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Manual loan processing is a significant bottleneck, leading to delays, errors, and increased operational costs. According to a recent survey, conducted by Freddie Mac®(A), lenders who failed to automate at high rates, experienced ~14% or $1,700 more overhead per loan file and extended cycle times by 7 days.
Enter LoanBeam Processing Automation (LBPA), a game-changer in the loan processing landscape. LBPA is designed to automate the most tedious and error-prone aspects of loan processing, ensuring your operations run smoothly and efficiently.
The Problem: Manual Processing Woes
Manual loan processing involves numerous steps, from document collection and verification to income calculation and data entry. Each step is an opportunity for errors, leading to delays and increased costs. Moreover, inconsistent loan file quality can create significant challenges for underwriters, slowing the approval process and frustrating clients.
The Solution: LoanBeam Processing Automation
LBPA addresses these challenges head-on by automating document processing, data extraction, and verification. With over 500 loan processing rules, LBPA ensures that every document is accurately classified and verified, minimizing the risk of errors. This automation speeds up the processing time and provides higher accuracy and consistency in loan files.
Benefits
- Increased Efficiency: LBPA reduces manual workload in key areas by as much as 60%, allowing your team to focus on more strategic tasks.
- Cost Savings: By automating repetitive tasks, LBPA can save up to $335 per loan application, significantly reducing operational costs.
- Improved Accuracy: With a 99% accuracy rate, LBPA ensures that your loan files are complete and error-free, enhancing the quality of your underwriting process.
Conclusion
LBPA is the solution to the inefficiencies and challenges of manual loan processing. By integrating LBPA into your operations, you can streamline your processes, reduce costs, and improve the accuracy and consistency of your loan files. Say goodbye to manual processing woes and embrace the future of loan processing with LBPA.
References:
A. https://sf.freddiemac.com/docs/pdf/digital-innovation-drives-loan-quality.pdf
