Business professionals know that managing a loan is more than tracking individual documents. It involves understanding the documents that make up the loan and managing the entire loan as a package.
Manual processing in financial and banking sectors often results in delayed processing. Especially when it comes to the loan management system – handling huge amounts of data will slow down the entire process. Keeping track of all the documents can be tricky. But OpenKM has a solution to help you.
The best way to eliminate all issues in the loan processing system is to automate it. A cloud-based loan management software helps speed-up the entire process and eliminates any overhead. It also helps streamline, manage, and automate the entire loan processing system.
This approach is innovative. The solution begins with tracking. By capturing information that once only existed on local computers or paper, it gives employees the power to run reports in real-time to see what types of loans are in the pipeline – as well as data from prospects that may not even be customers yet.
By proactively notifying the lender of required or missing documents, the loan document tracking solution helps ensure compliance throughout the loan’s lifecycle. It also helps identify expiring documents; informs loan officers of what new documentation they need to collect.
A manual or traditional loan processing system is time-consuming and requires a lot of manpower. Cloud-based loan processing systems help you to overcome all these issues and reduce the overall processing time.
In a manual-processing system, lenders usually charge a higher processing fee, but when using a cloud-based system, all these overheads and other costs can be cut-off eventually. Moreover, with the cloud, you can offer more and more services to your customers across multiple channels.
The overall processing time, paperwork, error-rate, and other issues, including a considerable amount of workforce, workplace, etc. can be reduced. Lenders need not spend a long-time completing the process and can quickly get their loan amount.
By covering all the bases, including reporting on any captured data element – collateral type, entity name, expirations, exceptions, document types, items updated throughout the loan process, collateral on closed loans, pipeline visibility, and correspondence – the loan document tracking solution gives leaders the confidence that they are revolutionizing their loan processes.
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