• David

5 Minute Loan Doc Creation


While not every application will lead to a loan closing, even a small amount of approvals can lead to several hours of loan document creation. Based on experience, this could add up to an hour of time spent preparing the closing documents


Of course, the effort doesn’t end at this point. Until you go and retrieve the document to store it away in a different database, others on your team have a hard time finding it or knowing that it’s complete.

Does this sound familiar to you?


After spending weeks collecting and verifying information, an application has finally been approved. If you have no loan doc generation solutions, you sit down to make copies of various templates and begin entering information. Due to manual entry, it’s more fatiguing to circle back and double check all of the work that you just did. From time to time you may even notice an error to two the following day that your eye missed while creating the document.


Once created and triple-checked, you upload the documents into an electronic signature tool. If you’re ahead of the game you have templates within an electronic signature tool, but they must still be manually updated. Maybe there are some templates, such as am tables, that simply have to be uploaded separately.


Everything is ready to go now! You ensure you have the right email information for multiple parties, send, and await an alert that the document has been signed. Of course, the effort doesn’t end at this point. Until you go and retrieve the document to store it away in a different database, others on your team have a hard time finding it or knowing that it’s complete. You may need to rename the file, etc. Every process has additional steps at the end.


Is there a better way?


Loan document creation can be an easier process by utilizing embedded or connectable solutions! Here are some questions to ask before making a final decision:


1). Are you using multiple tools to create, send, and store the documents?


A separate solution that generates the documents saves some time, but the ability to create, review and send within a step by step application progression will be much faster.


2). Is the solution integrated enough to pull deal data into the documents?


This seems like commonsense, but sometimes the pain of contract creation might lead to a quick decision on a template tool that is somewhat faster, but still requires a lot of manual entry.


3). Does the solution fit well into your current client journey?


A repeatable, measurable, and easy to update client journey is difficult to accomplish. If the loan doc creation and execution is ill-timed, or uses a separate set of tools than the application, it will cause confusion and frustration with clients and teammates alike.


4). Does the solution have a modern and intuitive user interface?


Modern software focuses on intuition. You shouldn’t have to memorize a manual to get the most out of a software solution. Since loan closings aren’t a daily task for most lenders, an intuitive document creation process is key to ensuring that each closing runs smoothly and doesn’t require too many “How do I do this again?” questions.