Online loan origination systems have radically improved the lending process. By leveraging these innovative systems, banks and credit unions have streamlined loan process workflows, making loan teams more efficient and enabling them to process more loans in a faster timeline. In addition, loan origination systems help negate administrative errors, document version-control issues, and inconsistent approval decisions. The productivity gains incurred by implementing these advanced systems enable financial institutions to reduce costs.
Loan Origination Systems Provide Impressive Backoffice Productivity Improvements
Since customers upload all their documents to the online loan origination system, information quickly gets to underwriting, which helps speed the loan approval process. And because these sophisticated systems automate the various loan qualification criteria that applicants must adhere to, they enable faster, more accurate decisions, and the approval time from application to close is swifter.