How Does a Loan Automation System Improve Client Service?

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Are you a loan provider that wants to improve client service and, ultimately, better your business? A loan automation system is an effective way to compete with "larger regional and national banks that have larger technology resources allowing them to offer superior speed and customer responsiveness as compared to many community banks." (1) In other words, integrating this important technology into your business can allow you to compete with other loan providers--and that's just the beginning.

Automation Improves Compliance

No loan provider can afford a compliance misstep in this climate of increasingly rigid regulations. Adopting a loan automation system allows a loan supplier to more successfully manage data from "from origination through loan payoff" while ensuring that each aspect of every transaction is compliant with laws and regulations. Certainly, this benefit is of considerable importance for the lender, but it also benefits clients by fostering a more reliable and accurate loan climate whereby all parties stand to benefit.

Approval Acceleration

Want to really please your clients? Just speed up the loan process. That's exactly what happens for many loan suppliers when they incorporate a loan automation system into their business. The software streamlines the loan process and effectively simplifies it for both the provider and the applicant. Some loan providers are seeing 30% acceleration in the rate of mortgage approvals. This can be a dramatic benefit for applicants, and it also reflects well on the loan provider.

Technically Savvy Interaction

Another great feature of loan automation system is the way that can foster communication between the loan provider and the applicant. Applicants can often update their requests via their smartphones because the software's dynamic interface. This type of connectivity and convenience appeals to customers who are apt to view your business as more digitally savvy than other entities that do not offer such tools and resources.

If you're considering adopting loan automation software, these are just a few reasons why you should adopt a system now rather than later. Not only will this automation benefit your customers; it will also benefit your business too.




Sources:

1. Banktech.com, "Automating Mortgage Loan Processes for Faster, Mobile Client Service," http://www.banktech.com/management-strategies/automating-mortgage-loan-processes-for-faster-mobile-client-service/a/d-id/1296675?

 2. LoanLogics, "Form Follows Function," http://loanlogics.com/automated_workflow.html