LoanTack

The project has two main modules viz. the front-end mobile application/web portal and the backend admin module. The front end module is again divided into three sub modules, a mobile application for loan officers, a web portal for loan officers and a mobile application for borrowers.

The admin module allows the administrators to manage their clients and users, see the billing history, issue messages which will be displayed to all the loan officers, have a specific section for generating discount codes and see a list and manage the branded apps that were created using LoanTack.

For loan officers, the web portal shows statistics and activities of the borrowers, promotions and offers by the LoanTack team, a jump start guide series among other information. It is using the web portal that they can create a custom user interface for their borrowers’ mobile app. They apply for their own customized platform from the Branded App section and pay for their subscriptions.

Another key feature of the project was the calculator. It was a completely customizable loan calculator which the borrowers can use and the loan officer can administer and customize. We provided the FHA (Federal Housing Administration), VA (Veterans Administration), Conventional, Jumbo, USDA and Affordability calculators, which the borrowers will be using. The default values of these calculators can be customized by the loan officer which will be displayed to the borrowers while using the same, to get better clarity on using the calculator.The loan officer can also individually show/hide the different calculators to the borrowers. In addition to that, the loan officer can also select as to which all elements should be present in the navigation bar and also customize the look and feel of the application for his/her borrowers using the web portal. However, this would require additional subscription charges from the loan officer which they can pay using the appropriate section in the web portal

There is a widget section present in the web portal, which is manageable by the LO. This section shows how the user will view the loan calculation result in the browser when the borrower shares it via different platforms. These widgets are available for all available loan types. When the user is viewing the shared result in the browser and clicks on the LoanTack button, they will be taken to the store to download the mobile application which is deep linked with the loan officer's profile.

The mobile application for borrowers can be downloaded either from the Play Store/App Store or from the loan officer’s shared link. The link will be deep-linked to pre-select the Loan Officer and will be generated by the system. This step avoids the hassle of choosing a loan officer when the borrower has downloaded the app on recommendation of a loan owner. They can view the loan calculator with the default values set by the loan officer, which they can modify and proceed to calculate the loan, which is shown as a pie chart for easy understanding. Amortization calculation is also a part of the application wherein the borrower can know the periodic payment amount on the loan. This is shown as a graph which shows the payments made as interest, principal and the balance amount.

Borrowers can also scan documents within the application. For this, email verification is mandatory, i.e. the borrowers can scan the documents only after their emails have been verified. The borrower, using the app, can scan documents either via their phone camera or select upto 10 photos from their gallery to be included in the document which can then be shared with the loan officer.

The loan officer also has a mobile application which allows them to chat with borrowers, refer the application to friends, view the uploaded documents by the borrowers among other features.