The ROI in Automating the Complex Loan

Automating complex loans with the right automation software delivers true ROI to lenders looking for an advantage in a competitive marketplace. The returns lenders experience with doc gen automation have a huge impact on operational bottom lines. Lenders easily cut costs related to staff hours and even reallocate staff to put their skills to better use.

ROI experienced by lenders with the right automation solution does not stop there. Lenders using an automated solution designed to address complex loans experience exponential ROI including, but not limited to:

#1: Expensive Attorney Fees — The Unknown

Attorney fees are often unpredictable at the outset of a process and cannot be planned for in advance. Loan volume challenges at peak times can also exacerbate the problem, further driving up costs — doc gen automation increases loan volume processing by more than 900%.

#2: Lengthy Legacy Processing Time

Longer processing time occurs with attorneys. While counsel can provide sound advice and documentation, they can also extend the process, leaving lenders with longer processing times and unhappy customers.

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#3: Painful Human Touches

Too many “human touches.” Legacy processes often involve too many human touches on loan packages, creating inconsistencies in data and increasing a lender’s exposure to risks.

#4: Expensive Customization

Customization in the analog legacy process is time-consuming and further drives up costs related to attorneys and closing staff. An automated solution gives lenders the ability to expedite and reduce the cost of assembling loan packages with complex provisions using automated decision-tree tools.

#5: Multi-Jurisdictional Costs

The cost and complexity of multi-jurisdiction operations is often too burdensome.

#6: Inconsistent Phrasing and Terminology

Attorneys share a language but don’t always use consistent phrasing and terminology. Variable language and terms across attorneys and loans can create inconsistencies and increase risk.

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The Lender’s Guide to
Automating the Complex Loan

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#7: Volume Spike Disruptions

When volume spikes happen legacy system processes are disrupted and lead to errors and unwanted delays, automation provides scalability for unlimited loan processing capacity, increasing loan document generation by 1280%.

#8: Fragmented Data and Duplicating Data Entry

Duplicating data entry across multiple systems significantly increases time-to-close and costly data entry errors. With an automation solution, gone are the days of duplicating data entry, particularly when it comes to LOS integrations and import automation. Save time and money, and reduce resource time by more than 95%.

#9: One-Stop Shop Desirability for Loan Types and Geographies

Having legal expertise and compliance in all 50 states is not easy to come by, and the industry knows it. Especially when solely relying on legacy attorney relationships. Closing document automation technology, like GoDocs, ensure documents are 50 state compliant and allow lenders to easily expand lending capabilities across all US geographies with accuracy and speed. 

Schedule a custom demo to learn more about GoDocs’ automation technology for loans of all sizes, including small-balance, mid-market, and large-cap.

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