Tag: Time to Close

Adding Transparency To The Commercial Loan Closing Process

BETTER LOAN CLOSINGS
BETTER LOAN CLOSINGS

There is a correlation between the speed of commercial loan closing and bank profitability, and there are many reasons why banks that close loans faster can generate more profits.  While banks should be focusing on closing loans faster, there are other techniques that banks can deploy to enhance customer experience while keeping loan closing speeds unchanged.  Banks can leverage operational transparency to improve both perceived and objective service performance.

Here Are the Latest Closing Time Statistics For Commercial Loans

When it comes to commercial loan closings, we have found that speed and bank profitability are correlated. This is to say that the faster you can close a loan, the more likely you are to be booking more than your share of loans. We are not sure which way the cause and effect happens – either you are good at closing loans, and so that drives business, or you are good at driving loan business, so you learn to close loans fast, but it doesn’t matter as speed and loan success go hand and hand.

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