Which Automated Loan Documentation Solution is Best for Your Needs?
With quite a few options on the market, which document automation solution is best? This page will help you understand the differences between LaserPro and GoDocs, so you can make the right decision for your business.
Automation is revolutionizing the loan documentation process, allowing for faster and more secure transactions. As the demand for streamlined loan processing grows, automation has become increasingly necessary to keep up with volume and remain competitive. With a range of document generation software solutions available, lenders are utilizing this technology to speed up loans at a higher volume than ever before, eliminate the risk of errors, lower the cost of attorney fees, and ensure guaranteed compliance.
We recommend choosing a commercial lending document generation platform that will streamline and simplify the process as much as possible!
What Is Finastra LaserPro?
LaserPro is a long-standing loan documentation platform used by financial institutions to create and manage loan documents. While originally built as an on-premise solution, it now offers both on-premise and cloud-based deployment options. LaserPro supports automation across stages of the loan life cycle and is often used by institutions with established infrastructure and traditional lending workflows.
What Is GoDocs?
GoDocs is a modern, cloud-based document automation platform built specifically for commercial lending. Designed to streamline the loan closing process, GoDocs allows financial institutions to generate compliant document packages for both standard and complex transactions, without the need for additional hardware or IT support. With intuitive browser-based access and built-in compliance guardrails, GoDocs is well-suited for institutions looking to reduce closing costs, increase speed, and eliminate manual legal work across CRE and C&I loan types.
LaserPro Capabilities vs. GoDocs Capabilities
Flexibility/Complexity
GoDocs maintains its power without compromising intuitiveness. It serves as the ultimate tool for streamlining and automating both standard and intricate loan procedures. Moreover, it stands out as the sole automated document generation software specifically crafted to manage complex loans worth $2 million and beyond.
LaserPro offers automated convenience for simple loans but struggles to keep up with their larger and more intricate counterparts. To ensure these complex transactions go smoothly, lenders often resort to costly legal assistance – making the whole process slower and less cost-effective.
Ease of Use
GoDocs is uniquely dedicated to ease-of-use and simplicity for any team member. The GoDocs platform makes commercial document ordering easy and efficient — even for those without prior experience. As a result, your team can be up and running on the software after just an hour and a half of training, accelerating commercial closings at record speed.
LaserPro is a heavily integrated system and getting set up can take from 4 to 6 months. Additionally, user training is anywhere from 3 to 6 days, with additional sessions needed for each software module.
Compliance/Updates
GoDocs is fully cloud-based and kept automatically up to date with new features, enhancements, and the latest compliance regulations.
LaserPro implementation and maintenance require experienced and well-trained administrators. Therefore, most LaserPro customers need to hire one or more full-time admins or redistribute current employees to become administrators. In addition, software updates and releases require IT involvement, coding, and worksheet development.
Support
GoDocs is invested in your success from day one. Our expert onshore support team works the same hours as you – making our response time fast and timely. In addition, our support and customer success team is available to all customers– with phone and email support at no extra charge.
LaserPro offers an extensive offshore team dedicated to resolving software issues and troubleshooting concerns. However, questions related to US banking and document preparation are outside the scope of this support crew’s capabilities.
What are the benefits of using a commercial lending document generation software?
By integrating automation loan doc software into your lending process, you can enjoy various benefits that streamline and improve your workflow:
LaserPro vs GoDocs: Which is the Superior Lending Software to Meet Your Needs?
LaserPro offers an extensive feature suite that makes it a top document solution. However, due to its complex infrastructure—and relatively high price tag—LaserPro isn’t for everyone. The platform is best suited to businesses that are prepared for a bit of a learning curve and ready to dedicate staff to support the software to keep it running effectively.
GoDocs is a user-friendly automation solution that offers a quick and seamless onboarding process with dedicated support, making it simple for any member of your team to use. GoDocs doesn’t just match up to LaserPro in terms of the overall commercial features offered. The document strength is backed by a team of top attorneys, meaning that GoDocs works for even the most complex commercial loans — you won’t have to shop loans out to closing attorneys for customizations. GoDocs is an ideal SaaS solution for your commercial portfolio.
“GoDocs not only improves our time-to-lend by 60%, but it also enhances the quality of our loan packages. We couldn’t automate sophisticated construction loans with LaserPro, but with GoDocs, I am confident in the quality of our loan packages right from the start. ”
~ Kira Hintze, Underwriting Manager, CoFi
Experience the Future of Commercial Loan Document Automation
Our cutting-edge SaaS platform empowers financial professionals like you to revolutionize how commercial loan documentation is done. Experience a world where time-consuming paperwork is a thing of the past.
