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.

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 allows the work steps to be done in many locations and maintain such control of the flow and make sure that there are no necessary steps being 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. Know that such LOS actually provides flexibility through many 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. 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.

Also, you have to know that there is such set of comprehensive reports being provided with the LOS. 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 the report writer tools to give end-user definable reporting.

So that you can get more information of the loan origination system, then you should be reading 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.

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