A solution for retail banking – Loan origination software

The business of loans has undergone significant change owing to the financial crisis and emergence of non-banking entities paving way for people’s money reaching borrowers at a much lower cost and with lesser hassles. Advancing technology and changing customer preferences are driving significant changes in Banking interactions. Banks need to continuously adapt and increasingly adopt technology to simplify lending to enhance reach and foster customer loyalty.

With the dynamic market conditions & ever changing regulatory compliances, a robust intuitive technology for retail lending has translated into a need. To gratify the need, financial institutions are seeking solutions with the most adaptable architecture, one which can be configured for today and can adapt in the future. A perfect loan origination software can be one of the ideal solution to make retail banking more efficient.

What is LOS and how it works best with retail banking

The Loan Origination System (LOS) is developed specially to support the loan application processing needs of banks and financial institutions. It employs workflow technology to control and monitor the various work steps in the loan processing and uses digital imaging technology to reduce the delays and inefficiencies in handling paper documents.

The most essential feature of LOS is its Loan Application Processing Workflow. Each loan application is monitored from the time it is entered into the system, and tracked through the various work steps of credit review and approval process. LOS allows these work steps to be performed in different locations while maintaining control of the flow and making sure no required steps are being missed. LOS helps banks become more agile to be competitive; it helps them meet service levels without compromise on cost, thus delivering substantial return-on-investment.

Key benefits

A perfectly built LOS can simplify the complete credit lifecycle across retail and commercial loans.

Lower Operating Costs:

  • Shorten origination processes through the use of automation, document management and workflow
  • Eliminate re-keying of data through an integrated, end-to-end origination process based upon a single system of record
  • Enforce underwriting rules, procedures and document requirements

Reporting:

  • Gain real-time access to relationship and loan information to increase transparency and visibility into the loan origination process.

Process Efficiency:

  • Increase process efficiency through product, entity and collateral specific automation, workflows, document management and scorecards.

Portfolio Management:

  • Manage customer during the life of the loan – covenants, annual reviews, manages changes in signatures, etc.

End-to-end Origination Solution:

  • Full end-to-end loan origination including application capture, credit approval, auto-decisioning, loan verification, funding, booking and loan administration

How Insight Consultants can help you to maintain a competitive advantage in the loan cycle management?

Achieving efficiency in loan life cycle management has been a challenge.  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. CreditCore is a full functioning, completely cloud hosted web based application which ensure a better experience to its users. CreditCore supports decisions across the entire retail lending lifecycle by automating origination and decisioning workflows, assesses credit risks, calculating pricings and manages the integration with third party data providers. CC is very much adaptable and responsive to the extent that organizations can independently run most of the changes without too much dependency on us.

We know that the Banking processes, as well as, the information needed are unique. Compliance is stringent and that the needs of bankers are different. We understand that one size does not fit all and each LOS brings with it, its own set of “quirks”. Each “Off the Shelf” solution will not fully meet the needs of the customer. So, we will collaborate on the best solution that will work best for your business.

The ever-changing, heavily-regulated, and competitive landscape of the mortgage sector demands solutions that are highly flexible and will provide organisations with the kind of operational agility required to not only achieve business objectives, but also ensure regulatory compliance. At Insight Consultants, we recognise 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 organisational objectives.

We have technical expertise in building cutting-edge 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 organisation 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.

Reach out to us to maintain a competitive advantage in the loan cycle management.

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