The lending process typically begins when you first contact your lender to inquire about a loan. The lender will provide an online or paper loan application and a list of required financial documents. Locating all of your paper documents can be tedious and time-consuming. Printing documentation online frequently omits required details from your statements, which can result in repeated requests for financial information. Once you submit the loan application and documentation, the lender will analyze the information and then typically the consumer experiences numerous requests from the lender for explanations on specific financial transactions and additional documentation. This cycle can significantly delay the process of obtaining loan approval and the closing date.
With FinLocker, the lender provides you with concise instructions to complete an online loan application. You establish access to required financial account documentation for the specified lender for a defined period of time. You quickly receive notification of items requiring explanation or additional information. The completed loan application package is submitted for approval. The days and weeks of the traditional loan application process can be reduced to minutes or hours. Frustration and time wasted trying to locate and provide required paper documents are essentially eliminated.
The process becomes easily manageable from one easy to access portal. No more waiting and wondering what the lender is waiting for, as well as quick access for the lender to expedite the process.