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,
checked
their

credit,
and
possibly
begun
shopping
for
homes.
Asking
them
to
sift
through
app
store
listings,
question
whether
they’ve
found
the
official
app
or
a
sponsored
link,
and
grant
permissions
can
feel
like
just
one
more
hassle
in
an
already
complex
undertaking.

There’s
also
the
fact
that
a
mortgage-specific
app
usually
doesn’t
serve
a
function
borrowers
need
on
a
daily
or
weekly
basis.
When
there
isn’t
a
sustained
or
multi-purpose
use
case,
it’s
hard
to
justify
the
download.
The
unique
value
of
a
native
app
isn’t
always
clear,
and
usage
rates
can
fall
far
below
expectations. 
A
well-designed,
mobile-first
web
portal
can
deliver
virtually
the
same
advantages:
borrowers
can
save
progress,
switch
devices
anytime,
and
stay
in
a
contained,
secure
environment,
all
without
jumping
through
extra
hoops.

Enhancements
and
patches
are
applied
automatically
in
the
background,
so
borrowers
never
have
to
wait
for
the
“latest
version”
to
download
or
agree
to
new
permissions.

That
convenience
also
matters
from
an
enterprise
perspective.
Apps
require
developers
with
specialized
skill
sets,
not
to
mention
ongoing
maintenance,
security
patches,
and
updates
that
have
to
go
through
review
processes
for
each
device
type.

The
initial
investment
can
reach
a
million
dollars,
and
there’s
ongoing
overhead.
Because
a
mobile
app’s
code
base
is
separate
from
a
website’s,
lenders
could
find
themselves
building
and
updating
the
same
features
twice.
Every
customization
a
lender
might
need—whether
it’s
new
disclosures,
branding
tweaks,
or
additional
integrations—means
more
development
and
new
rounds
of
app
store
submissions.

This
workflow
drives
up
both
the
time
and
the
cost.
The
“shiny
object”
factor
of
having
a
dedicated
mortgage
app
can
blind

lenders
to
the
real
price
tag:
they
end
up
footing
the
bill
for
repeated
development
sprints
and
user
support,
all
for
a
tool
that
a
large
majority
of
borrowers
won’t
even
bother
installing.

None
of
this
is
to
say
that
apps
are
universally
bad.
Some
financial
institutions
offer
a
single
app
that
brings
multiple
services
under
one
roof—from
checking
accounts
to
car
loans
to
investment
portfolios—and
that
can
be
a
compelling
way
to
maintain
brand
loyalty.
If
a
borrower
is
managing
their
finances
daily
through
that
same
app,
then
tapping
on
a
mortgage
tab
feels
natural.
But
for
a
standalone
mortgage
application
experience,
the
cost-benefit
analysis
often
tips
the
other
way.
There’s
no
real
need
for
a
distinct,
short-lived
mortgage
app
that
gets
used
a
handful
of
times
and
then
languishes
on
a
borrower’s
phone
until
it’s
uninstalled.

With
the
right
technology
partner,
a
web-based
solution
can
be
enhanced
quickly
and
pushed
live
to
all
borrowers
at
once,
avoiding
the
pitfalls
of
multiple
app
store
environments.
Lenders
can
move
at
the
speed
of
consumer
demand
without
piling
on
more
overhead
for
themselves
or
more
hassles
for
the
people
who
simply
want
an
easier
path
to

homeownership.
In
the
end,
a
mortgage
is
one
of
the
biggest
financial
steps
most
people
will
ever
take.

Offering
a
frictionless,
mobile-friendly
path
is
essential,
but
it
doesn’t
have
to
involve
propping
up
an
expensive
app
that
so
few
borrowers
actually
want.
The
best
experiences
are
those
that
feel
natural,
welcoming,
and
free
from
unnecessary
hurdles—and
sometimes
that’s
as
simple
as
letting
users
skip
the
download.

Maria
Moskver
is
the
CEO
of
Cloudvirga.

This
column
does
not
necessarily
reflect
the
opinion
of
HousingWire’s
editorial
department
and
its
owners.

To
contact
the
editor
responsible
for
this
piece:



[email protected].