Mortgage Lender Accelerates The Loan Approval Process Providing Improved Self-Service Automation Features
A top ten mortgage lender in the United States has been providing loans across the country for nearly 40 years. In an effort to speed and simplify the loan approval process, a practice that is traditionally long and cumbersome, the mortgage provider enlisted mobile technology to allow for self-service automation. With the customer in control and able to provide information at their convenience, the loan process is shortened and simplified, allowing the organization to serve more customers than if they were to utilize only traditional processing methods.
New multi-channel interactions and tech-friendly customers naturally forced the organization to consider changing the way in which they interacted with their applicants, including their information gathering and approval initiatives. At the same time, while new strategies and technology-focused processes were being considered, the management of risk and control in such a closely regulated space also needed to be carefully evaluated. This fine-line of what can be accomplished technically, and what is allowable under law, was kept in careful consideration.
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