U.S. Bank revolutionizes home borrowing experience

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 thirdparty 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, homeequity 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.”