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
Surprisingly, recent studies showed that it’s not just the younger generation,
but also a majority in the older age group also prefer 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.
Automate Loan Document Automation
Loan Documentation Software
Loan documentation software is the most cost-efficient digital
transformation 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
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/PDF documents.
originators can generate accurate loan document packages based on information
stored in LOS, CRM, and other front-end
The ability to complete the loan document package with a commitment letter,
detailed borrowing resolutions, loan agreements, guarantees, promissory
notes, and security instruments - all with a high level of flexibility.
Go paperless by integrating loan documentation
software with an e-sign provider.
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.
EDocGen Loan Documentation Software
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.
EDocGen seamlessly integrates with the industry’s leading loan
origination, point-of-sale, and borrower portals through Rest API, removing the need to
re-key the data into templates.
100% of text can be customized for all transaction types.
Standard Microsoft Word (Docx) and PDF documents output.
Perform if-else conditions and calculations right inside templates.
Available as a subscription service that doesn't involve large upfront
fees or multiple-year contractual lock-ins.
One of the biggest bottlenecks in the lending process is document collection. Many organizations
still turn to email for requesting and collecting documents from customers to complete the loan application process.
This wastes loan officers' and administrators' productivity.
Using EDocGen, business users can auto-generate fillable forms from existing loan templates. Customers can
access these forms online. They can fill out these forms,
E-Sign, and upload supporting documents before submitting the forms. The system populates the
form data into the templates to generate loan packages. This
increases loan processing capacity and improves customer experience.
Using EDocGen loan documentation software, you can achieve speed,
convenience, efficiency, customer experience and engagement, reduced risk,
and improved compliance.