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Loan origination is one of the vital aspects of any lending business. The entire process depends on the origination, which includes collecting the right data about customers and analyzing it, evaluating risks, etc. This article provides you rich information about the loan origination software.
This software automates the end to end loan portfolio cycle, thereby simplifying and improving the application as well as the approval of loans. Loan origination solutions provide a holistic view of borrower transactions across all channels and products within a single platform.
It is a tool that helps the mortgage loan originators manage and automate the different stages of a loan cycle. The software comes with built-in components for regulatory compliance and risk assessment.
This software provides the following benefits:
This software automates the underwriting process with the assistance of custom loan approval rules and risks analysis algorithms. It eliminates the need for manual calculation, thus accelerates decision making at the credit approval stage.
This software offers a self-service portal for customers to perform certain tasks on their own. It enhances efficiency and reduces costs for mortgage loan originators due to reduced administrative tasks.
This software provides the ability to monitor the process of loan origination in real-time. It helps the users to track every step in the loan service cycle, thereby fostering transparency across the organization.
The main features of this software are as follows:
Upload, store, and share all documents in a centralized location, thus enabling everyone involved to access information easily.
Collection of all information and preparation of documents required to sanction loan requests.
Records of date and time can be viewed through the whole loan servicing cycle.
Tracks and manages non-adherence to policies which may be regulatory and organizational.
Costumer information and interactions can be captured for analysis and for improving customer experience.
It allows the customers to submit loan requests by filling online application forms.
It determines and generates loan pricing scenarios for borrowers.
Some of the essential factors to consider include the following:
It’s vital that these factors are kept in mind because not all origination software providers may be vocal about the real capabilities of their platforms.
In this segment, we will be looking at each company’s product to see what they have to offer.
Turnkey Lender is a global unified lending management leader. It is an intelligent cloud-based software that automates the entire lending process and not just origination. The system includes integration with all major credit bureaus and synchronizes with external databases that help them to make an informed decision about the borrowers.
One of the fundamental selling points of this company’s origination solution is its meaningful use of Artificial Intelligence and machine learning. As a pioneer in the development of AI software for lenders, Turnkey lender is gaining traction all across the globe. Many lenders are using the company’s solutions, whether large banks, small banks, digital lenders, trade finance operators, etc.
Cloud lending solutions is another platform that helps lenders to reduce operational inefficiencies through automation and configuration. It has functionality that allows the lenders to manage origination processes, including loan file management, credit analysis, underwriting, and approvals.
The advantage of the system is that it is cloud-based loan management and has some configurability. Loan decision making is automated, and the system can be integrated with third-party data sources. The primary industries served are commercial, consumer, and small business lending and equipment finance.
Encompass platform for loan origination is one of the prominent market players that covers the loan lifecycle and allows lenders to use only the modules they need in their operations. The solution involves functionality for compliance and custom screens tailored to individual personas. The goal of the company is to provide lenders with a flexible tool that is fit for various business processes and operations.
Calyx is an established provider of compliant mortgage software solutions employed by credit unions, banks, mortgage lenders, etc. Its key functionality is loan processing that provides the score for each client, online application, and an audit trail.
The company’s easy to use technology like loan origination systems and secure electronic signature software streamlines and optimizes all phases of the loan process for different customers.
This platform automates and streamlines complex business processes within the evolving online lending environment. The company is open to implement the changes in the system in order to meet the specific needs of the client.
It works as a point of sale and loan origination system. The product is mainly to lend professionals like banks or credit unions. The functionality includes lead and campaign management, document storage, real-time reporting, and loan tracking.
FinFlux is a lending platform that provides all in one solution for loan origination, loan management, app-based lending, alternative data-based credit scoring. It provides classic and bespoke solutions. The platform comes with many integrations and market place nexus to improve the time to market.
Also, read: All About Digital Lending and Its Business Models
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