.
“We want to break down the silos between real estate and the mortgage company,” said Giorgi Chigogidze, an executive at Address Mortgage. “Purchase transactions are flawed and create a divide between the two factions. This app is a first step to narrowing that divide.”
Address Mortgage developed their Mortgage Tracker app to transform the way mortgage lending has worked in this country for decades. Loan officers will roll out the app by sending a link to clients and providing clients with a login.
Address Mortgage is a full service residential mortgage company. The company generates its own loans to clients, as it has direct access to capital. This app is a breakthrough not only for Address Mortgage business processes and personnel, but any loan officer and buyer that wants twenty-first century customer service.