Deal Run mobile app is a new app available for in versions for your iPhone or iPad (iTunes Link), Android or Blackberry that allows Mortgage Brokers to submit mortgage deal information one the run to MCAP’s Eclipse alternative lending program.
The following is a review of the Deal Run app on the iPad and iPhone.
The Deal Run Mobile App for iPhone & iPad is a simple application that has just three screens.
The first screen serves as registration window where you enter your and appears once at first launch.
On first launch you are asked to enter your name, brokerage, city, phone number and email address.
One problem I found with the registration screen was that once you enter your information there is no way to change any of your contact information without deleting the app and reinstalling. It would be nice to see a settings page so you have the option to change settings once the initial setup is complete.
The second screen is the screen you will see after you launch the app after the first time.
On this screen you enter property and application details including Province, City, Address, Loan to Value etc. Once all the information is completed there is a “Next” button on the top of the screen that takes you to the third screen of the app.
The third and final screen is where you enter information on the client and any notes pertaining to the application.
Once you have entered the required information there is “Send” button on the top of screen that will forward the application via email to MCAP for review. There is also an option on the third screen to push a button to call the MCAP Eclipse Deal Run desk directly.
My Final thoughts:
While I give kudos for MCAP for stepping outside the box and offering an alternative to calling into their Deal Run Hotline, I’m not sure I see myself using this app very often. I found it redundant to enter information into the app when I have already packaged the majority of the application into Filogix Expert. I have used the MCAP Eclipse “Deal Run Hotline” on past deals and found it quite helpful and in the future will probably just call them directly again. They answer the phone quickly and it only takes a few moments to go over the deal with them over the phone.
The Deal Run app however could be good use for a newer mortgage broker that doesn’t have as much experience with alternative deals. It walks you through in a step by step process on what alternative lenders look for in an application and it serves as a good template for packaging alternative deals and learning what information those lenders are looking for.