The mortgage lending process is, without a doubt, one of the most complex credit processes provided to retail customers. What makes the process even more complex is that it is manually executed. It is handled based on hard copies – preparing and filing all documents manually. This takes the lion’s share of the day of every bank employee involved. Since everything is paper-based, the transfer of documentation between individuals and departments who must approve every stage of the process protracts the time taken to grant a mortgage. There is also a need to undertake a comprehensive risk assessment that includes formal verification of information provided by every customer and the verification of all clients based on their financial and qualitative assessment. This has a huge impact on the mortgage application processing time. Only one thing could boost the processing time and revolutionize the entire mortgage lending process – Mortgage process automation.
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