Historically, the loan origination process has included a number of slow, resource intensive, manual, paper-based underwriting steps that not only make it difficult for borrowers, but also represent risk for lenders and Government-Sponsored Enterprises (GSEs). Particularly when it comes to liquid asset location and verification, relying on borrowers to furnish accurate information can undermine the quality of the loan, resulting in consequences throughout the loan lifecycle.
Financial institutions that rely on manual processes to verify assets must be cautious to prevent compliance issues with regulators and investors. Now, through collaborative bank intelligence and automated asset verification, loan risk can be reduced, operational efficiencies and quality assurances can be realized, and the borrower experience can be greatly improved.
Read Early Warning’s new white paper
Publisher: Early Warning
Date: July 2016