California hard money lender uses FileInvite to increase loan volume & strengthen brand image
KEY ACHIEVEMENTS:
- Streamlined loan document collection workflows
- Increased operational efficiency and elevated professionalism
- Reduced risk throughout the handling of borrower PII
“We’ve been able to cut down on emails and phone calls significantly. The FileInvite platform has become a one-stop shop where we can securely communicate with borrowers and manage their documents efficiently. It has freed up time to focus on more critical tasks, like verifying documents, which is crucial for our business.”
- Head of Funding
The challenge
As a growing hard money lender, the organization encountered ongoing difficulties in collecting, managing and organizing sensitive borrower documentation. Relying on email to collect loan documents not only posed security risks but also created an inefficient and disjointed experience for both their internal lending team, as well as their brokers and their customers.
They knew something needed to change. After conducting extensive research, they believed a user-friendly and secure upload portal would meet their needs. Their hope was that this secure portal would allow their borrowers and brokers to easily upload their sensitive loan documents, and would ideally eliminate the need for their loan processors to spend hours sorting through emails to find critical pieces of personally identifiable information (PII).
The solution
In what can only be considered as fortuitous timing, they encountered FileInvite's commercial lending software. They'd already done their due diligence, explored other solutions available in the market, and were frustrated with what they found.
Their Head of Funding shared,“Other places wasted a lot of our time, spending days and days doing demos, being very opaque about costs… and then they’d launch some huge fee schedule with tens of thousands of dollars just to train you.”
FileInvite, on the other hand, was reasonably priced and able to get them up and running quickly.
By adopting FileInvite’s secure upload portal technology, their borrowers and brokers were able to provide sensitive documents, such as tax returns and bank statements, directly to a secure file portal.
One of their Loan Servicing Processors shared,“FileInvite’s usability gives the borrowers the ability to get us loan documents quicker, too. Borrowers can view [the Invite] on their phone, so they can just upload the documents through there. It brings us a sort of quickness that we can thrive on for certain deals.”
The platform also improved collaboration within the Loan Administration team by making returned loan documents easily shareable as well as providing transparency throughout the lending process. Specifically, the team appreciated the ability to see when Invites have been sent to borrowers, and even seen by the borrowers.
Speaking to the increased visibility, their Head of Funding shared “I love that feature; it gives us more insight and more control.”
The results
The implementation of FileInvite’s secure document portal brought significant improvements to the direct lender’s operations, enhancing both their internal processes and external interactions. By addressing their key pain points, the solution delivered tangible benefits to their organization: “The more easily we can sift through documents, the more loans we can take on as a team.”
Increased operational efficiencies
- Accelerated loan document collection processes
- Enabled their team to manage a higher volume of loans without additional headcount
- Significantly reduced time required to search for, and organize, received loan documents.
“We’ve been able to cut down on emails and phone calls significantly. The platform has become a one-stop shop where we can securely communicate with borrowers and manage their documents efficiently. It has freed up time to focus on more critical tasks, like verifying documents, which is crucial for our business.”
Enhanced broker and customer experience
- Improved the lender’s professional image
- Strengthened their reputation in the market
- Increased transparency and confidence throughout the lending process
“There's a perception that hard money lenders are two guys in a closet, just sending out emails,” their Transaction Coordinator joked. “We’ve got 30 something employees and do lots of loans; we need a solution that looks more professional and robust; this does just that.”
By adopting FileInvite’s secure upload portal technology, this California hard money lender was able to transform their operations. The solution not only streamlined internal workflows but also allowed the team to focus on growing their business and delivering better service to their customers.
Drive growth with FileInvite for Lending
Discover how FileInvite for Lending's secure upload portal can accelerate your hard money lending workflows, improve visibility and transparency across the loan origination process, and even improve your brand image.
