Loan origination systems have been transformational for banks and credit unions. They have streamlined very complex processes and combined previously siloed systems for more efficiency. And they make handling the tremendous amounts of documents required for loan approval manageable for staff. As a result, financial institutions have seen significant improvement in workflow efficiencies and lending officer productivity. Consequently, lending officers can close more loans faster – boosting revenue.
While banks and credit unions have seen considerable gains from implementing these sophisticated systems, they have not been as beneficial for the borrower. At some financial institutions, the customer journey is missing in the loan application process, leaving customers to apply for credit blindly.
Securing a Loan Can be Anxiety Provoking for Customers
Buying a home for most individuals is the biggest purchase of their life. It is also a stressful process fraught with so many unknowns and decisions. And it can be incredibly daunting in today’s highly competitive real estate market when customers need to make decisions incredibly quick as not to lose out on the desired home. Yet, even after all those anxiety-provoking situations, securing a mortgage is often the step in the process that elicits the most concern.