Such loan origination system is made to support the loan application processing requirements of the banks and those 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.
What is the most important feature of the LOS is actually the loan application processing workflow. 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 allow these work steps to be done in various locations and maintain control of the flow and ensuring that there are no required steps that are 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. Know that such LOS actually provides flexibility through many 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. 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. Also, the LOS can provide a data export function wherein the users may create reports in order to meet their individual unique requirements. The LOS may also work with the report writer tools to give end-user definable reporting.
So that you can get more information of the loan origination system, then you should be reading more about 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.