Today there is a great digital revolution happening in the financial services industry. More and more people are turning towards financial institutions that exist mostly on a digital platform as opposed to 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 the younger generation, but also a majority in the 35-55 age group as also preferring digital financial products. Digital loan processes provide enhanced transparency and improved customer experience.
Historically, loan originators worked on manual document processes. This increases the cost of originating loans. According to the Mortgage Bankers Association, it reached $8,887 per loan in the first quarter of 2017. Effective use of technology can translate into less upfront work for originators, more loans in the pipeline, faster closings and happier borrowers. This is a win-win for all stakeholders. Thus, a higher number of loan originators are embracing digital loan processes.
Loan documentation software is the most cost-efficient digital transformations for financial institutions. It streamlines the processes and generates great ROI in very short periods.
Loan document systems transcend the full range of borrowers, collateral and loan types, and enable the entire range of transactions to be digitized and processed quickly including
This enhances the borrower experience while making the back-end loan-production process more efficient and effective by allowing lenders to produce higher-quality loan files in less time.
Choosing the right loan documentation software is critical. One of the most common approaches for automating loan document creation is by coding the templates in the core system. This is expensive and maintenance heavy. Moreover, document templates undergo frequent changes and thus require associated code changes whenever there is a change in the templates. This makes business users ever dependent on resource-constrained IT departments.
It is the fastest and the simplest way to auto-generate documents and was specifically developed for auto-generating loan documentation. It is a DIY loan documentation software with an intuitive interface. You can generate loan documents from both your PDF and Microsoft Word templates.
Your business users can create/edit templates in their favorite Microsoft Word/PDF editors. Thus it empowers them to have complete control over template changes.
Using EDocGen loan documentation software, you can achieve speed, convenience, efficiency, customer experience and engagement, reduced risk and improved compliance.