The loan origination system is created for the loan application processing needs of the financial institutions like the banks. 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. Each loan application is actually monitored from the time that this is being entered in the system and then this is monitored by various work steps of such credit review as well as the approval process. 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.
Know that such loan origination system like the Sync1 Systems does accept a range of applications coming from the many channels which include the fax-in application, mail-in application, internet application, walk-in application and also the 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 being kept in such common tables and may only be modified through the authorized users which would provide control and also security protection.
The LOS may also interface to the internal system of the bank for retrieving information of the existing customers like the loan systems, the customer information file, credit card and others. If the sales staff calls up the registration module and fill in the HKID number of the applicant, the LOS would retrieve the customer information from such back-end system if the application is from an existing bank customer. 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 is going to include such MIS reports, the drawdown reprots, the workflow statistics and also the loan progress reports and others. 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 such other report writer tools in order to be able to provide that 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 are definitely various articles that you will be able to read online that will surely help you out.