Lending decisions made within minutes on many home mortgages and home
equity applications
MINNEAPOLIS--(BUSINESS WIRE)--May 15, 2019--
U.S. Bank welcomes spring with the launch of a comprehensive suite of
industry-leading digital tools that will benefit homeowners – simple,
smart and secure digital applications for home mortgages, home equity
loans and home equity lines of credit, or HELOCs.
The enhanced digital experiences include simplified applications that
can be self-guided or completed in consultation with a U.S. Bank
professional, and capable of generating loan approval recommendations
within minutes. In the case of home mortgage, U.S. Bank is the first
lender to go to market with technology which can validate both income
and assets and evaluate creditworthiness at the time the mortgage
application is submitted.
With the home equity offerings, U.S. Bank is the first large bank to
provide homeowners the simplified experience of digitally syncing their
home equity application with other trusted third-party sources of
digital information such as online tax preparation and payroll platforms.
The digital tools come with access to the same experienced staff,
attractive rates and commitment to security that customers have come to
expect from the nation’s fifth-largest bank.
“Buying and maintaining a home is stressful enough as it is. U.S. Bank
saw an opportunity to provide enhanced customer experience by
streamlining digital applications for mortgages, home equity loans and
HELOCs,” said Lynn Heitman, Executive Vice President, Consumer Product
and Physical Asset Optimization for U.S. Bank.
Any of the applications can be completed on a mobile device, tablet or
desktop computer. It takes about 15 minutes to complete a home equity
application and 30 minutes for a mortgage application. The simplified
applications allow borrowers to upload any required documents, track
application status and electronically sign disclosures through a single,
secure digital hub.
“U.S. Bank is committed to delivering a simpler banking experience,
eliminating unnecessary steps and helping customers pursue their
financial goals,” said Tom Wind, executive vice president, Consumer
Lending, U.S. Bank. “We want current and prospective home owners to
spend more time enjoying their home with family and friends, and less
time on applications and paperwork with their bank.”
Digital Home Mortgage Experience
U.S. Bank has reimagined the home buying experience, streamlining the
mortgage application process for both existing and new customers in all
50 states.
U.S. Bank is the first lender to go to market with technology which can
validate both income and assets and determine creditworthiness at the
time the mortgage application is submitted.
Mortgage applicants can have their financial data verified
electronically, using third-party sources, including other banks, tax
preparation and other payroll platforms, greatly reducing the headaches
of gathering information.
Home equity loans and lines of credit
U.S. Bank also greatly simplified how borrowers apply for home equity
loans and lines of credit.
The new digital experience speeds up the home equity application
process, with more than one out of four applications started with the
new experience receiving conditional approval instantaneously, allowing
homeowners to quickly see how they can turn their plans into reality.
Digital applications for home equity lines of credit are available to
customers in 47 states and the District of Columbia. Digital
applications for home equity loans are available to customers in regions
served by U.S. Bank branches.
U.S. Bank worked with San Francisco-based Blend
Labs Inc., a fintech software company, on the home mortgage and home
equity enhancements.
These new digital home lending tools are part of U.S. Bank’s commitment
to serving customers with time-saving options such as its all-digital
small business loans, digital personal investment
tool and the person-to-person
money transfer system called Zelle® .
To access U.S. Bank’s new hassle-free home lending options visit usbank.com/home-loans.
Disclosures
Equal Housing Lender
U.S. Bank currently does not provide home equity lines of credit in
Texas, Delaware or South Carolina.
Loan approval is subject to credit approval and program guidelines. Not
all loan programs are available in all states for all loan amounts.
Interest rates and program terms are subject to change without notice.
Visit usbank.com to learn more about U.S. Bank products and services.
Mortgage, Home Equity and Credit products are offered by U.S. Bank
National Association. Deposit products are offered by U.S. Bank National
Association. Member FDIC.
Zelle and the Zelle related marks are wholly owned by Early Warning
Services, LLC and are used herein under license.
About U.S. Bancorp
U.S. Bancorp, with 74,000 employees
and $476 billion in assets as of March 31, 2019, is the parent company
of U.S. Bank, the fifth-largest commercial bank in the United States.
The Minneapolis-based bank blends its relationship teams, branches and
ATM network with mobile and online tools that allow customers to bank
how, when and where they prefer. U.S. Bank is committed to serving its
millions of retail, business, wealth management, payment, commercial and
corporate, and investment services customers across the country and
around the world as a trusted financial partner, a commitment recognized
by the Ethisphere Institute naming the bank a 2019 World’s Most Ethical
Company. Visit U.S. Bank at www.usbank.com or
follow on social media to stay up to date with company news.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190515005131/en/
Source: U.S. Bank
Evan Lapiska, Public Affairs & Communications, Evan.Lapiska@usbank.com
612-303-9122