Today there is a great digital revolution happening in financial services industry. More and more people are turning towards financial institutions that exist mostly on a digital platform as opposed brick-and-mortar. FinTech has accelerated this push to bring the industry into a digital environment
Surprisingly, recent studies showed that it’s not just younger generation, but also a majority in the 35-55 age group as well are preferring digital financial products. The digital loan processes provide enhanced transparency and improved customer experience.
Historically, loan originators worked on manual document processes. According to the Mortgage Bankers Association, increase the cost of originating loans, which reached $8,887 per loan in the first quarter of 2017. With risk being surpassed by their tech-enabled competitors, a higher number of loan originators are embracing the digital loan processes. Effective use of technology can translate into less upfront work for originators, more loans in the pipeline, faster closings and happier borrowers. Thus this is a win-win for all stakeholders.
One technology is standing out in this era of digital transformation. Document generation software is the most cost-efficient digital transformations that generate great ROI in very short periods of time. This enhances the borrower experience while making the back-end loan-production process more efficient and effective by allowing originators to produce higher-quality loan files in less time, which is a win for everyone.
Loan documentation software transcends full range of borrowers, collateral and loan types, and enable entire range of transactions to be digitized and processed quickly including
• The ability to produce applications for the loan request
• The functionality needed to create supporting application documents including loan scenarios, where loan originators have to export complex excel calculations into word document
• It provides increased efficiency and reduces loan processing time. Loan originators can generate accurate document packages based on information provided from your system of record (LOS, CRM, and other front-end platforms)
• The ability to complete the loan package with a commitment letter, detailed borrowing resolutions, loan agreements, guaranties, promissory notes and security instruments - all with a high level of flexibility
• The lenders can go completely paperless by integrating loan documentation software with e-sign provider
EDocGen is the fastest and the simplest way to auto-generate documents and was specifically developed for auto-generating loan documentation. It is SAAS DIY loan documentation software with an intuitive interface allowing document generation from your own templates. No dependency on a static library of documents or inflexible templates.
• EDocGen seamlessly integrate with the industry’s leading Loan Origination, Point-of-Sale and Borrower Portals through Rest API
• 100% of text can be customized for all transaction types
• Standard Microsoft Word document output
• Available as a subscription service that doesn't involve large upfront fees or multiple-year contractual lock-ins.
Using EDocGen loan documentation software, you can achieve speed, convenience, efficiency, customer experience and engagement, reduced risk and improved compliance.