Loan origination software (or LOS) may seem like a trendy piece of tech for your finance or lending business. After all, what does it offer that you can’t already do with something else? In reality, the main reason to consider adding LOS to your business is not to accomplish anything new, it is to streamline how your company runs and improve productivity. Consider the following ways that loan origination software can streamline how you do business.
Data Collection – Entering data from different sources is time consuming and opens the door for mistakes to be made. Many loan origination software programs will pull information from your CRM and other areas. There is no need to input this info again and again when it already exists somewhere in your system.
Improve the Decision Making Process – An LOS will not take away your authority. It should allow you to make the final decision on all loans. However, you can categorize applicants with your own unique requirements and save time during the decision making process by having filters in place.
Organization for Underwriting – Sending an application to the underwriter is a stressful situation. Not only is there a chance the loan will be declined for a valid reason, small errors can slow down the process or cause your borrower unneeded rejection. Loan origination software allows you to organize information for the underwriter–making it less likely that an application will come back for insufficient or incorrect information when the data is available, just not accessible.
Third-party Integration – Most LOS work with common third party programs. Imagine being in a position to check information from the credit bureaus or access a price quote without leaving the screen you are working with currently. The time saved with this can be a huge benefit for your employees.
Verifications – Checking and double checking before funding is made is a part of the lending industry, right? In reality, it is possible to automate many of these verifications and improve your confidence in the process.
While not every lender NEEDS loan origination software to operate, the time and money savings can be well worth the investment. If you would like to talk to us about a full-service software package for lenders and others in the financial sector, reach out to us at DebtPayPro today. We look forward to helping you streamline how you do business.