Asset Verification Made Speedy

Published on June 15, 2021

Whether you’re at a bank, credit union, or other type of lender, you know that one of the most time-consuming and aggravating steps of the approval process is asset verification.

Why Asset Verification is More Important Than Ever

Especially in today’s volatile and ever-changing economy, having recent and comprehensive insights into a borrower’s salary, income, and other holdings is more critical than ever. Someone’s job status or cash flow can rapidly change and their assets can go up or down in value rapidly.

That’s why relying on old pay stubs and bank statements is an antiquated method of asset verification.

Collecting and printing out pay stubs and bank/investment statements is time-consuming for the borrower. Then, lenders must go through the tedious task of reviewing it all. Enter automated asset verification — a way for your bank, credit union, or other lending institution to quickly and easily gather the up-to-date information you need for decision making.

Time is Money

Imagine a system that can tap into any automated paycheck platform and open up access to income data virtually immediately? That process, which used to take a borrower an average of two weeks, can be reduced to about 60 seconds. And employers and banks save time and resources.

In short:

  • Lenders can evaluate loans with more confidence and speed.
  • Prospective borrowers save time and deliver more accurate information.
  • Employers no longer have to provide employees with old pay stubs.

Less Risky Lending… More Satisfied Borrowers

Whether your institution offers home lending (mortgages and home equity loans), small business loans, or personal loans, the Lendsmart system helps ensure that every decision is backed by up-to-the-minute and accurate data. 

Today’s borrowers (and those of the future) have grown up in a digital world and want to work with companies that make their lives easier. Just as homebuying has become an online process, so is home lending. Offering a cloud-based platform where a lender can manage their documents and history totally online is no longer an option; it’s an expectation.

Asset verification is just one part of the process. Lendsmart enables companies of all sizes to offer a fully-customized loan experience without investing in your own complex system. 

“Asset verification, when fully automated, saves countless hours. When we are able to do it all online, we get more accurate and timely information and make better lending decisions. Plus, clients are thrilled that they don’t need to rush around, gathering bank statements, tax returns, and financial history. Everybody wins.”McLean Wilson, CEO & President at Breakout Capital

When the process runs smoothly, borrowers will tell others about your institution, leading to future loans and revenues. The investment in our technology pays back many times over. 

Lendsmart was founded by real estate, mortgage, and technology experts. So, we know intimately the process and pain points behind lending.

Asset Verification is just one important capability within our robust client- and institution-friendly offering.

Let us show you how we can improve your lending and asset verification process. Get in touch today.

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