It’s been nearly twelve years since the first iPhone® app was released. With a reported 2.2 million available apps and 130 billion downloads from the Apple® App Store* it’s safe to say that the phrase “There’s an app for that!” has taken a strong hold in our collective vernacular.
The original use case of mobile apps, according to Wikipedia, was to offer users general productivity and easy information retrieval like email, stocks and weather but this rapidly expanded into other categories like games, magazines and even business desktop application software.
Many might not be aware but LoanLogics has an “app.” Well, not an app in the traditional sense of apps, but we offer the AppQ Network™ within our loan quality management platform LoanHD®. Just like mobile apps it was designed to improve productivity and information retrieval but, in our case, specific to loan quality control audits.
The complexities of the mortgage industry are vast. As such, no platform or vendor can be the originating “source” of the information or data needed for every circumstance within the life cycle of a loan. What vendors can offer however is easy access to the data needed for a given function, like a post close audit.
When building LoanHD, it was important for LoanLogics to provide seamless workflow integrations to best-in-class third-party services critical to an audit’s success. That means direct access to appraisal, credit, compliance, income analysis, fraud reports and more.
This seamless information retrieval helps audit productivity because users do not have to spend time logging out of a QC platform to go out and order a compliance or credit report in another system and then hand key data between the two, three, four plus platforms to fulfill the audit requirements. The order and delivery are in real-time through a single workflow experience.
In the case of compliance, we have witnessed reducing reviews to sub 20-minute time frames, from upwards of 50 minutes using integrations like this and general workflow automation. A 2019 blog post of ours discussed this in more detail. You can also chat with us at the ComplianceEase Risk and Compliance Summit in April. More about that here.
If you’re evaluating new technology in 2020, be sure to understand what
kind of “apps” or integrations your potential vendors offer to improve
productivity and information retrieval. Can you ‘point and order?” because
“There’s an app for that”- the AppQ Network.
*As of 2017