Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  News  >  Business Leaders  >  All news

Business Leaders

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesHot NewsMost Read NewsRecomm.Business LeadersCalendar 
HomeAll newsMost read newsBusiness Leaders Biography 
Age : 68
Public asset : 2,287,330 USD
Biography : Mr. David B. Henry is Chairman at Peaceable Street Capital.

JPMorgan moving mortgages online to please paper-weary customers

share with twitter share with LinkedIn share with facebook
share via e-mail
0
02/16/2017 | 04:09pm CEST
FILE PHOTO -  People pass the JP Morgan Chase & Co. Corporate headquarters in the Manhattan borough of New York

JPMorgan Chase & Co (>> JPMorgan Chase & Co.) is gradually introducing a digital mortgage platform where customers can apply online and track applications by mobile phone.

JPMorgan Chase & Co (>> JPMorgan Chase & Co.) is gradually introducing a digital mortgage platform where customers can apply online and track applications by mobile phone.

The tools will allow customers to submit and sign documents online and exchange messages with bank staff and real-estate agents so loans can close more quickly and easily, consumer mortgage chief Mike Weinbach said in an interview.

"This platform will allow us to be where more of our customers are, which is online and on their phones," Weinbach said. "It is more efficient for customers and for us."

Applying for a mortgage can make or break a bank's relationship with a customer because home purchases are often the most expensive, complex and emotional transactions people make in their lifetimes.

JPMorgan started pilot-testing its digital tools in recent weeks and will make them available to more people before completing the rollout in 2018.

Offering the process online has become an imperative as customers have lost patience with the tedious and paperwork-heavy ordeal. Some 150,000 home loans JPMorgan made last year came through its branches and telephone lines, which will continue to be available for applications.

"Five years in the future, every lender is going to have a digital offering for their customers, or they're probably not going to be in business," Weinbach said.

Detroit-based Quicken Loans Inc first brought digital home loans into the mainstream about a year ago with a major advertising campaign for its Rocket Mortgage product.

Bank of America Corp (>> Bank of America Corp) introduced a Home Loan Navigator tool in June to handle applications online.

"It is more important for us to get it right for our customers," said Weinbach. "It is less important for us to be first."

The bank is using technology from Roostify, which sells software to the mortgage industry. Founders of the San Francisco-based company have said they started it after their own frustrations with buying homes.

JPMorgan is the No. 2 U.S. mortgage lender, behind Wells Fargo & Co (>> Wells Fargo & Co), according to Inside Mortgage Finance data for the first nine months of 2016. In the past few years, Quicken climbed to No. 3, in part because of the ease with which its customers can process applications. Bank of America ranked fourth. [L1N196059]

(Reporting by David Henry in New York; Editing by Lauren Tara LaCapra and Lisa Von Ahn)

By David Henry

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news about David Henry 
05/10 DAVID HENRY : Detroit revival spurs JPMorgan to make fresh $50 million pledge
04/25 DAVID HENRY : Citi meeting protest prompts apology on pipeline finance steps
04/14 DAVID HENRY : Loan growth stalls despite profit, trading gains at some U.S. banks
04/13 DAVID HENRY : JPMorgan profit tops analyst expectations on trading surge
04/10 DAVID HENRY : No 'pattern of retaliation' against whistleblowers - Wells Fargo report
04/04 DAVID HENRY : JPMorgan CEO calls for regulatory changes in shareholder letter
03/01 DAVID HENRY : JPMorgan eyes boosting dividends, buybacks as capital piles up
02/18 DAVID HENRY : Citigroup cuts CEO Corbat's pay after missing financial targets
02/16 DAVID HENRY : JPMorgan moving mortgages online to please paper-weary customers
02/09 DAVID HENRY : Banks, merchants battle over card fees as Dodd-Frank revamp looms
01/25 DAVID HENRY : JPMorgan clients to get easier access to online finance tools
01/19 DAVID HENRY : Citigroup CEO asks for investor patience on financial targets
01/18 DAVID HENRY : Citigroup CEO asks for investor patience on financial targets
01/16 DAVID HENRY : JPMorgan looks for big payoff from lead in deposit race
01/13 DAVID HENRY : JPMorgan profit climbs 24 percent, beating forecasts, on trading surge
1  2  3  4  5  6  7  8  9  10Next

Advertisement
Most Read News 
05/22 JAMES HACKETT : Ford names Hackett as CEO to tackle car rivals, Silicon Valley
05/17DJROBERT IGER : Disney's Iger Isn't About To Sign Off -- WSJ
05/19 MASAYOSHI SON : Dealmakers aplenty, SoftBank's Son looks for wonks
05/17 LAKSHMI MITTAL : ArcelorMittal warns of legal action over Bosnia iron ore mine sale
05/18DJRUPERT MURDOCH : Former Fox News Chief Roger Ailes Dies at Age 77 -- Update
05/19 LESLIE MOONVES : CBS' CEO Moonves says Viacom undervalued
05/17 RUPERT STADLER : Audi CEO's contract to be extended to end of 2022
More news

Popular Business Leaders 
William Ackman Bernard Arnault Max Azria Mary Barra Jeff Bezos Lloyd Blankfein Yannick Bolloré Thomas Buess Warren Buffett Gary Cohn Michael Dell Ralph Dommermuth David Einhorn Klaus Engel Mark Fields Laurence Fink Carlos Ghosn Peter Hancock David Henry Carl Icahn Robert Iger Arnaud Lagardère Jack Ma Sergio Marchionne Marissa Mayer Leslie Moonves Oscar Munoz Rupert Murdoch Elon Musk Peter Nicholas Ferdinand Piëch Georges Plassat Hasso Plattner Wolfgang Porsche Giuseppe Recchi Wolfgang Reitzle Urs Rohner Kasper Rorsted Wilbur Ross Charles Schwab George Soros Rupert Stadler Bernard Tapie Johannes Teyssen Tidjane Thiam Axel Weber Thomas Wilson Dieter Zetsche Mark Zuckerberg
A-Z Business Leaders