Technology investment makes it easier and faster for clients to verify their income, assets, and employment
CLEVELAND, July 10, 2024 /PRNewswire/ — In today’s competitive homebuying environment, KeyBank‘s (NYSE: KEY) latest digital investment in home lending is making it faster and easier for clients looking to purchase a home.
KeyBank recently unveiled a digital enhancement that automates the time-consuming verification of borrowers’ income, assets, and employment. Using this instant verification technology reduces the need for borrowers to gather and submit multiple pieces of documentation. This improves the client experience by simplifying the loan process, ensuring necessary borrower information is uploaded securely into KeyBank’s system, and enabling faster closing times.
“Speed, accuracy and efficiency are vital to the client experience in today’s ultra-competitive homebuying environment,” said Dale Baker, KeyBank President of Home Lending. “We are proud to continue to invest in technology that saves our mortgage clients time, and makes data collection easier, secure and less tedious. Most importantly though, this helps accelerate their dream of achieving homeownership.”
During a two-week pilot, KeyBank provided convenience by saving:
- 17 borrowers from having to provide bank statements
- 36 borrowers from having to provide paystubs and tax returns to validate their income
- 74 borrowers from having to verify their employment
In addition, during the pilot, approximately 2,862 minutes were eliminated from the entire mortgage application process – helping clients get into their new homes sooner.
For more details on the current state of local markets and to answer any questions you may have, KeyBank Mortgage Loan Officers are available to help. For figuring out home loan options and more home lending resources, you can also head online to Key.com or you can connect with your local branch here to schedule an appointment to meet with a KeyBank Mortgage Loan Officer.
ABOUT KEYCORP
KeyCorp’s roots trace back nearly 200 years to Albany, New York. Headquartered in Cleveland, Ohio, KeyCorp is one of the nation’s largest bank-based financial services companies, with assets of approximately $187 billion at March 31, 2024. Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,000 branches and approximately 1,200 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank Member FDIC. .
NMLS #399797. Mortgage and Home Equity Lending products offered by KeyBank are not FDIC insured or guaranteed. KeyBank extends credit secured by residential real estate without regard to race, color, religion, national origin, sex, handicap, or familial status. All credit products are subject to collateral and/or credit approval, terms, conditions, availability and are subject to change.
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SOURCE KeyBank
