The loan generator software is the software that manages the decision, application and the issuing process of various types of loans for the lenders. This software will automate some parts of the loan process for the lenders and also streamlineed the application process for the borrower. The best loan origination software is one which:
- Improves the process of loan management
- Automate the underwriting process and ratings
- They give the customers the self-service feature through which they can raise queries.
- It gives you insight and control over the process of loan origination.
Why Use Loan Origination Software?
This software has digitized the loan industry by giving the lenders the tool for improving loan origination process and by providing users with a simple way to apply for loans.
- Cost Reduction
This software has reduced the task of human agents that are needed during the loan origination process. Customers can use the client portal to submit their documents, update their information, and check the status of their loan request. Then lenders can use this software for approving the loan, thereby saving their valuable time and reducing the cost. With this software, there will be a reduction in the number of agents who checks and approves the loan and thus reducing the cost.
- Lenders Control Increased
Lenders can set their own rules in this software and automate the decision by giving you more insight into the customer’s business. This credit analysis software will also measure customer’s credit score and other details so that lenders can consolidate data of each loan request. Through a single dashboard in the loan origination tool, one can manage the entire portfolio of loans.
- Quick Automation
This tool has accelerated the loan process by driving the quicker decision for the lenders and then offering instant offers for their potential customers. One can say that the loan generator software has improved the efficiency and cut the cost for lenders.
Who can use Loan Origination Software?
You must be thinking who the people who can use this asset based finance factoring tool are? The financial institution which offers the loan is primary users who are using this software for automating the underwriting process, verifying the documents and approving the credits. Commercial lenders, mortgage lenders, borrowers and construction lenders can use the best loan origination software for applying and approving the loans.
Features of the Loan Origination Solution
The features of loan origination software can vary according to the software; however, there are some common features like:
- This software is known for its document management features where it will manage the documents of the borrower and can check if the documents are relevant or not.
- It has the documents repository for the loan where it collects the new documents from the existing customers and then saves it in their repository along with old documents.
- The compliance management feature will tell you about the updated regulation and policies related to the loan.
- It can automate the underwriting function, which gives users the authority to construct the custom approval rules.
- This software contains the information of the customer and even facilitates the communication between the client and lender.
- The audit trail feature of the loan origination software ties knots with compliance where the lender has the authority to audit the activities associated with loan origination.
- The customer portal can be used for uploading the document, updating the information, checking the account status and making loan payments.