Loan Application Management

Background

Loan Application Management Software is an essential tool in today’s highly competitive lending arena. Managing the loan application process, borrower evaluation, storing supporting documents, securing credit history/score, approvals/rejections, timely communication with the applicant, etc. through a manual process is time consuming, labor intensive, less efficient and expensive. Both loan origination and loan servicing are two different disciplines of the Loan Management Life Cycle and have their own unique set of requirements. Moreover, supporting a wide variety of loan industries and lending products including but not limited to student loans, mortgage loans, auto loans, medical financing, SME lending etc. is another challenge.

Our Solution

Our Loan Application Management solution provides a highly configurable, robust, secure automated workflow platform for Loan Application Initiation, Monitoring, Tracking and Servicing process. From application to decision, our system lets you track, review and manage workflows with tools customized for your organization. Our solution automates full loan application life cycle from application and document submission, borrower evaluation, credit scoring, automated calculation of loan parameters, data storage, payment processing, collection and Final Decision Status (Approve/Decline). Our system can be easily customized based on the type of loan industry and lending product. Our best-in-class encryption enables secure collection of financial data such as score cards, credit history, credit card payments and personal information.

At each stage the dependencies are validated, and appropriate actions are taken. Our system provides flexible management of the lender’s credit rules, credit policies and scoring models. Role based authentication provides the ability to assign read-only, limited or full access based on various roles such as administrator, user, loan servicing manager, reviewer, committee member. Real time calendar functionality provides easy and fast scheduling functionality to applicants, set deadlines, payment reminders, rescheduling and sending automated emails very efficiently and without any staff assistance.

Data Analytics tool provides charts, graphs, dashboards and reports for gathering, filtering and evaluating the applicant pool, payment history etc. thus identifying year to year trends with strong predictive analysis based on current and historical data thus optimizing marketing efforts.

Our solution is based on SharePoint 2013, SQL Server and .NET Microsoft technologies. These robust technologies make our solution extremely secure, reliable, scalable and highly configurable and customizable. It is compatible with all industry standard browsers. Hence, it can be accessed using a desktop as well as any mobile device [iPad, iPhone, Android Tables, Android phones, etc.]. The solution is available On Cloud as well as On Premises. It can be integrated with your backend system through web services as well as custom integrations.

Enhanced productivity

Improved control over the process

Lower cost of ownership

Better solution adoption

Improved Communication

Fully featured 100% cost effective web-based workflow automation of the processes

Highly configurable, flexible and scalable centralized solution for entire Loan Application life cycle

Substantial decrease in the amount of time required for Application Decision

Minimizes financial risk with proven scoring techniques

Customizable dashboards, charts and reports based on current and historical data for statistical and predictive analysis in real-time and auto delivered at pre-defined schedules

Real-time calendar functionality for submission, processing, status tracking, scheduling, reminders, deadlines

Best-in-class encryption methods

Seamless Integration with legacy systems as well as Microsoft Office

SharePoint 2013

Windows 2012 R2 Servers

SQL Server 2013

SQL Server Reporting

SOAP/REST Web Services

IT Strategy
workMETHODS strategized the solution and technologies.


IT Turnkey Solution Development
workMETHODS developed a custom solution based on above technologies.


IT Managed Services
workMETHODS hosts the solution on its servers. We manage and monitor the servers. We provide email and phone based application support.