Cloud Loan Processing Called a ‘Game Changer’
Time is money, and entrepreneurs never seem to have enough of both.
This is particularly true for small business owners who can spend hours filling out a tsunami of documents to apply for government-backed loans. And when the exhaustive paperwork finally plods through an esoteric loan processing system, all small business owners can do is anxiously wait…and wait.
“Now, it’s a matter of sitting in front of your desktop, having everything in front of you on the screen, taking minutes as opposed to having people spend a lot of time leaving their desks, carrying folders and looking for something or someone,” explained Northwest Chief Loan Officer Colleen Daly. “This efficiency has enabled us to do more with less.”
The nCino system is designed to continuously monitor all of the process steps and they are moving forward. For example, if a process is not completed in the expected time frame, the system automatically sends an email alert to the next process step that the loan is not being handled in the expected time frame. That prompts the loan officer to make a phone or email inquiry to find out what the holdup is without leaving his desk and looking for something or someone.