Movement Mortgage crowdsources for loan officer mobile tool

The company aims to have a complete product available in 2018

Movement Mortgage crowdsources for loan officer mobile tool

Retail mortgage lender Movement Mortgage is tapping into the gig economy with the launch of its Movement Crowdsource Challenge.

The company’s inaugural challenge has invited 10 technology firms, including Fortune 100 firms and fintech startups, to develop a new mobile operating system for loan officers. Movement has 1,800 loan officers, who research shows are in need of mobile technology to help them stay organized and make them proactive.

Competitors were given eight weeks to develop a technical prototype for how a new loan officer operating system would look, function, and be architecturally engineered. They were granted access to Movement's proprietary data and use cases.

The challenge will culminate with a two-day event on June 19 and 20 where competitors will present their prototypes to company executives. The winning team will receive a $25,000 prize and be eligible to sign a contract to co-develop the prototype into a full-scale commercial product. Movement aims to have a complete product available within the year.

"Our goal is to tap into the gig economy by sourcing solutions and ideas from the vast global supply network of start-ups, incubators, fintechs, and open source collaborators who are willing to compete to build rapid solution prototypes without all the bureaucracy and inertia of traditional commercial, contractual constructs," said Movement Chief Information Officer Henry Santos, who is leading the challenge.

 

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