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3 Strategies to Decrease Confusion Between Borrowers, BDOs, and Underwriters

The Huffington Post The Huffington Post 10/11/2015 Boyd Mortensen
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Lending organizations are looking for ways to reduce costs and speed up the steps in gathering and sharing documents and data to get loans approved and funded. Borrowers get frustrated with numerous requests for the same information. BDOs are annoyed and frustrated by the amount of time it takes to gather all they need to move their loans forward to Underwriting. Underwriting has to then go through what seems to be the same steps to get all the documents and information they need to make decisions to move loans forward towards closing.
Some of the barriers to improving this process:

  1. Information and Documents are coming from several sources.
  2. Documents and Data are being duplicated and given to several people.
  3. Multiple locations where Documents and Data are stored along the way.
  4. Sharing of Documents and Data and the status of gathering is time-consuming and cumbersome.
Three key strategies that can simplify these processes and multiply the results of your organization:
  1. Gather all Documents and Data into one location.
  2. Share these Documents and Data with all parties involved in the loan process.
  3. Pass Documents and Data from one person to another/one step to another without requiring copies or duplicate data entry.

If an organization implements these three strategies, their costs will decrease and their results will increase. We have seen organizations save from 30 - 70 percent on time needed to gather and share the documents and data in their loan process. This frees organizations up with more time to find and help customers.
Implementation is not a simple matter. It is made easier by enlisting help from someone that has done it before. Someone that has automated and simplified gathering of documents and data for lending. Someone that has automated and simplified sharing of documents and data for lending.
This blogger graduated from Goldman Sachs' 10,000 Small Businesses program. Goldman Sachs is a partner of the What Is Working: Small Businesses section.

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