Questions for Taking Loan Applications Online

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Question:

We are considering taking loan applications online. What are some key things that need to be considered as we go through this process? What questions should be asked?

Answer:

There are many considerations. On-line security, gathering all information for underwriting, delivery of disclosures when necessary, limiting geographic area from which you will accept applications, cost/benefit analysis, timely processing of applications, etc. This is way too much to go into detail in a paragraph or two. You may want to hire a consultant to walk you through the process.

First published on BankersOnline.com 3/25/13