Modern Loan Origination System Software
Customers are spoilt for choices when it comes to getting loans in faster and more convenient ways. Their expectation is of a paperless process and same-day loan disbursement.
An award-winning SaaS platform, LendFoundry offers tools and accelerators to lenders to manage the digital lending lifecycle.
Built on micro-services architecture to support high performance and seamless horizontal scaling similar to cloud technology used by Netflix and Amazon give your business the power of scaling new heights.
LendFoundry Loan Origination Solution (LOS) powered with 80+ ready API integrations across leading 3rd party platforms helps you harness the power of connector-based design for an ecosystem to enrich the application data and drive faster, better and compliant decision making. Enable digital loan origination while offering speed, scalability, and actionable intelligence yielding happier customers and more business for you.
Modern Loan Origination System Overview
With our platform's UI based decision engine , you have the ability to set up rules for verification and pricing in order to either accept or decline loan applications and offer one or more options to borrowers. Furthermore, our APIs allow for integration with CRMs.
Loan Origination Solution
Online loan origination process has become more sophisticated over the years due to regulatory pressure and competitiveness.
Each lender on average has been integrated with more than ten data providers ranging from credit reporting, identity validation, anti-money laundering, bank account data, land line and mobile phones, device identity, social media and other online profiles. LendFoundry has worked with traditional and new data providers over the years that’s helped many lenders to shorten their go to market schedule.
Happy Customers + Happy Employees + Happy You
Process more Applications, Faster with the Cloud-Native & Digital LOS
01. Tech Benefits
API for everything
Facilitates rapid app development and
‘Plug & Play’ integration
SaaS platform gives accessibility at your
ease and on the go
Future ready technology
Microservice architecture offers you
scale and speed to market
02. Business Benefits
Faster and more convenient loan application and disbursement through
paperless and waterfall application mode
Get loan applications online or through agents or
your sales while ensuring a seamless borrower experience
Automated processing facilitates speedy
loan origination including borrower verification,
decision making and underwriting
03. Operational Benefits
Reduce manual efforts and human errors with automated verification and decisions
Keep a digital repository of all the documents, consents and application data at one place
Tools enabling collaboration
internally and externally
LendFoundry’s LOS or Loan Origination System is flexible to facilitate fully automated underwriting or incorporate back-office workflow for manual verification and decisioning.
- Configurable application
- Lead Capture & 3rd party integration
- API based Application Intake
- Email/SMS communication with prospect
- System Driven, consent capture & communication for speedier funding
Decision and verification
- Verification using data from 80+ third party data providers - fraud, identity, address, business entity, credit history etc.
- Automated scoring and pricing
- Rule based Decision
- Integration with external credit models
- Switch between Automated & Manual Underwriting or use both based on the workflow configuration
- Checklist enabled application verification & status control to guide underwriter on all required checks Digital doc
- Image reference to eliminate cumbersome physical document store need
Workflow and Audit Management
- Configuration driven flexible workflows
- Checklists/ Tasks based workflow movement
- Tasks, Alerts, Notification and requests scheduling
- Workflow specific tagging of cases
- Activity/ Notes panel enabling complete event history check & quick actions
- Summarization of all gathered and 3rd party data
- Data storage and audit trail generation
- Upload, view, sequencing of input docs throughout the loan life cycle
- Generation of TIL, notification, consents, borrower agreement, etc.
- Digital signature processing
- MultiLingual capability
- Run on Cloud/On-premises
- Role based access
- Admin access and portals for service and workflow configuration
- NACHA/ACH enabled funding
- API based onboarding of loan to LMS
Frequently Asked Questions
Loan origination is a process by which a borrower applies for a loan, and a lender disburses it or rejects the application. The origination process includes every step from application to funding disbursement, or rejection of the application. Depending on the type of loan, the origination process differs in the workflow, however they
broadly cover these steps in some sequence or the other as defined by the lender’s business policy.
- Application Processing
- Credit Decisioning
Top Loan Origination Software helps in digitizing the entire process providing speedier decision making capabilities with flexible workflow managers helping faster time to market for new products.
Loan origination is the process that occurs when a potential borrower applies for a loan from a lender and then the application undergoes several steps including capturing the loan application by the borrower, the submission of appropriate documentation, the lender’s assessment of the application and credit risk and the final funding of the loan.
A Loan Origination Software digitises the loan origination process for financial institutions and other lenders, from loan application, documentation, underwriting, credit decisioning, risk analysis and loan funding. The areas where a modern Loan Origination Software are:
- Automate data collection from the customer.
- Verify the authenticity of documents digitally.
- Automate the underwriting process.
- Enable third-party integrations to the loan origination system.
- Enable automated workflow models.
Loan origination backs both commercial lending and consumer lending, and the software is always under enormous pressure to churn multitudes of applications at a rapid scale. Cloud-based loan origination systems have introduced a whole new level of efficiency by introducing transparency and collaboration into the system and addressing the challenges in legacy loan origination systems.
This article helps in better understanding the advantages of a cloud-based loan origination platform that helps the lending business scale and grow.
Based on your business policies the digital Loan Origination System can be a straight through processor or have manual checks in between. However, it should support your business workflow totally and not make you switch multiple systems or windows for processing. Check the following to map the effectiveness of your Loan Origination Software:
- The loan origination workflow per product matches the business requirement.
- Fast and convenient loan application and disbursement through paperless application mode.
- Multi-channel ready to get loan applications online or through agents or your sales while ensuring a seamless
- User level authorisation and data access with easy navigation
- Reduced manual efforts and human errors with automated verification and decisions.
- Status filters and queues to have a quick summary of statuses.
- Integration with data providers to enrich borrower data.
- Digital KYC, fraud check and financial reports to keep all enriched data within the application.
- Digital repository of all the documents, consents and application data at one place
- Automated offer generation with role based permission to edit for alignment with customer expectations.
- Digital contract generation, esignatures to reduce physical hard copies.
- Easy reports and analytics with individualized dashboard for business health monitoring and decision making.
LendFoundry Loan Origination Solution (LOS) helps lenders manage loan origination digitally while offering speed, scalability, and actionable intelligence yielding happier customers and more business for you. The SOC1 and SOC2 certified system currently supports multiple products for unsecured consumer and unsecured business lending including Merchant Cash Advance or Factor based product, term loans, line of credit, portfolio based loans which can be used for Supply Chain Financing.
For your customers, LendFoundry LOS simplifies the application process and makes it paperless and convenient to
apply for loans digitally with complete visibility of the application status.
For your IT and operations teams, they get everything required at one place. Automated processing facilitates speedy loan origination including borrower verification, decision making and underwriting. The microservice architecture ensures a seamless integration with your existing and future technology environment, making it a sweet deal for any IT department. For your business, it offers actionable intelligence in assessing credit worthiness using multiple data sources including social, fraud detection and prevention. In short, LendFoundry LOS enables you to process more applications and faster.
On top, you get API integration with 80+ leading platforms helping you save time, cost, and efforts at every step of the process. The loan application processing system harnesses the power of connector based design for an ecosystem of 3rd party API integrations to enrich the application data and drive faster, better and compliant decision making. The loan origination system workflow supports data enrichment for Identity, Fraud Detection, Credit Bureau, Business Compliance, Financial, Compliance, Payments, Analytics, Workflow Gateway etc.