Midwest Bank has entered a partnership with Lendsmart, an AI-driven digital lending platform, to improve its digital lending and home buying operations.
Midwest Bank is a locally-owned US Community Bank, that offers loans, mortgages, financial planning, and investment services throughout central Illinois.
Since its establishment in 1870, Midwest Bank has been committed to its customers and the communities it serves. The bank strives to offer innovative products and services and cutting-edge technology to its valued customers.
Midwest Bank added from its sources that with the key partnership with Lendsmart, it will be ushering the Lendsmart’s technology, which will aid Midwest Bank owning its client journey end to end, helping borrowers acquire a loan and offering ancillary services to empower the borrower to move into a home in record time. At the same time, improving accuracy, minimizing lender risk, and reducing origination and operational costs.
Chris Gavin, President & CEO at Midwest Bank stated: “Our business was built on the relationships we have with our customers, and partnering with Lendsmart will allow us to offer them a superior experience when it comes to applying for a loan or moving into a new home. We’re looking forward to evolving our digital lending and mortgage capabilities with Lendsmart’s support.”
AK Patel, Founder, and CEO of Lendsmart stated, “We’re pleased that Midwest Bank has selected Lendsmart as digital lending and home buying solution. With our technology, we’ll be able to help Midwest Bank significantly reduce loan origination processing time to close more loans and improve the borrower experience.”
Lendsmart claimed that it can digitize up to 70% of the lending and home buying processes, leveraging AI to autocomplete elements of the mortgage applications and validate data in real-time. As a result, providing instant approvals and helping customers acquire a loan in a matter of weeks. The platform brings all parties involved together to unify the process every step of the way.