Loan Origination Platform Evaluation
→ Consumer Loans
→ Commercial Loans
→ Mortgage Loans
Loan origination systems are critical to lenders whether it is consumer, commercial or mortgage lending. Since an effective LOS demands a significant investment in terms of money and time and can have far reaching effects on the very way business is conducted, having to choose from dozens of competent players can be an overwhelming task.
CCG Catalyst combines its industry experience with technology expertise to look into multiple forces and constraints including strategic, functional, business, technology, digital, interfacing, financial and time factors to choose the best fit for your organization.
LOS supports all loan production processes starting from lead to close. Four basic components are present in most LOS.
The application is where the loan origination process starts. Banks have different processes for retail, wholesale, commercial, mortgage and correspondent. The initial application share information and collects data. Efficient interaction with the application is vital for an LOS.
Fulfillment is complex as this step involves processing, underwriting, closing, funding, and post-closing. It is the largest functionality of an LOS.
- Product and pricing engine
Business rules are housed in the product and pricing engine. LOS platforms vary in this area – some offer business rule management system while some others offer integration with external systems.
- Interface layer
Interface layer offers interfaces to various external and internal systems such as Digital Onboarding Systems, CRM systems, document management systems. Desktop underwriter, and loan processor.