Centralized tool brings consistency and efficiency to the lending process
CHALLENGE: Regions Financial Corporation, one of the nation’s largest full-service providers of consumer and commercial banking, wealth management, and mortgage products and services, was looking to standardize their FHA/HUD financing and enhance their efficiency, quality and loan process transparency Underwriters at Regions found it difficult to manage their pipeline and keep track of each deal’s progress. Their efforts were hampered by a decentralized system of models and forms, many of which were manually built. They aimed to find a single solution that would give them the tools they needed to be competitive.
SOLUTION: Regions began phasing in LendingStandard’s leading-edge underwriting platform for newly engaged loans in early 2020, and quickly realized the benefits of the intuitive, centralized tool. As Chasteen’s team became “busier than we ever have been” with counter-cyclical HUD investing, LendingStandard continually made improvements – both small and large – to the platform that further supported the underwriting process. Alongside planned improvements, the LendingStandard team was quick to address any issues that Regions experienced. “Communication and responsiveness, that’s always been great,” Chasteen shared.
RESULTS: LendingStandard has “created better processes within our HUD platform,” said Chasteen. The most significant positive change Chasteen has seen so far is increased consistency across all deals in the pipeline, from automated document assembly to a checklist that tracks every vital step in the loan process. Though this consistency mainly benefits his team of underwriters as they size loans, create documents and manage their tasks, Chasteen doesn’t discount the time and effort it saves him in pipeline management: “Just having everything in one place, it’s a lot easier to keep track of what everybody’s working on.”