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As technology continues to impact how quickly tasks are completed in business, consumers are demanding a quicker loan process as well, which makes using a lender with automated underwriting capabilities a critical choice, not only to service borrowers but to attain success in the industry. Automated underwriting, a key factor in a speedy loan process, determines lender’s ability to attain or sustain their maximum output level. Using a lender with an automated underwriting system can save days, or even weeks, from the time it takes to enter a borrower’s information to the close of the loan. For example, Safe Harbor Capital was able to close a loan in 2 hours and 10 minutes from application to closing docs. (*appraisal, title, & insurance to file). Because of the technology and streamlined loan process typically we can close within three days. Lenders or Brokers who do not use an automated underwriting system take days just to give a pre-qualification-not a commitment much less a complete “soup to nuts” solution. This system can be utilized on an actual job site where the loan officer is able to input a borrow application on line and decision the loan within 5 minutes and issue the customer a commitment to lend. In addition, the loan officer can obtain a commitment for the maximum borrowing threshold for the borrower which will provide them with more buying power when they are considering options and upgrades. In today’s
fast paced society, borrowers demand a quicker loan process-one
with less human interaction-in order to arrive at funding faster.
Cutting out the pre-qualifying stage and moving the borrower directly
to commitment and to a faster loan close also brings the seller
to a faster income stream. |
