Key Takeaways
- Legacy Bank & Trust needed a faster, cheaper way to approve, underwrite, and fund loans, especially around IRS transcript retrieval.
- By integrating TOD, the bank streamlined intake and unified workflows, making transcript access simple via IRS Form 8821.
- The process became much faster and easier for borrowers and staff, with loans closing in 3–4 weeks instead of stalling on documentation and IRS access.
How TOD Helped Legacy Bank & Trust Speed Up Their Lending Process
Legacy Bank & Trust set out to shorten the time it took to approve, underwrite, and fund loans while reducing processing costs for both the bank and borrowers.
By integrating TOD’s services, the bank streamlined intake, automated credit decisioning, and unified workflows across teams. The result was a much faster time-to-yes and lower cost per loan, alongside improved customer experience driven by a more intuitive digital journey.
By integrating TOD’s services, the bank streamlined intake, automated credit decisioning, and unified workflows across teams. The result was a much faster time-to-yes and lower cost per loan, alongside improved customer experience driven by a more intuitive digital journey.
The Problem
Legacy Bank & Trust did not have a simple, cost-effective means of retrieving IRS transcripts for borrowers in order to approve and underwrite loans.
With an institution-wide focus on flexible terms, competitive rates, personalized support, and fast approvals, Legacy Bank & Trust needed to find a way to cut down on the time and cost involved in transcript retrieval.
Their former tax transcript service required a minimum monthly payment regardless of monthly transcript volume, inflating costs drastically.
After canceling that service, Legacy Bank had to send each borrower to the IRS directly to retrieve the proper tax transcripts needed for their loan. This led to filing confusion, repeated attempts that often resulted in the wrong transcripts being collected, time delays and wasted money.
“We had to send one borrower back 6 times before he decided he didn’t even want to do the loan anymore,” said Sarah Kuhn, Loan Officer at Legacy Bank & Trust.
With an institution-wide focus on flexible terms, competitive rates, personalized support, and fast approvals, Legacy Bank & Trust needed to find a way to cut down on the time and cost involved in transcript retrieval.
Their former tax transcript service required a minimum monthly payment regardless of monthly transcript volume, inflating costs drastically.
After canceling that service, Legacy Bank had to send each borrower to the IRS directly to retrieve the proper tax transcripts needed for their loan. This led to filing confusion, repeated attempts that often resulted in the wrong transcripts being collected, time delays and wasted money.
“We had to send one borrower back 6 times before he decided he didn’t even want to do the loan anymore,” said Sarah Kuhn, Loan Officer at Legacy Bank & Trust.
tOD's Solution
TOD delivered a simplified portal that made transcript access easy and affordable, while reducing borrower friction.
With a borrower’s signature on IRS Form 8821, Legacy Bank & Trust can access the borrower’s IRS tax account information and transcripts as needed in order to underwrite and facilitate the loan.
TOD helped Legacy Bank & Trust minimize document collection, status chasing, and back-and-forth communications. By decreasing borrower-required inputs, loans can be funded much faster without borrowers needing to get involved in the hassle.
It’s the speed that TOD’s platform enables that’s one of the biggest selling points for Legacy Bank & Trust.
“What’s really nice is the minute we know we’re going to be moving forward with a loan, I can get onto the website, create the 8821, send it right out,” said Sarah. “We’re closing things within a 3-4 week turnaround rather than dealing with the bottlenecks of waiting for proper documentation and signatures from people and access from the IRS.”
Additionally, Sarah’s team was impressed with TOD’s usability and simple integration.
“I like how the platform is,” Sarah said. “It’s so user-friendly. I only had to be walked through it once and I don’t think I’ve had to ask for any help with it since.”
Legacy Bank & Trust has been able to clean up their loan processing workflow, simplifying things for borrowers, and speeding up the process for their underwriters thanks to TOD’s simple, intuitive platform.
As a result, Legacy Bank & Trust has been able to cut costs and increase their capacity for funding more loans, faster, all whilst providing top-tier customer service.
With a borrower’s signature on IRS Form 8821, Legacy Bank & Trust can access the borrower’s IRS tax account information and transcripts as needed in order to underwrite and facilitate the loan.
TOD helped Legacy Bank & Trust minimize document collection, status chasing, and back-and-forth communications. By decreasing borrower-required inputs, loans can be funded much faster without borrowers needing to get involved in the hassle.
It’s the speed that TOD’s platform enables that’s one of the biggest selling points for Legacy Bank & Trust.
“What’s really nice is the minute we know we’re going to be moving forward with a loan, I can get onto the website, create the 8821, send it right out,” said Sarah. “We’re closing things within a 3-4 week turnaround rather than dealing with the bottlenecks of waiting for proper documentation and signatures from people and access from the IRS.”
Additionally, Sarah’s team was impressed with TOD’s usability and simple integration.
“I like how the platform is,” Sarah said. “It’s so user-friendly. I only had to be walked through it once and I don’t think I’ve had to ask for any help with it since.”
Legacy Bank & Trust has been able to clean up their loan processing workflow, simplifying things for borrowers, and speeding up the process for their underwriters thanks to TOD’s simple, intuitive platform.
As a result, Legacy Bank & Trust has been able to cut costs and increase their capacity for funding more loans, faster, all whilst providing top-tier customer service.
Interested In Learning How TOD Can Change Your Lending Practice?
Contact our partnership team today to learn more!