NEW YORK–(BUSINESS WIRE)–Midwest Bank, a locally owned community bank that provides loans, mortgages, financial planning and investment services throughout central Illinois, has chosen Lendsmart, a digital lending platform based on the ‘IA, to improve its digital housing lending and purchase operations.
Using Lendsmart’s technology, Midwest Bank will own its end-to-end customer journey, helping borrowers secure a loan and offering ancillary services to get the borrower moving into a home in record time. At the same time, improving accuracy, minimizing lender risk, and reducing origination and operating costs.
Since its inception 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 state-of-the-art technology to its valued customers.
“Our business was built on the relationships we have with our customers, and our partnership with Lendsmart will allow us to provide them with a superior experience when it comes to applying for a loan or moving into a new home,” said said Chris Gavin, President and CEO. at Midwest Bank. “We look forward to scaling our digital lending and mortgage capabilities with the support of Lendsmart.”
Lendsmart digitizes up to 70% of the loan and home buying process, leveraging AI to automatically complete mortgage application items and validate data in real time. As a result, providing instant approvals and helping customers get a loan within weeks. The platform brings together all parties involved to unify the process at every step of the process.
“We are thrilled that Midwest Bank has chosen Lendsmart as their digital home lending and buying solution,” said AK Patel, Founder and CEO of Lendsmart. “Using our technology, we will be able to help Midwest Bank significantly reduce loan application processing time to close more loans and improve the borrower experience.”
Lendsmart, founded in 2018, is an AI-powered digital lending platform that automates and digitizes lending and home buying transactions to create a unique, automated conversational experience for banks, credit unions, and businesses. non-bank lenders. By using artificial intelligence to digitize up to 70% of the loan and home buying process, Lendsmart enables borrowers to obtain a loan, refinance or buy a home in record time. For more information, visit www.lendsmart.ai.
About Midwest Bank
Midwest Bank, headquartered in Monmouth, Illinois, is a locally owned community bank that provides loans, mortgages, financial planning and investment services in several central Illinois locations. Midwest Bank believes in making communities that serve a better place to live and work. The bank strives to have a positive impact by being involved in the community, both financially and philanthropically. For more information, visit www.mbwi.com.