Implementation Guide
Run a pilot program
For regulated financial institutions, we recommend running a pilot program with Documents® to serve as a proof of concept. The pilot manages cost and risk by limiting scope to a small number of digital early adopters on your team and to a small number of borrowers.
After a successful pilot, expanding your Documents® deployment to your lending team as a whole should follow a structured change management process.
Determine performance baseline
We suggest any of these three metrics. And don't worry – if your organization does not measure these, your pilot can rely on qualitative feedback.
Application Completion Rate
At what rate are borrowers completing their requested documentation?
Borrower (External) Net Promoter Score
How likely are your borrowers to recommend your bank to a friend or family member?
Employee Net Promoter Score - Internal Lender Tools
How likely are your employees to recommend your institutions's loan origination software and processes to others?
Identify pilot targets
Select a loan product
Select a single type of loan you offer, or even a single loan purpose – for example, a Home Equity Loan for Home Improvement.
Select team members
Select a small group of professionals from your lending team who are comfortable with digital tools and open to providing feedback.
Set volume at 5-20%
Set your pilot percentage somewhere between 5% and 20% of applications. If you have high application volume, choose a smaller percentage.
Configure your LDPC Documents® Account
Create an administrator account
Set up your administrator account. This account will have full access to configure your Documents® instance.
Review evidence standards
Consult your written underwriting guidelines to determine what borrower-furnished evidence you need for the loan product chosen in Step 2, "Select a loan product."
Set up document profiles
Customize your organization's document profiles according to the requirements determined in Step 3b.
Invite pilot participants
Invite your team members selected in Step 2, "Select team members," to join your LDPC Documents® account. Ensure everyone can log in and has bookmarked the platform.
Conduct the pilot
Recommended timeframe: 3-6 weeks
Brief your team
Talk with your team to communicate the pilot's objectives and guidelines. Make sure they know they can give feedback at any time.
Track pilot loans
Mark which loans you will service via LDPC Documents®. You can do this in your loan origination system, CMS, or in a temporary external spreadsheet.
Create applications
When you select a loan application for the pilot, create a matching Application in LDPC Documents® with the appropriate Document Profile configured in Step 3c. You may manually number each application, or use LDPC's automatic numbering scheme.
Add special document requests
You know your borrower best. If they require special documents in addition to the standard profile, add them to the Application.
Invite borrowers!
Congratulations, your pilot is live! Invite your borrower to their personalized application. Receive their uploads, review, and approve.
Understand results and expand your LDPC deployment
Based on the metrics you chose in Step 1, determine Application Completion Rate, Borrower NPS, or Employee NPS for the applications serviced via LDPC Documents®. Compare to your baseline. When you see a positive impact, expand your LDPC deployment to encompass your originations process as a whole.
Expand product coverage
Onboarding all of your loan products into LDPC Documents®.
Expand team access
Invite your entire originations team to join your LDPC Documents® account.
Dial volume to 100%
Instead of a 5-20% percentage, service all loan applications requiring evidence collection via LDPC Documents®.