Time is Money So Get to Closing Day Quicker
To capitalize on an increase in loan volume and refinancing, lenders need to expedite the overall lending process to maximize profits and keep customers happy. For larger lenders, extra time spent in archaic manual tasks in the origination process slows down workflows, and ultimately, the closing process. Why do so many cling to old habits? Quite frankly: fear of complexities in switching to an automated system and the cost of implementation.
But by embracing the future of complete digitization and taking the plunge on technologies like automation, there’s a better way to serve customers and not frustrate the entire workflow.
In a previous blog on fair lending practices, we explored how fintech helps lenders combat bias in the loan origination process. But did you also realize that incorporating the correct digital solutions into your institution’s origination process from day one can help manage fraud-related risks, expedite the lending process and get your customers to the closing table quicker? Automating processes from origination to underwriting to closing reduces manual interaction and expedites the entire lending process. Lenders implementing intelligent process automation will increase their overall business levels by offering faster client service without sacrificing risk levels. The right technologies can help you achieve these objectives quicker and get your customers to closing on time.