The article highlights how manual income verification is a critical issue for loan officers, leading to time delays, frustration for borrowers, and ultimately lost commissions. With loan officers spending only a few hours a day on sales due to administrative tasks, outdated processes for documentation lead to bottlenecks in closing deals. Delays in loan funding can equate to a significant loss in commission. The piece cites studies demonstrating the impact of these delays on the industry's dynamics and emphasizes the need for more efficient verification methods to save time and enhance productivity.
Manual income verification leads to significant delays in closing loans, costing loan officers lost time, trust, and revenue in an already challenging market.
A 2024 HubSpot study revealed that sales professionals only spend about two hours daily on actual selling due to time consumed by administrative tasks like income verification.
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