Services – Getting Started & Next Steps

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 would employ workflow technology in order to control and also monitor the different work steps in such loan processing and this would also make use of the digital imaging technology in order to reduce such delays and issues when it comes to keeping those paper documents.

The loan application processing workflow is the very important feature of the LOS. The loan applications are then monitored after this is being encoded in the system and such is also tracked using different steps of the credit review and the process of approval. 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.

You have to understand that such loan origination system like the Sync1 Systems would accept various applications coming from different channels like the internet application, the mail-in or fax-in application, walk-in application, internet application as well as off-site application with the use of the notebook PC. Well, the LOS would offer flexibility through various user-definable tables and also parameters. The frequently changed variables are being kept in such common tables and may only be modified through the authorized users which would provide 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 is going to include the MIS reports, the drawdown reports, the loan progress reports, the workflow statistics reports and others. You must also know that the LOS can provide the data export function for the users to make reports and meet their respective needs. The LOS may also work with such other report writer tools in order to be able to provide that 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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