How long are you waiting for an applicant’s financial documents and information?

In a recent poll conducted by Moody’s Analytics, the question was asked, ‘What is your biggest challenge in initiating the loan process?’, to which 66% of bankers surveyed answered the manual collection of financial documents and information and subsequent back and forth with the loan applicant.  

In the same survey, Moody’s Analytics asked, ‘What percentage of your sales cycle (from sales ready opportunity to closing) do you spend waiting for an applicant’s financial documents and information?’, to which bankers answered 30% to 50%.  This means that 40% of the sales cycle is waiting on a frustrated customer to provide financial documents.