Things to Know About the Loan Origination System
The loan origination system is created for the loan application processing needs of the financial institutions like the banks. This uses the workflow technology to control and in order to monitor the many steps in loan processing and such would also use the digital imaging technology to be able to minimize the delays and also problems in taking care of paper documents.
You have to know that the loan application processing workflow is considered to be the very important feature in the loan origination system. Every loan application is being monitored from the time this is being entered into the system and then tracked through the different work steps of the credit review and also approval process. The LOS would allow these work steps to be done in various locations and maintain control of the flow and ensuring that there are no required steps that are missed.
Know that such loan origination system like the Sync1 Systems does accept a range of applications coming from the many channels which include the fax-in application, mail-in application, internet application, walk-in application and also the off-site application using the notebook PC. Well, the LOS would offer flexibility through various user-definable tables and also parameters. The frequently changed variables are actually kept in those common tables and may just be modified by the authorized users which would offer control and also security protection.
Such LOS can also interface such internal system of the bank in order to get information of the existing customers such as the customer information file, the loan systems, credit card and several others. Once the sales staff calls up the registration module and puts the applicant’s HKID number, the LOS would then get the customer information from that back-end system if applicant is an existing customer of the bank. The information update may also then be uploaded to such back-end system.
You can also get a set of comprehensive reports from the LOS. This would include the drawdown reports, MIS reports, loan progress reports, such workflow statistics and many more. The LOS may also give such data export function in which the users can create reports to meet their respective unique requirements. Also, the LOS can work with those third-party report writer tools to provide end-user definable reporting.
So that you will get to know more about the loan origination system, then it is quite important that you read more about the reliable LOS system. There can be a lot of articles that you can read online which will give you more information on this matter.