First Mid Bank Experiences Increase Efficiency and Streamlined Workflows with Collateral360.

The real estate industry is vastly different than it was just a decade ago. The market is strong, fueled by an expanding economy and consistently low-interest rates. Keeping up with demand and meeting the needs of a consumer that expects immediate results, and who have unlimited information at their fingertips, can be a challenge for many businesses.

The reality is, consumers today demand that transactions be completed quickly, even in major financial situations such as loans and mortgages. They are not satisfied with delays that are often necessary and justifiable as due diligence professionals conduct their vital tasks.

Innovation is key

As with everything in our lives, technology completely changed the way we do business. Real estate and the mortgage industry are no different. To remain competitive, businesses large and small need to actively seek ways to improve their processes and leverage innovative workflow products. Maximizing efficiency not only saves money but vastly improves customer service.

Real world example

One company, First Mid Bank & Trust, is experiencing the benefits of leveraging innovative business solutions. The bank is a $3.8 billion community focused organization operating in 64 locations, delivering a full suite of financial services that include banking, wealth management, brokerage services and insurance. The company has branches/offices spread throughout Illinois and eastern Missouri. With their ever-expanding footprint, and in meeting the increasing demand for their mortgage services, the company turned to Collateral360®.

Small team, huge results

The First Mid Bank appraisal review department’s small team of four, realizing the old way of doing things was not in the best interests of the company or customers, sought ways to maximize their output amid an increasing workload.

A major effect on time was the need to re-write property information countless times on numerous documents and manually log all activity in the file. Something as simple, but abundantly important, as the address would be retyped over and over. Without automation, not only was valuable time lost but the possibility of human error causing even more time-wasting headaches was increased.

With everything located on the Collateral360® dashboard, the small team now successfully handles hundreds of appraisals each day. With administrative tasks cut drastically, First Mid Bank utilizes the skills and talents of its personnel to the fullest without needing additional staff to manage tasks the automation eliminates.

In using Collateral360® the company’s due diligence professionals have access to the entirety of the property information. Whether it is the appraisal document, environmental investigations, collateral site inspections, tax monitoring, etc. everything is just a click away. Understanding the system proved easy for the First Mid Bank personnel trained through EDR/LightBox. Managers were happy as very few hiccups were reported along the way.

With Collateral360® system, everything is automated

The loan process requires numerous individuals and department’s input and review to get to the closing. Using emails and phone calls as the primary means to collaborate is inefficient and opens the door for mistakes. With Collateral360® system, everything is in a single dashboard allowing loan processors, loan officers, and appraisers to easily check the loan’s status.

EDR/LightBox is changing the industry

EDR/LightBox, who’s product Collateral360® that proved to be a game changer for First Mid Bank, is revolutionizing the lending industry. The LightBox’s cloud based comprehensive work force solution is the nation’s largest collection of historical property use information containing over 1,800 databases.

Whether it is banks, credit unions, capital investors, or a variety of other real estate financial institutions/brokerages, EDR/LightBox products remain on the cutting edge in satisfying property due diligence needs. With increasing regulatory demands applying additional pressure that increases operating costs, the access to data and important information that LightBox provides allows for streamlined lending operations giving managers the ability to make business decisions with confidence.

Verified by the success of First Mid Bank, utilizing a single dashboard significantly increases the efficiency of lending staff by giving multiple components access immediate access to critical information. For those looking to eliminate redundancy, mitigate risk, and drastically improve workflow, Collateral360® may be the solution you are looking for.

Request a Collateral360® demo today.