The article discusses the practical challenges faced by borrowers when applying for mortgages, emphasizing that mortgage apps often seem like an unnecessary hassle. As borrowers prepare for mortgages, they typically prioritize gathering documentation over navigating app stores. A mobile-first web portal offers similar features without the inconveniences of app usage, providing ease of access and automatic updates. Additionally, the article highlights the financial burden on lenders who may be lured by the appeal of dedicated apps, which can lead to costly ongoing maintenance and development for apps compared to web solutions.
Part of the disconnect is sheer practicality. By the time a borrower is ready to apply for a mortgage, they've already gathered personal documentation.
A well-designed, mobile-first web portal can deliver virtually the same advantages as an app without jumping through extra hoops.
That convenience also matters from an enterprise perspective. Apps require developers with specialized skill sets, ongoing maintenance, and updates that have to go through review processes.
The shiny object factor of having a dedicated mortgage app can blind lenders to the real price tag, driving up both time and cost.
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