The underwriting process is pretty consistent for most underwriters during the initial stages. In fact, 90 percent of the process is likely the same from one underwriter to the next. Where differentiators enter into the process is in the “last ten yards.”
During the closing stages, every underwriter has their own special blend (and their associated success rates). How can underwriters leverage automated solutions without changing their recipe? By integrating no-code reporting into their workflow.
A configurable, no code software solution is an essential tool for underwriters going digital. Software can’t be a one-size-fits-all solution, especially when addressing multiple tasks in the late stages of the underwriting process.
What is No-Code Reporting?
No-code software eliminates the need for programming skills when building an application. It takes a visual approach rather than employing programming languages and syntax. No-code is often conflated into a single category with so-called “low-code” solutions. Low-code software requires some understanding and use of programming languages, while no-code software responds to business needs and can be used easily and readily by almost anyone.
The Benefits of No-Code for Lenders
There are myriad benefits that touch multiple aspects of the lending process, improving ease and efficiencies for lenders and the borrowers. With a no-code solution, you get:
Same Day Deployments
No-code solutions are designed to be easy to configure and deploy. You are not looking at an implementation process that requires a deep bench of full-stack developers. That work has already been done for you. What you get is an intuitive and responsive solution that can quickly integrate into your workflows with little difficulty.
Borrowers and the products that service them are much more diverse than in years past. Lenders who want to stay competitive need to offer products that address a range of borrower needs and that can work for borrowers with very different profiles. A no-code solution is modular, allowing you to make changes instantly and adjust in real time to these diverse and ever-changing market factors. You don’t need to change any base code or make complex adjustments in order to meet the changing needs of your borrowers. A no-code solution scales with your operation and accommodates market fluctuations.
No Developer Required
No-code software presents almost no IT burden on your end. This translates to significant savings in terms of IT overhead. Historically, software solutions that could work adequately in lending required complex and expensive solutions that had been designed specifically for an institution’s needs in partnership with a developer. Or, alternatively, they required ongoing maintenance that required on-staff IT. With a no-code solution, you get performant software with far less investment into IT hours or staff.
Instant Population of Your Spread
You’re well aware of the countless work hours that can go into manual entry and populating your spread. With a no-code solution, you can eliminate multiple steps and hours from the process, allowing you to focus on more mission-critical tasks. Perhaps the biggest advantage? You will also significantly reduce the risk of errors involved in manual processes.
In today’s commercial lending environment, lenders need to be flexible. Working with a no-code solution supports adaptability. As a configurable solution that responds quickly to changing needs, it is the ultimate tool for lenders looking for digital solutions that configure easily into their processes. In short, you don’t want to change your recipe, you just want a microwave.
The Perfect No-code Solution
FlashSpread strikes a strategic balance between human interaction and computer automation. It automates and accelerates the analysis process to enable lenders to make more accurate credit decisions. By deploying FlashSpread, underwriters can save time and reduce errors, while delighting borrowers with quick decisions regarding their loan applications.
How does it work? FlashSpread lets users upload, or drag and drop, one or more scanned tax returns into the application. The FlashSpread engine then processes the inserted files, instantly extracting all relevant data. It’s a quality assurance tool, as well. In addition to automatically pulling necessary data from a document, FlashSpread uses proprietary algorithms to catch any errors or omissions in that document, thereby helping to reduce the risks of bad data that could muddy the approval process.
Financial Institutions are increasingly turning to no-code solutions like these to qualify, underwrite and service SBA, CRE, C&I, Small Business, consumer mortgage and auto loans. Avoiding this step not only alienates tech-savvy borrowers, but leaves lenders without a competitive edge in the space.