Technology is putting everything on autopilot these days – even our cars are beginning to drive themselves. From manufacturing to marketing, automation and cloud-based computing are changing the way we work, and driving better outcomes for businesses and consumers. The revolution in automation is also driving changes in loan origination, helping financial institutions like yours improve loan quality and decision- making, reduce costs and fight fraud.
Borrowers want speed and ease, which requires moving from paper-based processes to digital origination and servicing capabilities. Balancing borrower expectations against the requirements of compliance and risk management can be challenging, but there are several upsides.
Here are five benefits of automation in lending:
1. Higher Quality
During origination, loan officers intake hundreds of documents a number of ways, including face-to-face interactions, email, fax, text, or documents uploaded through a site. Each document needs to be collected, carefully tracked and thoroughly reviewed against information provided on the loan application and from third-party sources. Unlike manual efforts, technology can identically process every document, resulting in more reliable results and higher quality.
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