BofI Federal Bank revealed late last week that it is working towards easing friction in corporate lending. The institution revealed a new portal for business lending services in an effort to manage documents associated with the lending process and allow borrowers to view loan statuses online.
According to reports, BofI’s new portal, first available for Multifamily and Small Balance Commercial customers, is called SPEED2 and upgrades the ability for both the bank and the borrowers to manage and access loan documents through a secure portal, via desktop or cloud.
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The platform allows customers to view the loan status online or send messages to the bank. BofI added that the upgrades enhance its document delivery and storage processes through automation across an array of functions, including editing, indexing and compliance.
"Allowing our customers to electronically access the status of their loan files and deliver documents through our secure portal will provide greater transparency into our process and streamline our operational efforts,” stated the bank’s executive vice president and chief lending officer, Brian Swanson.
According to BofI, the portal will also be available to other customers across its Commercial and Industrial, Warehouse and other lending units next year.