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.
CMFA #240703-2675528
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SOURCE KeyBank