For financial institutions searching for the right loan origination software to fit their operations and strategic plans, finding a platform that offers robust, yet configurable, workflows is a must. With today’s customers and members requiring as much automation and convenience as possible, institutions must tailor their lending and deposit account opening operations to meet those needs. After all, the less focus spent administering processes means more attention can be devoted to identifying and capitalizing on growth opportunities and strengthening customer/member relationships.
Here are three factors to consider when judging the potential effectiveness of a loan origination system’s workflow processing capabilities and how it would fit your operations:
- Available monitoring options: Being able to keep tabs on the status of the applications in the system is critical. This will help in staffing and in understanding if a higher degree of automatic decisioning should be considered in order to stay compliant. The loan origination system should provide a dashboard showing the count and status of the applications including age within the system so that turnaround times can successfully be met. Functionality that will automatically notify applications close to exceeding turnaround time limits is invaluable.
- Core system integration support: Integration with your institution’s core system is critically important for the seamless processing of a loan/credit application. The loan origination system should not only support importing data for the creation of new applications, but it should also populate customer/member and loan data in the core. This integration is necessary to ensure quality and compliance standards are maintained. Additionally, it ensures that the applicant’s approved loan can be fully funded and processed more quickly. This is critical to customer/member satisfaction.
- Turnaround Times: Every institution has unique needs based on the needs of its clients. One thing not unique is applicant expectations for accurate, friendly and fast service. Of course, the way you choose to configure the system has a great deal of impact on application turnaround times. However, you’ll want to find out the average processing times offered by similar clients of your potential loan processing system provider so you’re sure to have satisfied customers/members.
Before you evaluate a loan origination system, you’ll need to consider the big picture. These are just a few of the several factors you should weigh when figuring out which loan origination system is best suited to help you achieve your goals and drive portfolio growth. The MeridianLink LoansPQ LOS platform offers a wealth of flexibility when it comes to configuring a platform to precisely address the needs of your institution. Its workflow component is designed to account for your financial institution’s loan processing efficiency, effectiveness and changing needs.
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