4 Ways to Cut the Process Time to Close the Loan
As home purchases rise and competition heats up, lenders have to start thinking creatively to stay in the game. With technology continuing to become part of our everyday lives, lenders are finding new ways to take advantage of the technology that is available in the market.
After long discussions and plenty of research, we have gathered 4 steps that will help lenders shorten the time to close the loan, estimated 10-15 days.
1. Speed up the process by offering a self service option to your applicants.
Now a days, applicants can fill out applications online. Applicants are allowed to authorize and transmit any documents that are necessary online through their banking accounts. Normally, this type of information would take days for loan officers to receive it, now applicants can give this information right away.
2. Offer automated updates on the status of the loan
By getting automated updates online, loan officers can now check on the go. This can cut down the loan officers work by hours or even a working day.
3. Stay Mobile Friendly
Mobile document sharing (securely) is a great way for loan officers to continue their work on the go instead of having to travel back to their office to get the updated document.
4. Use GSE data-validation tools
Lenders who validates the applicants income, assets and both government sponsored enterprises with Fannie Mae will help with verifying collateral and can save up to 2-4 days of processing time.