A Few Things that You Must Know Regarding 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. 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 should know that the loan origination system such as the Sync1 Systems accepts the different applications that come from many channels including the mail-in or the fax-in application, internet application and also such off-site application using the notebook PC. The LOS provides flexibility through different user-definable tables as well as 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 can also be used to get information of those existing customers such as the credit card, loan systems, the customer information file and many more. 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 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. The LOS may also give such data export function in which the users can create reports to meet their respective unique requirements. The LOS may also work with the report writer tools to give end-user definable reporting.
So that you will get to know more about the loan origination system, then it is quite important that you read more about the reliable LOS system. There many articles that you can read on the internet that can definitely help you on this.