Lending decisions made within minutes on many
home mortgages and home equity applications
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.
DisclosuresEqual 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. BancorpU.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/
Evan Lapiska, Public Affairs & Communications,
Evan.Lapiska@usbank.com 612-303-9122
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