- Address Mortgage releases Mortgage Tracker, an app for Android and iPhone to help streamline the loan approval process.
- Once a borrower's information is added, the app makes the loan process automated.
- Borrowers must be pre-approved for a loan before using the application.
Homebuyers and real estate agents alike understand the struggle and stress that goes into the mortgage process. It’s lengthy and it’s turbulent, but it’s arguably the most important step in securing a home.
Address Mortgage is aiming to take a bit of stress off the shoulders of real estate agents and homebuyers during the loan approval and purchase transaction process. Mortgage Tracker, a new app released by the company is slated to create a more autonomous process from start to finish, cutting down wait times and hiccups.
The process starts when a homebuyer gets pre-qualified for a loan through an officer at Address Mortgage. The loan officer then sets up the account and specific parameters for the buyer they are working with on the loan. Once the homebuyer has been officially pre-qualified, the process runs within the app.
With the borrower’s permission, an agent is able to print a pre-approval letter from the application for a specific property assuming that property meets the pre-approval criteria, Giorgi Chigogidze with Address Mortgage said in an email. The agent has the ability to input the property information directly into the app to auto-generate a pre-approval letter for a property.
“We want to break down the silos between real estate and the mortgage company,” Chigogidze said in a statement. “Purchase transactions are flawed and create a divide between the two factions. This app is a first step to narrowing that divide.”
The Mortgage Tracker app is said to cut down the loan process time from hours and days to 30 minutes. One major component of the process is that all the information for a loan is stored in the same spot. Once the information for the property and the borrower is entered, it’s in the same location from start to finish.
The app is available on both Android and iPhone.
Address Mortgage is a residential mortgage company offering full-service to clients. With direct access to capital, the company is able to generate it’s own loans and keep the loan process as streamlined and efficient as possible.