BofI Federal Bank, the nationwide bank subsidiary of BofI Holding Inc., has announced that it has implemented a new document management and delivery system for its Multifamily and Small Balance Commercial Lending businesses. SPEED2 is a document management portal that allows multifamily and small balance commercial borrowers and bank staff to easily and securely access, upload and store loan documents through desktops or through the cloud. Customers using the system can monitor the progress of their loan and send secure messages to loan officers while BofI staff can communicate directly with borrowers and brokers to provide accurate and timely feedback. Additionally, the system significantly improves the operational efficiency of the document delivery and storage processes by automating various indexing, editing, reporting and compliance functions.
"We are extremely excited to launch this new technology platform for our commercial lending customers," said Brian Swanson, BofI Federal Bank executive vice president and chief lending officer. "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. It provides another layer of differentiation in our already high level of customer service."
BofI expects to deploy the platform across other business units, including commercial and industrial lending, warehouse lending, and potentially other business units in 2016.