For mortgage lenders, the ability to accelerate the loan process can provide a significant advantage in such a highly competitive market. The manual processes required to approve a loan (i.e. credit reports, bank statements, employment verification etc.) can seriously delay loan completion. However, simply automating this process won't completely solve the problem if the automation can't support the knowledge of your staff and the many third-party partners (i.e. brokers, legal counsel, etc.) involved in the loan cycle.
Workpoint streamlines the loan application process, minimizing manual intervention. With its core functionalities, including process management, content management, rules based decision-making and a graphical process interface, Workpoint addresses each and every step in the mortgage lending process. And if there is an exception to a policy, Workpoint alerts the appropriate staff of the situation, providing them with the information they need to resolve the issue and continue the process. Additionally, involving customers in the process via the Web and email allows for customer self-servicing functions, giving customers more control and reducing lender workloads.