CreditCore, a compliance-ensuring Loan Origination Software – Case Study

 

Insight Consultants sets a milestone in its journey of technological leadership by successfully developing a flagship Loan Origination Software ‘CreditCore’, for its client 3530 Technologies. Here is the detailed case study on how the product helped them to maintain a competitive advantage in the fast-moving corporate loan market.

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Client Overview

3530 Technologies is a financial institution headquartered in Texas, United States provides integrated technological solutions and services to banks and financial institutions across US.

Problem

Looking for an effective system to overcome the flaws in the existing loan origination system and to maintain a competitive advantage in the fast moving corporate loan market.

Solution

To develop a cloud hosted, web based, highly configurable, cross platform loan origination service provider that can fill the gap of the existing LOS flaws.

Result

Successful in developing a full functioning cloud hosted loan origination solution, ‘CREDITCORE’, which can help 3530 Technologies to raise the bar in their loan origination system. It is a compliance-ensuring, cost-reducing, process-standardising, policy-adhering loan origination solution.

Business Task:

Designing a loan origination solution that can fill the gap of the existing loan origination provider flaws.

Business Solution:

Initially Insight started with an assessment of the client’s needs. After discussing with stakeholders and analysing several other loan origination software, successful in identifying the right solution for 3530 Technologies, we identified the  new system must reduce the time to complete the loan application while increasing the integrity of credit decision and loan disclosures.

Insight decided, the new system should be:

  1. Cloud hosted, for better productivity with less resources and reduced cost.
  2. Web based application to ensure better user experience
  3. Readily deployable with a user friendly platform
  4. Total mobility-enabling users to access anytime anywhere from any device
  5. Highly configurable admin section to configure all compliance related policies and bank specific policies

The process of development was divided into 5 parts

  1. All the broad features of CreditCore were grouped into releases based on associations between features and need of the market.
  2. We had extensive discussions with experts in the field of each feature to chalk out the details of those features.

These discussions helped us in identifying

  • Processes that they do manually could be automated in CreditCore which allows the faster closure of qualified loans with improved operational efficiency
  • Areas of assistance which is still not served by any of the existing loan origination system
  • Further to the discussions, Insight detailed out the features by way of prototypes
  • We also created a development and release schedule for each of the releases
  • After each release, the actual features in the loan origination software were vetted by experts in the loan departments of banks and financial institutions

During this process, we made sure recent developments and new compliance rules for eg: Loan Estimate from CFPB in loan origination were included in the new system.

Finally the flagship loan origination software,” CreditCore” was handed over to 3530 Technologies to maintain a competitive advantage in the fast moving corporate loan market.

Benefits of CreditCore (CC):

  • CC is highly customizable, that helps mortgage lenders streamline their business processes and increase efficiency
  • An intuitive, user-friendly interface simplifies the application process and making it easy to train new employees
  • Its highly configurable admin section allows to configure all compliance related policies and bank specific policies
  • The fully automated decision engine enables the automatic approval/rejection of applications
  • Maintain rigid standards for compliance with customizable controls
  • Recommender System – CC will recommend and the user is allowed to take the decision
  • CC is integrated to all the three major credit bureaus (Experian, Equifax, Transunion), which helps to retrieve the credit history of the applicant
  • CC inherently automates the entirety of lending disclosure process while adhering to the CFPB regulations and document formats.
  • Integration with recommended third party services for certain disclosures.
  • CC helps in depth analysis of credit reports using various financial characteristics defined in CreditCore.
  • Integration with doc prep systems to enable generation of post approval legal disclosures
  • CC provides automatic and manual notification system to users associated with a loan request
  • CC provides a platform to help banks meet their SLAs on loan origination process
  • CC provides an extensive and configurable dashboard.

About Insight Consultants

Insight Consultants (subsidiary of Stylus Systems) is in the business of transforming enterprises and impacting lives through information technology based solutions and by delivering services ethically.

Established in 1999, in Bangalore, India, Insight has achieved expertise in developing and using internet based technologies and solutions to bring the advantages of the global marketplace to small and medium business enterprises worldwide, thereby helping them take their offerings to market faster, and operate better, smarter and more profitably.

Our Software, Finance and Accounting Services and Solutions are specialized services that are offered with the Business Intelligence suite of Services to help us deliver recommended steps of action and take bottom-line for your results.

We look at a client’s business problems in a systematic manner that eventually gives both, Insight Consultants and the client, a clear view of what’s required and why, what needs to be done about it, and how its impact on your organization can be measured for success. We help you get a sense of your business, through Radical Rooting, our home-grown approach to help businesses place premium on the future value of a solution or idea before counting costs.

Testimonial:    

Troy Anderson (CEO 3530 Technologies)

3530 has had a relationship with Insight Consultants for over 2 years and does not consider them a “vendor” or “contractor” as they are much, much more than that. Insight Consultants is a group of highly-valued colleagues working towards the same common goals as 3530 which can only be achieved through mutual trust, hard work and getting out of our respective comfort zones to learn new things. Any concerns we initially had with outsourcing a major, on-going project were quickly alleviated after witnessing the Insight group’s passion, work ethic and attention to detail. I would strongly recommend Insight to anyone considering any size of development project.                                                                              

 

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