Such loan origination system is made to support the loan application processing requirements of the banks and those 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.
The loan application processing workflow is the very important feature of the LOS. 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 have to understand that such loan origination system like the Sync1 Systems would accept various applications coming from different channels like the internet application, the mail-in or fax-in application, walk-in application, internet application as well as off-site application with the use of 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. 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 would include the drawdown reports, MIS reports, loan progress reports, such workflow statistics and many more. The LOS may also give such data export function in which the users can create reports to meet their respective unique requirements. Also, the LOS can work with those third-party report writer tools to provide 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 are definitely various articles that you will be able to read online that will surely help you out.
Read more here: https://en.wikipedia.org/wiki/Loan_origination.