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.
Today’s highest performing business lenders are automating the collection and management of client financial documents and information to:
Digitizing Document Collection Processes Helps Top 10 SBA Lender Handle More Loans.
First Home Bank processed more than 9,000 loan inquiries in the first four months using FileInvite to streamline document collection, management, and communication with customers.
Fundera were looking for a total solution to their document collection workflow.
Their first priority was having a simple intuitive process for their clients to use.
Their second, visibility across their loan pipeline...
Learn More →Gain competitive advantage though a seamless loan documentation process for customers.
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