Our research has shown that many CEOs of lending companies are making shortsighted decisions when it comes to their loan origination process. These CEOs are choosing to use online forms, like Jotform, Type Form or Gravity Forms to take in online leads and applications. While this may seem like a cost-effective solution in the short term, it can actually lead to a number of problems in the long run.
For one, using forms can make it difficult to track and manage leads. That’s because many are not integrated into back office systems. This can lead to leads falling through the cracks and opportunities being lost. Additionally, forms can be a pain to fill out, which can discourage potential borrowers from completing the application process.
A more comprehensive loan origination solution, on the other hand, can help lending companies to more efficiently process and underwrite loans. These solutions typically incorporate a flexible lead intake and digital application engine with a full blown customer relationship management system (CRM). This allows lending companies to track leads from start to finish, identify potential borrowers who are a good fit for their products, and streamline the underwriting process.
In addition to improving efficiency, a comprehensive loan origination solution can also help lending companies to better understand their loan pipeline and identify bottlenecks. This information can be used to make informed decisions about how to allocate resources and improve the overall lending process.
Ultimately, the decision of whether to use a form or a comprehensive loan origination solution is a complex one. However, our research has shown that the latter is a more sustainable and effective option for the long term.
Here are some of the specific benefits of using a comprehensive loan origination solution:
- Improved lead tracking and management
- Increased efficiency in the loan processing and underwriting process
- Better understanding of the loan pipeline and bottlenecks
- Increased borrower satisfaction
- Reduced costs
If you are a CEO of a lending company, I encourage you to consider the benefits of using a comprehensive loan origination solution. It could be the best decision you make for your business.