KeyBank's Latest Digital Investment in Home Lending Brings Speed, Simplicity and Ease to Clients

Rhea-AI Summary

KeyBank (NYSE: KEY) has announced a new digital enhancement designed to expedite and simplify the home lending process. The technology automates the verification of borrowers' income, assets, and employment, reducing the paperwork required from clients. This improvement aims to enhance client experience by ensuring secure data submission and faster loan closing. During a two-week pilot, this technology saved significant time for borrowers, eliminating the need for multiple documentation submissions. KeyBank continues to invest in technology to streamline homebuying, reflecting their commitment to client satisfaction and efficiency.

Positive

• KeyBank's new digital enhancement automates income, asset, and employment verification, reducing paperwork for clients.
• The technology leads to faster loan closings, improving the homebuying experience.
• During a two-week pilot, significant time savings were achieved, including eliminating the need for bank statements, paystubs, and employment verifications for numerous borrowers.

Negative

• None.

News Market Reaction

+2.66%

1 alert

+2.66% News Effect

On the day this news was published, KEY gained 2.66%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Technology investment makes it easier and faster for clients to verify their income, assets, and employment

CLEVELAND, July 10, 2024 /PRNewswire/ -- In today's competitive homebuying environment, KeyBank's (NYSE: KEY) latest digital investment in home lending is making it faster and easier for clients looking to purchase a home.

KeyBank recently unveiled a digital enhancement that automates the time-consuming verification of borrowers' income, assets, and employment. Using this instant verification technology reduces the need for borrowers to gather and submit multiple pieces of documentation. This improves the client experience by simplifying the loan process, ensuring necessary borrower information is uploaded securely into KeyBank's system, and enabling faster closing times.

"Speed, accuracy and efficiency are vital to the client experience in today's ultra-competitive homebuying environment," said Dale Baker, KeyBank President of Home Lending. "We are proud to continue to invest in technology that saves our mortgage clients time, and makes data collection easier, secure and less tedious. Most importantly though, this helps accelerate their dream of achieving homeownership."     

During a two-week pilot, KeyBank provided convenience by saving: 

• 17 borrowers from having to provide bank statements
• 36 borrowers from having to provide paystubs and tax returns to validate their income
• 74 borrowers from having to verify their employment

In addition, during the pilot, approximately 2,862 minutes were eliminated from the entire mortgage application process – helping clients get into their new homes sooner.

For more details on the current state of local markets and to answer any questions you may have, KeyBank Mortgage Loan Officers are available to help. For figuring out home loan options and more home lending resources, you can also head online to Key.com or you can connect with your local branch here to schedule an appointment to meet with a KeyBank Mortgage Loan Officer.

ABOUT KEYCORP
KeyCorp's roots trace back nearly 200 years to Albany, New York. Headquartered in Cleveland, Ohio, KeyCorp is one of the nation's largest bank-based financial services companies, with assets of approximately $187 billion at March 31, 2024. Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,000 branches and approximately 1,200 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank Member FDIC. . 

NMLS #399797. Mortgage and Home Equity Lending products offered by KeyBank are not FDIC insured or guaranteed. KeyBank extends credit secured by residential real estate without regard to race, color, religion, national origin, sex, handicap, or familial status. All credit products are subject to collateral and/or credit approval, terms, conditions, availability and are subject to change.
CMFA #240703-2675528

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SOURCE KeyBank

FAQ

What is the latest digital investment by KeyBank (KEY) in home lending?

KeyBank has introduced a digital enhancement that automates the verification of borrowers' income, assets, and employment, simplifying and speeding up the home loan process.

How does KeyBank's new technology improve the home lending process?

The technology reduces the need for clients to submit multiple documents by automating income, asset, and employment verification, resulting in faster loan closing times.

What were the results of KeyBank's two-week pilot for the new digital enhancement?

The pilot saved significant time for clients, including eliminating the need for bank statements, paystubs, and employment verifications, and reduced the overall application process by approximately 2,862 minutes.

Why is KeyBank investing in digital technology for home lending?

KeyBank aims to enhance the client experience by making the home lending process faster, simpler, and more secure, reflecting their commitment to efficiency and client satisfaction.

What impact did KeyBank's technology have on the mortgage application process?

The new technology significantly reduced the time and effort required for clients to submit documentation, speeding up the mortgage application process and enabling quicker loan closings.