The loan origination system is actually made to specially support such loan application processing needs of the banks as well as financial institutions. This makes use of the workflow technology to be able to monitor and also control various steps in that loan processing and this is going to use digital imaging technology to minimize such delays and also errors in handling such paper documents.
What is the most important feature of the LOS is actually the loan application processing workflow. 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 would let the work steps be accomplished in various locations as well as maintain the control of such flow and ensure that necessary steps are not missed as well.
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. Well, the LOS would offer flexibility through various 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.
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. When the sales staff would call up the registration module and would fill in the applicant’s HKID number, then the LOS is going to retrieve the customer information from that back-end system when the loan applicant is actually an existing bank customer and then populate on that screen immediately. Also, the updated information can be uploaded in that back-end system too.
Also, you have to know that there is such set of comprehensive reports being provided with 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.
For you to know more regarding the loan origination system, it is essential that you read more regarding 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.