Wintrust Financial Corporation, a leading financial institution, partnered with Rabbet to enhance their real estate lending operations and document management processes.
Challenges
Like many in the industry, Wintrust’s commercial lending team spent much of their time manually processing complex financial documentation. Handling draw summaries, sworn owner statements, and pay applications could take several hours each. The administrative burden of managing and verifying documentation led Wintrust to look for a new solution.
Goals
- Save time when processing and verifying documents
- Streamline the document management workflow
- Use data to make confident, accurate decisions
With the new draw summary reading functionality, we are able to ingest data in minutes instead of hours, automatically highlight issues, and reduce our administrative processing time significantly with this functionality alone.
~ -Trey Meers, SVP, Real Estate Services – Construction Loan Monitoring, Wintrust Financial Corporation
Results
By implementing Rabbet, the Wintrust team took advantage of advanced document management functionalities in the platform, drastically improving their operational efficiency. Rabbet’s system automatically classifies document types and extracts the relevant information from each document, removing the need for manual data entry. A record of approval history, comments, and changes keeps an auditable trail of information accessible and up-to-date.
Partnering with Rabbet accelerated Wintrust’s internal workflows and improved accuracy in managing complex real estate transactions. Financial institutions like Wintrust are setting the standard for building real estate lending operations on a foundation of data.
