Complete more loan applications and SBA submissions in less time
Completing an SBA loan application can be a complex process, from both the borrower’s and the lender’s perspective. For the applicant, there are many documents to be assembled and forms to fill out. For economic development organizations, loan officers need to process all this information and submit it to the SBA. Today, this process can be cumbersome, slow and error-prone—but it doesn’t have to be.
Loan Document & Data Challenges
As a borrower, it can be confusing to manage what documents are needed and which have already been provided. Filling out forms can be a hassle, fields are often not completed properly and the original documents can be misplaced.
As a lender, keeping track of which documents have been received and what is remaining can also be quite daunting and unproductive. Lenders must also key in all loan information into their loan management system. Considering one in every 20 keystrokes is an error on average, this time-consuming process can lead to a lot of mistakes.
Streamline the Process
As part of the BMI Imaging Suite, the web-based BMI LoanApp offers a place where borrowers can easily upload all of their loan documents. This documentation is tracked by a customizable checklist so both borrower and lender can instantly see what documents have been submitted and what is still due.
Borrowers can also enter their data directly into BMI LoanApp via electronic forms. Because LoanApp can be integrated with existing loan management systems, lenders do not need to re-key the information already entered by the borrower, which saves a lot of time and headache.
By using BMI LoanApp to manage the loan application process, there is no more faxing, emailing or messing around with file shares or FTP. All documents are in one place and are electronically checked off, and all data is entered once.
As a result, loan officers quickly process and submit higher quality loan applications, which leads to more loans being approved, faster.