Bank of America has optimized auto loan applications for mobile apps and is looking to expand to mortgages with a similar offering; the expansion follows a market trend toward increased demand for digital mortgage offerings; Bank of America plans to launch its mobile mortgage application in 2017 as it seeks to broaden its service availability to a full range of service channels; the mobile offering will expand on the firm's current online mortgage experience which provides for electronic applications and documentation with the benefit of automating and verifying customer information; within the industry, JPMorgan is also developing a mobile mortgage offering through its partnership with Roostify and Canadian Imperial Bank of Commerce has set a precedent for mobile mortgage service with the launch of its Hello Home product. Source
Fintech
Understanding how asset allocators view the space is something a lot of online lenders and fintech companies want to grasp; the panel at LendIt USA 2017 with asset allocators discussed their thoughts on fintech generally and the alternative yield market; traditional fixed income has become less attractive and so more investors are looking at where they can get greater yield for their investment; there is a thought that normalization of interest rate policy globally will ultimately resolve itself in an unpleasant way; alternative yield is a new asset class so selling to the big institutions has been a challenge; it really comes down to finding the right group within the institution and selling it as the right type of asset; knowing your market appetite is also key, such as in Europe where their are negative yields and public markets have been overbought by central banks; vigilance of recent lessons learned and beginning to fully understand this new asset class are two key takeaways as asset allocators begin taking a closer look toward this market. Source