Homeowners can upload documents, complete applications faster and track their status
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US Bank has launched a comprehensive suite of digital tools for home mortgages, home equity loans, and home equity lines of credit (HELOC).
The bank said the digital applications can generate loan approval recommendations within minutes. Specifically, it takes 15 minutes to complete a home equity application and 30 minutes for a mortgage application. The platform can also validate both income and assets, as well as evaluate creditworthiness right after the mortgage application is submitted.
In addition, borrowers can use any device to upload any required documents, track application status, and electronically-signed disclosures through the applications.
“Buying and maintaining a home is stressful enough as it is,” said Lynn Heitman, executive vice president of consumer product and physical asset optimization at US Bank. “US Bank saw an opportunity to provide enhanced customer experience by streamlining digital applications for mortgages, home equity loans, and HELOCs.”
US Bank also offers home equity offerings to homeowners, enabling them to sync their home equity applications with other trusted third-party sources of digital information, including tax-preparation and payroll platforms.
“US Bank is committed to delivering a simpler banking experience, eliminating unnecessary steps and helping customers pursue their financial goals,” said Tom Wind, executive vice president of consumer lending. “We want current and prospective homeowners to spend more time enjoying their home with family and friends, and less time on applications and paperwork with their bank.”
