Digital lending is no longer a nice-to-have. Bringing the mortgage and refi process online is now a market imperative. In 2018, the question for lenders is not, “Should we take our mortgage process online?” but rather “how” and “when.”
Take, for example, the enormous success of one Roostify customer: Georgia United Credit Union. Georgia United signed up with Roostify and was up and running and ready to process loan applications online in approximately six weeks. Using Roostify “out-of-the-box” with a branded interface, they offered their loan officers a link they could offer consumers to process loan applications.
After processing about 500 applications powered by Roostify, the company did a 2-month comparison of key performance metrics, and the results speak for themselves. A few of the highlights include:
- 41% decrease in average time from starting an application to the application going to processing
- 37% decrease in average time from starting an application to the loan being cleared to close
- 31% decrease in average time from starting an application to the loan closing (on average, once Roostify was in place loans took just over 17 days to get from start to close!)
The bottom line? By rapidly implementing an enterprise-grade digital home lending experience, Georgia United benefited from significant efficiency gains that translate directly to increased revenues and lower costs. In addition, the lender says that customer complaints have become “non-existent.” The implementation from signup to first loan application was simple, yet fully branded and customized, and the company’s consumer borrowers benefited from an exceptional user experience with a faster time-to-close than using antiquated paper processes.
Finally, using Roostify’s platform, this forward-looking lender has the option to scale its implementation with maximum flexibility in the future. Should the company later choose to go deeper with Roostify’s enterprise-ready API, they will have the freedom to adopt the workflows and integrations that make sense for their business structure and internal processes.
Lenders, the time to take advantage digital lending is now. Wait, and you may find your customers won’t wait for you. They’ll already have closed their applications with the early adopters.
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