At Skyline, we have redesigned the application process to fit what modern day consumers want and expect.
Fortunately, these tech savvy borrowers want the same thing as loan officers: speed and efficiency. It’s a classic win win. Borrowers get a hassle free funding process and loan officers close more loans.
One of our loan officers outlined the exact timeline that a borrower goes through to apply for a loan.
Here’s how it goes:
2pm Initial phone call with a prospective borrower.
2:15pm The borrower uses a mobile phone to enter application, pulls his or her own credit report and uploads pictures of basic documentation taken on their smartphone or we have the option of pulling digital data.
2:30pm The loan officer does a quick QC of the app, generates side by side estimates based on dialogue with borrower and has the borrower review them in the same system that they did the app. And then the loan officer explains each. The borrower then decides which estimate suits them best.
2:50pm The loan officer runs AUS in 2 clicks from the digital LOS and the system generates a borrower’s needs list.
2:55pm The loan officer generates disclosures and has them delivered electronically.
3:15pm The borrower electronically signs them, orders his or her own appraisal (WAIT-WHAT!?) and takes pictures of required documentation with their smartphone and uploads them in the same system where they completed the app.
3:30pm The loan officer submits file for QC.
4:00pm File submitted to underwriting.
4:00pm The next day, the file is approved by an underwriter with conditions. Boom! Just over 24 hours from hello to approval without a rush! Wonder what Millennials want? Speed, simplicity and control.
Want to learn more about the benefits of such a smooth process? Give me a call or shoot me an email.