One of the nation’s top 50 mortgage lenders released a mobile application this week that allows borrowers to track their mortgage loans from application to pay off — and contact their loan officer or real estate agent if they run into challenges along the way.
Murray, Utah-based Republic Mortgage Home Loans has 36 branches in 17 states. The lender’s My Mortgage app is personalized by user and allows borrowers to see the status of their loan application; view their estimated monthly payment with cost breakouts by principal, private mortgage insurance, taxes, interest, and home insurance; and track the totals of each paid to date.
They can also use loan calculators to figure out how much loan they can afford, how quickly they can pay down their principal, or what their new payment might be after a refinance; see an amortization table; view their mortgage balance; order a free credit report through AnnualCreditReport.com; receive important notifications regarding their loan; and stay current on interest rates and their home’s value, as estimated by Zillow.
The app also contains an educational "Mortgage U" section with information regarding appraisals, bankruptcy, commercial loans, credit, and down payments. Should users need further information, the app’s "Contact" section allows them to contact their real estate agent, loan officer, title company, or insurance agent.
My Mortgage is available on devices that use the Apple iOS and Android platforms. In a statement, Republic Mortgage CEO Scott Leishman said the app took almost a year to develop.
"Tens of thousands of our current customers will benefit a great deal from this app," Leishman said, "and we’ll use it to welcome new borrowers to the Republic Mortgage family in the months and years to come."