BusinessBANKER helps automate the loan origination process by providing a secure, cloud-based platform that automates workflows and integrates with existing systems. With BusinessBANKER, loan officers can quickly and easily collect and track borrower documentation, automate repetitive tasks and get real-time visibility into the status of every loan in the pipeline. As a result, loan officers can spend less time on paperwork and more time developing relationships with borrowers and referral sources.

​​Loan origination automation can take many forms, from online applications that can be automatically processed by lenders to software that helps underwriters verify borrower information. By automating the loan origination process, lenders can reduce the time it takes to approve or deny a loan, making the process more efficient and allowing borrowers to get their money faster. Process automation can also mean monitoring and capturing data, as well as merging information with other sources.

Reducing processing time. According to the Mortgage Bankers Association, the average time to process a loan application is 40 days. Automation can reduce that time by two-thirds or more. By automating manual tasks, loan processors can focus on more important work, such as analyzing data and identifying potential fraud. Automation can also help with meeting compliance deadlines. 

Managing loan documentation. Assembling documentation such as proof of employment and income can cut into loan officers’ productivity. If the information is incomplete, they have to contact the borrower for the missing information, which can result in numerous phone calls, emails or text messages. It doesn’t matter if the information is submitted electronically or in hard copy. Loan officers have to convert the data into a format that underwriting requires. Data conversion can often result in errors that impact productivity and add to the time to process a loan.

Automated workflows can monitor the status of loan documentation and even send reminders to borrowers to keep the process moving forward.

  • Triggers can be established to notify loan officers if there’s no response so they can follow up with the borrower. 
  • Documents can be ingested using IDP, so the required data is submitted to underwriting in the required format.
  • Because documents such as pay stubs or bank statements can vary in structure, more intelligent technology is needed to recognize and extract the appropriate data. Automating this process minimizes errors and maximizes productivity.


Reducing processing time.

From the time a loan application is submitted to when the loan is funded, there are many opportunities for delays. Automation can speed up each step of the process.

For example, BusinessBANKER can improve:

  • Pre-fill borrower information from a credit report
  • Verify employment
  • Pull property tax records
  • Order appraisals
  • These tasks are often completed manually, which can add days or even weeks to the process. Automation can shorten processing time and get loans funded faster.

Improving accuracy. Automation can help reduce errors in the loan application process. For example, if a loan officer enters data into a system (for example a CRM), that data can be transferred automatically to the loan origination system (LOS). This eliminates the potential for human error, such as transposing numbers, and it ensures that data is consistent across systems.

BusinessBANKER improves accuracy by reducing the number of errors in the underwriting process. For example, Business Banker can check that all the required information is included in the loan application. This can help reduce the number of errors and omissions that can cause delays.

Increasing transparency. Automation can help increase transparency in the loan application process by providing a clear audit trail. Every task that is completed in the LOS is logged, so there is a complete record of what happened and when. This can help with auditing and compliance.

Improving customer satisfaction. By automating the loan application process, lenders can provide a better experience for their customers. Customers can apply for a loan online and track the status of their application. In addition, Business Banker can verify that the information in the application matches the information in the credit report. This can help catch errors and prevent fraud.

Customers want the loan process to be as quick and easy as possible. Automation can help make that happen. When lenders automate the loan process, they can provide a better customer experience. Customers can get the loan they need in a shorter amount of time. Automation can also help lenders keep track of the customer’s loan application and provide status updates. Overall, automation can help lenders improve the loan process in several ways. It can help lenders close loans faster, improve compliance, and improve customer satisfaction.

Using BusinessBANKER to speed up the loan origination process has a number of benefits for both borrowers and lenders. Borrowers benefit from a faster process, while lenders benefit from increased productivity and happier employees.

In order to choose the right technology, lenders need to consider what processes they want to automate and how they want to automate them. RPA can be used to automate simple, repetitive tasks such as data entry. OCR can be used to automate data capture from paper documents. AI can be used to automate decision-making processes such as fraud detection and credit scoring.

BusinessBANKER is a one stop shop that allows lenders to integrate the right mix of technologies. While the needs vary from lender to lender, the goal remains be to automate as much of the process as possible to improve efficiency and reduce risk.