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The Silent Bottleneck Slowing Down Your Lending Pipeline

Picture of Jamie Lovell, COO
Tackling The Deposit Dilema
Loan applications are up. Approval rates are strong. But between "approved" and "funded," something breaks. Borrowers vanish. Docs sit untouched. Teams waste hours chasing the same upload. This isn’t a performance issue. It’s a process one—and the slowest, most overlooked part is income verification.

Where the Delay Actually Happens

Most lending systems are built to track apps and approvals. But income verification? That lives in inboxes. Sticky notes. Calendar reminders. Manual follow-up chains that fall through the cracks.
One credit union spent 25 business days funding a HELOC. Not because of underwriting. Not because of risk. But because no one flagged a missing W-2 in time.

 

This is the pattern. Delays that don’t show up in your LOS, but show up everywhere else:
  • Members ghosting after uploading
  • Staff buried in rework
  • Loans going cold before funding

The Visibility Gap That Slows Everything

When income docs arrive, what happens next? For most teams:
  • There's no instant confirmation
  • No real-time tracking
  • No alert when something’s missing
Borrowers are left wondering if they did something wrong. Teams dig through folders, resend messages, and hope for a reply. Leadership sees loans stalling—but not why.
It’s not just inefficient. It’s invisible.

The Cost of Waiting on a Fix

Many institutions know income verification is painful. But they wait. Wait for budget. Wait for IT. Wait for a better time.

 

And in that wait:
  • Loans fall out
  • Staff morale erodes
  • Borrower trust disappears
Fixing this isn’t about more staff. It’s about removing the friction that holds them back.

What Changes When It’s Automated

Mago’s Income Verification Agent closes the gap your LOS leaves open. It:
  • Prompts borrowers automatically via SMS or email
  • Tracks doc status in real time
  • Flags issues early—before they spiral into delays
  • Pushes everything into your LOS—no IT lift
It’s the difference between chasing uploads and closing loans.

Time to Rethink the Step That Sets the Pace

Income verification isn’t just one part of the process. It sets the pace for everything that follows.
Still relying on inboxes, manual reminders, and rework? Let’s walk through your workflow and show you where time is leaking—and how to get it back.