How to Choose the Best Automated Documentation System for Commercial Loans
The commercial lending space is booming as more developers take on projects, especially with the booming need for housing. For lenders, this means an influx of loan applications and paperwork. The ability to efficiently and accurately process these loans is the key to surviving and dominating a competitive market. Automated tools are making it possible to keep up with demand while also ensuring compliance, but it is important to remember that not all solution providers are created equal. That is why we have put together a checklist to help you evaluate potential partners and find the best-automated documentation system for your requirements and needs.
Technology is not only accelerating loan processing and improving closing times, but it is also reducing costs for borrowers. In fact, GoDocs has helped lenders with a monthly loan volume of 500 save $4 million per year.
Checklist for Choosing an Automated Doc Prep System
Use this complete checklist to help evaluate and compare different automated loan doc systems for your needs.
These are all major advantages, but there are some considerations to take before you start working with an automated software company.
- How is the company’s pricing structured? You may not want to enter into a multi-year agreement and pay expensive subscription fees. GoDocs has flexible pricing so that you can scale up and down as the market dictates.
- What kind of support does the company offer? If you are working on a global scale, then business never really stops and you need access to reliable support so that you can quickly troubleshoot problems without skipping a beat.
- What is the onboarding process like? Incorporating new technology and processes can require extensive training. Sometimes business as usual has to come to a halt while employees go through the onboarding process. At the same, there are options like GoDocs, that have eliminated the need for onboarding so that users can instantly start using the automated tools and easily increase loan volume by at least three times in under two months.
Use this complete checklist to help evaluate and compare different automated loan documentation systems so that you can find the right solution that will allow you to capitalize on this unprecedented period of growth.
Schedule a custom demo to learn more about GoDocs’ digital loan doc solution for commercial loans.