Things to Know About the Loan Origination System
The loan origination system is actually made to specially support such loan application processing needs of the banks as well as financial institutions. 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.
The loan application processing workflow is the very important feature of the LOS. 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.
The LOS may also interface to the internal system of the bank for retrieving information of the existing customers like the loan systems, the customer information file, credit card and others. When the sales staff would call up the registration module and would fill in the applicant’s HKID number, then the LOS is going to retrieve the customer information from that back-end system when the loan applicant is actually an existing bank customer and then populate on that screen immediately. Also, the updated information can be uploaded in that back-end system too.
You should also be aware that there is that set of comprehensive reports that the LOS gives. This would include the drawdown reports, MIS reports, loan progress reports, such workflow statistics and many more. Also, the LOS can provide a data export function wherein the users may create reports in order to meet their individual unique requirements. The LOS may also work with such other report writer tools in order to be able to provide that end-user definable reporting.
For you to know more regarding the loan origination system, it is essential that you read more regarding the reliable LOS system. There are definitely various articles that you will be able to read online that will surely help you out.