• David

3 Necessary Loan Assistant Automations


Do you have your own automated loan assistant? Sounds nice, right?


As a loan officer, it would have been wonderful to read minds. If mind-reading was out of the question, surely technology could help. There were several automations that I dreamed of on a daily basis. Here are the top 3...


  1. Weekly status updates with completed and remaining loan items

  2. Inactivity reminders to complete an application

  3. Confirmation alerts for verified information


One of the best ways to encourage an applicant to finish their application is to send a weekly progress report - a list of items they’ve provided, what’s approved, and the items that still remain.


Weekly Status Updates


With a decent-sized pipeline, creating this snapshot for everyone takes hours. I felt anxious pulling information, wondering if something was missed. An email here, a voicemail there... the last thing I wanted to do was to miss something that had already been provided.


When it comes to mind reading, I was curious to know if an applicant was busy collecting information, or if they were totally distracted from the application process.

inactivity alerts

I would wonder… are there questions they’re waiting to ask me next week? Were they using the FAQ sheet and templates I emailed to save time and provide information in the correct format?


Meanwhile, communication from applicants would look something like this:


  • Client Email (10:12am): “Did you receive the balance sheet?”

  • Client Voicemail (11:42am): “Hey just checking to see if you saw my follow-up email about receiving our balance sheet earlier? Also, what else do you need at this point? I’m not sure where we’re at in the process?”


How nice it would be to automate confirmations and approvals as well!

SMS communication

This is why I Co-Founded Lenderfit - to solve problems like these that result in wasted time and frustration. Something akin to an automated loan assistant.