RALEIGH, NC (June 14, 2016) — Sageworks, a financial information company that provides loan portfolio and risk management solutions to banks and credit unions, today announced the release of Sageworks Online Loan Application, a solution that automates and moves online the loan request process for financial institutions and their customers.
Sageworks Online Loan Application allows financial institutions to open a “digital branch.” It seamlessly integrates a commercial loan application into a bank or credit union’s website, opening an online channel for driving new-loan applications and reducing loan origination costs for the institution.
Sageworks Chief Executive Officer Scott Ogle said, “We are really excited about the launch of Sageworks Online Loan Application. Institutions can now essentially open a digital branch – putting the commercial loan request process on the web.”
The Application is the first of its kind to require very limited data entry by both the borrower and the loan officer if the borrower provides electronic tax returns. Using the patent-pending Sageworks Electronic Tax Return Reader (ETRR), borrower profile and financial information are automatically pulled from the tax returns uploaded by prospective borrowers.
“Like other banks, we were looking for ways to grow the loan portfolio, and to do that we needed a process that’s both scalable and customer-centric,” said Eric Bergevin, President & CEO of West Town Bank & Trust. “With Sageworks Online Loan Application we can meet those objectives, reduce inefficient back and forth communication, eliminate manual steps for our lenders and expedite the process so we get back to borrowers more quickly.”
“Finally, there is a commercial loan application in the industry,” said Ogle. “Over the years, our clients have repeatedly expressed a business need for this type of product so they can better serve their CRE and C&I customers and reduce costs. Paired with our Electronic Tax Return Reader, this will save our banks a significant amount of time and help them compete in the market.”
The Online Loan Application is the first consumer-facing solution developed by Sageworks for financial institutions and integrates fully with existing Sageworks solutions used by U.S. financial institutions for credit analysis, pricing, workflow and portfolio risk management. It completes the Sageworks credit underwriting platform, creating an end to end solution.
The Sageworks Online Loan Application helps financial institutions:
• Significantly increase loan volume through their websites
• Lower administrative costs of originating a loan as customers submit data directly
• Expedite the application process for scalable growth and a competitive edge
• Create consistency in documentation and workflow for a more auditable underwriting process
It helps consumers:
• Receive quicker responses to loan applications
• Apply for loans easily online without having to travel to a branch
• Reduce back and forth communication with their bank or credit union
Sageworks Online Loan Application can be used for both commercial and consumer loans, with the exception of consumer mortgages. For more information on Sageworks Online Loan Application, visit http://web.sageworks.com/online-loan-application/. For additional risk management resources, or to learn more about the Sageworks suite of solutions, visit SageworksAnalyst.com.
Sageworks offers banks and credit unions lending, credit risk and portfolio risk software to efficiently grow and improve the borrower experience. By automating the life of the loan with Sageworks, bankers book commercial loans faster and reduce risk. Sageworks uniquely provides integrated solutions and industry expertise to more than 1,400 financial institutions that achieve an average 38% higher loan growth than peers. Visit www.sageworks.com to learn more.
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Email: research@sageworks.com
Phone: 919-851-7474 ext. 2629
Twitter: @sageworks
