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.

DOWNLOAD THIS CASE STUDY

 

 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 a Loan Origination Software 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 helped 3530 Technologies to raise the bar in their loan origination system.

Business Task:

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

 Business Solution:

Initially Insight Consultant started with an assessment of the client’s needs. After discussing with stakeholders and analyzing 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.

 We decided, the new system should be:

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

 The whole development process was divided into 5 parts

  • All the broad features of CreditCore where grouped into releases based on associations between features and need of the market.
  • 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 which could be automated in CreditCore and which allows the faster closure of qualified loans with improved operational efficiency and areas of assistance which is still not served by any of the existing loan origination systems
  • Further to the discussions, we 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 these process, we also 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. Insight Consultants serves as the technology partner in providing continuous support to 3530 Technologies in implementing the future phases of CreditCore

 Benefits of Credit Core (CC):

  • CC is a highly customizable, that helps mortgage lenders streamline their business processes and increase efficiency
  • An intuitive, user-friendly interface simplify the application process and making it easy to train new employees
  • It’s 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 can 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 automate 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 Credit Core.
  • 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.

Insight Consultant LOS Solution

Achieving efficiency in loan life cycle management has been a challenge and our loan origination software (LOS) addresses it by automating and streamlining the entire origination process.

Our technology solutions offer a multitude of solution accelerators, which ensure faster reaction to complex market solutions. The loan origination system is entirely scalable and can be deployed in your existing system for meeting compliance requirements in a rapidly changing environment. Insight’s LOS architecture consists of highly parallelized, rules-driven mini workflows, interwoven with a Document Management System to specific activities in the business workflow. It has a rich interactive interface with real-time reporting dashboards, which provide instant data across regions, branches, divisions, and organizations.

 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. We have 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.

The ever-changing, heavily-regulated, and competitive landscape of the mortgage sector demands solutions that are highly flexible and will provide organizations with the kind of operational agility required to not only achieve business objectives, but also ensure regulatory compliance. At Insight Consultants, we recognize and understand the challenges the mortgage industry faces, and we harness our technical expertise and industry experience to build and maintain next-generation lending platforms and business solutions across the mortgage lending life cycle. Our in-depth mortgage industry experience helps us to craft flexible solutions that keep up with industry trends and organizational objectives.

We have technical expertise in building innovative software applications for both small mortgage lenders and medium financial product companies, which uniquely positions us to help deliver desired results.  We look at a client’s business problem 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 in 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.                                                                              

 

Comments are closed.