Commercial Loan Application Processing Cycle Time
This PDF report includes benchmarking data (in a visual, chart-based format), an comprehensive KPI definition, characteristics of high performers and technical details on measuring Commercial Loan Application Processing Cycle Time. Purchase and download this easy-to-understand, presentation-ready report immediately to compare performance levels, set attainable performance targets, and push towards best-in-class performance for this KPI.
What is Commercial Loan Application Processing Cycle Time?
The number of calendar days required to process commercial loan applications, measured from the time the initial application is received from the potential borrower until when the application is submitted to the underwriting, or risk management, function.
Why should Commercial Loan Application Processing Cycle Time be measured?
Commercial Loan Application Processing Cycle Time is the measure of the number of calendar days needed in order to process a commercial loan application, from the time the initial application is received from the customer to when the application is sent to underwriting for review. This is an important metric in understanding the efficiency of administrative functions and the effect on application review cycle times and customer satisfaction. Extended cycle times for this metric may be due to poor employee performance, sub-par training, a lack of job aid or process checklist use, incomplete or inaccurate applications that require additional follow-up with applicant, poor quality of processing which requires additional work to fix errors, or redundant, low-value application processing work steps.
Download a Sample Commercial Loan Application Processing Cycle Time
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