How Did Sequence Cut Consumer Underwriting Time by 94%?

Michael Lee says that about six months after investing in the bank in March, Sequence built a system that can take on all consumer loans, and average consumer underwriting time has decreased by 94%. Commercial underwriting has rolled out over the last few months, and the average loan that used to take 30 days now takes 11 days.

The tools let the organization handle far more loan volume with the same headcount. Loan volume in Q2 doubled relative to Q1, purely by luck, and Sequence did not cause the jump. Historically the bank turned business away because the middle and back office ran out of bandwidth. The new systems let the bank take all the loan volume, leave underwriting standards unchanged, and do the work with a smaller underwriting team after one person retired and one person moved into the front office. Loan officers spend more time in the field instead of writing credit memos. Credit underwriters work on the hardest, most complex loans instead of routine calls such as a boat loan for a borrower who already has enough money.

Every person at the bank now spends time on what they do best. The same foundation is meant to support new products and businesses, give loan officers and relationship managers tools to sell more products, and deliver a customer experience no one else in the industry can match.