By automating the underwriting process for hard money loans, brokers can save loan processing time where speed counts the most.
The mortgage industry is historically behind the technology curve and hard money lenders especially are still relying on slow, inefficient, paper-based system. The irony is that hard money loans are required by borrowers in need of fast closings because of a time critical cash need such as a pending foreclosure, a bankrupcty, an investment opportunity, or other financial crisis.
Automated underwriting provides brokers the following benefits:
- Loan prequals are provided in minutes not days
- Online loan tracking and real time status
- Online loan pipeline management
- Loan files can be uploaded and downloaded into the LOS
- Time to funding is drastically decreased where speed counts the most
- Lenders offer better pricing for online submissions
- Reduced data entry expedites the loan process and reduces costs
Utilizing the online automated underwriting tools offered by a hard money lender can create a substantial advantage for brokers trying to save a borrower in foreclosure or provide timely funding for a borrower in need of fast cash. Borrowers with time critical borrowing needs often shop with 2 or 3 different brokers. The broker with the first set of loan docs wins!
Register now to start submitting loans through SPEEDQUAL: the hard money industry's first ever automated underwriting engine.
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