Use Case: Streamlining Application Document Collection with finbryte

One of the most significant headaches in the mortgage application process has always been document collection. Traditionally, mortgage brokers would find themselves overwhelmed with the tedious task of gathering a plethora of documents.

From bank statements to tax returns, employment verification letters to identification documents, the list seems endless.

The traditional method is not only time-consuming but also prone to errors and delays, often leading to frustration for both parties involved. All the stress could easily lead to burnouts and very unhappy employers, something no manager would ever like.

documentation collection

But it should not be.

finbryte has managed to transform this cumbersome process into a seamless and hassle-free experience. With our digital platform we bring automation of the mortgage origination process and provide efficiency, convenience and simplicity. Here are the main features of our digital platform:

1. Requesting Documents from the Borrower:

finbryte allows mortgage brokers to effortlessly request specific documents from borrowers with just a few clicks. Predefined lists of documents can be easily edited and send over via the preferred way of communication including email or messaging app to the end client. No more chasing down clients for paperwork or waiting endlessly for them to mail or drop off documents. With a simple notification, borrowers would promptly upload the requested documents directly onto the platform.

finbryte digital mortgage

2. Bulk Document Requests:

Mortgage brokers will no more need to request documents one by one. finbryte’s digital platform enables mortgage brokers to send bulk document requests, streamlining the process and saving valuable time. Whether it’s a single document or a dozen, brokers can efficiently request everything they need in one go, significantly expediting the application process. The platform’s features allows to compile predesigned lists and edit out what is not needed for every specific customer case.

3. Sharing Documents:

Collaboration is key in the mortgage application journey. This is the main reason why we designed finbryte’s digital platform to facilitate seamless document sharing between brokers and clients. Documents uploaded by clients are instantly accessible to brokers, eliminating the need for manual document transfers or exchanges. This real-time sharing ensures transparency and enhances communication throughout the process.

4. Gathering Signatures from the Borrower:

In the digital age, obtaining signatures no longer requires printing, scanning, or faxing documents back and forth. Our digital mortgage platform offers e-signature functionality, allowing borrowers to sign documents electronically from any device. This not only accelerates the process but also reduces the environmental impact associated with traditional paper-based signatures.

5. Requesting Documents from Third Parties:

Oftentimes, mortgage applications require documents from third parties such as employers, financial institutions, or insurance companies. finbryte’s digital platform streamlines this process by enabling brokers to send automated requests directly to these third parties. This eliminates the need for manual follow-ups and ensures timely submission of all required documents.

The impact of these features cannot be overstated. The positive impacts on mortgage brokers’ work by leveraging the capabilities of finbryte’s digital platform includes:

  • brokers can save valuable time,

  • it reduces administrative burdens,

  • it enhances the overall client experience

  • borrowers benefit from a streamlined application process,

  • there are fewer hassles and quicker turnaround times.

The functionality offered by finbryte’s digital mortgage platform represents a significant leap forward for the mortgage industry. By simplifying and automating the document collection process, we empower brokers to focus on what truly matters: guiding clients through their homeownership journey with efficiency and expertise. As technology continues to advance, we can expect further innovations that will reshape the mortgage industry and elevate the customer experience to new heights.

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