Lenders Don’t Get Left Behind!
According to the 2018 American Bankers Association State of Digital Lending Study, the majority of banks’ lending processes-including online application, on boarding, processing, underwriting and funding have yet to be overhauled through technology.
Technology plays a critical role in the current competitive, fast paced environment to not only provide exceptional service but also to remain profitable. Lenders who fail to take steps to optimize their lending practices will get left behind!
Steps to Optimize Your Loan Origination Practices
♦ Integrate data
♦ Eliminate Paper
♦ Analyze Performance
Integrate data – Cloud based point of sales systems like PreApp1003 and loan origination systems like LendingQB and MeridianLink offer integration to various data sources. This data, when combined with business rules can eliminate manual steps and provide an improved view of your borrower’s creditworthiness, as well as increased speed and accuracy in decisioning. A great POS system improves loan officer effectiveness and creates a data collection point that starts with the applicant.
Eliminate Paper – and eliminate the cost of copying and sending documents. Digital documents are sent and received in minutes rather than days and are secure and accessible online by both the lender and the applicant.
Analyze Performance – Most LOS systems provide reports that can be created and customized to your specific business needs to reflect production, trends, historical data, bottlenecks and staff performance. The review of these reports will result in identifying unprofitable loan programs and/or processes.
These are a few ideas to optimize your lending operation. Contact Cyberlink Software Solutions, Inc to discuss these ideas and more!