Streamlining the Loan Documentation Process
When someone decides to buy a home, whether it’s their first one or they’ve done it several times before, the loan documentation process can obviously be exhausting. The excitement of the potential purchase is often replaced with dread at the time-consuming drudgery of what can seem to be mountains of paperwork. But Floify recently unveiled a new feature that will help reduce some of that drudgery.
We already provide our customers a secure platform for transferring documents between borrowers and lenders. Our new feature will help borrowers deliver those documents even faster.
Typically, when a borrower applies for a loan, again, he or she has to provide a slew of documents. For instance, in most cases a borrower will need to provide the last 30 days of bank statements. Previously, our system only allowed one document at a time to uploaded; if a borrower had multiple bank accounts, each statement had to be uploaded separately.
However, now our system enables borrowers to upload multiple documents per each line item. If a borrower has five bank accounts, for example, all five can be uploaded simultaneously. This enhancement will go a long way toward shaving substantial time off the loan documentation process.
Loan applications are already extremely involved and, thanks to new federal regulations, quite complex. The variety and amount of documentation not only surprises many borrowers, it overwhelms them as well. Anything that can be done to streamline the loan documentation process is a huge help, and we are proud to provide it.
If you are interested in learning more about how Floify helps mortgage professionals and loan originators get a grasp on the myriad documents needed to close a loan, get in touch with us as soon as you can. Contact us online or call us at720-316-8343.